Witness Chain is the third-largest AVS on EigenLayer with 1.82 million staked Ether delegated.
Witness Chain, a proof system for decentralized bodily infrastructure (DePIN) networks, has attracted greater than $5 billion value of delegated stake from EigenLayer restakers.
Witness Chain introduced the milestone through tweet on April 29. With the mission now secured by 1.82 million ETH value $5.24 billion, Witness Chain ranks because the third largest Actively Validated Service (AVS) on EigenLayer behind Eigen DA with $7.79 billion and Eoracle with $5.36 billion, in accordance with Staking Rewards.
“Due to our fantastic group, we have surpassed $5B+ in restaked ETH,“ Witness Chain tweeted. “Huge hug to all 16,677 stakers, 53 operators, and LRTs for embarking on this journey to unify DePIN economies.”
Witness Chain is one in every of 9 AVSs which are presently dwell on EigenLayer. EigenLayer, the pioneering Ethereum restaking protocol, permits Ethereum stakers to safe third-party AVSs to earn extra yield on high of staking rewards.
DePIN Ecosystem
In line with Ankr, a blockchain infrastructure supplier and Witness Chain node operator, Witness Chain serves to unify the siloed DePIN economic system.
“By means of Witness Chain, a shared economic system of built-in bodily belongings is unlocked, facilitating the change of assets like computing energy, communication, power, [and] storage,” Ankr stated. “Witness Chain allows DePIN tasks to share information about their bodily places, community capabilities, and extra. This will enable dePINs to attach with one another, establishing an end-to-end provide chain of decentralized infrastructure.”
Witness Chain offers “Watchtower” nodes that operate as impartial auditors for DePIN networks.
The mission provides a number of key providers together with Proof of Diligence — which verifies that Layer 2 transactions are executed accurately, Proof of Location — which verifies the bodily location of DePIN infrastructure, Proof of Bandwidth — which verifies the community bandwidth accessible to DePIN tasks, and a DePIN “Coordination Layer.”
Ankr stated Witness Chain’s structure allows the event of recent functions on high of the shared DePIN ecosystem.
“By enabling DePIN tasks to share data like location and capability, watchtowers assist create an interconnected ecosystem,” Ankr stated. “As soon as two bodily separated items of infrastructure acknowledge one another’s places and may guarantee sufficient connectivity, they will talk with one another to change worth, drive demand, improve reliability, and scale back redundancy.”
Polygon’s DePIN push
Witness Chain was constructed utilizing Polygon’s Chain Growth Equipment (CDK) and is amongst a rising checklist of Polygon-based DePIN tasks having fun with vital development.
On April 25, Dimo, a Polygon-based DePIN mission permitting car homeowners to gather and monetize knowledge from their autos, celebrated that it had onboarded 80,000 autos inside its community.
On April 30 and Could 1, PowerPod, a Polygon-based DePIN community connecting electrical autos, charging stations, and power storage, attended the Mobility Reside ME occasion in Abu Dhabi.
