EigenLayer Launches Phase 2 Testnet, Mainnet Expected in Q1 2024

On November 17, 2023, EigenLayer, a solution allowing staked ETH holders to restake their coins, announced the launch of Phase 2 of its testnet. The mainnet for this phase is expected in the first half of 2024.

The goal is to allow Operators (transaction validators and node operators) to contribute to the protocol's security system and enable rollups - secondary scaling solutions - to integrate with EigenDA for scaling needs.

In this phase, the EigenLayer restaking protocol will test the EigenDA and AVS products, allowing restakers, operators, and AVS developers to experience the following features:

• Restakers: Can delegate their staked assets to Operators providing Data Availability (DA) solutions.
• Operators: Can register on the EigenLayer network through the Operator CLI and participate in permissionless EigenDA validation - currently, only 30 authorized operators can validate EigenDA.
• AVS Developers: Can explore the first EigenDA testnet for AVS. The project has also created a test AVS called Incredible Squaring, which includes sample on-chain contracts and off-chain node software, allowing developers to learn how to build AVS.
• Rollup Developers: Can integrate EigenDA as their data availability layer. EigenDA aims to enable ultra-scale use cases such as high-frequency trading, social networks, gaming, and more.

Image: Restake ETH > delegate to operators > operators validate EigenDA > provide DA for rollups. Source: EigenLayer Blog

Previously, EigenLayer had announced a three-phase rollout plan:

1. Phase 1: Staker (users who have locked ETH in staking).
2. Phase 2: Operator (transaction validators and node operators).
3. Phase 3: Service (integration of services).

This is EigenLayer's second testnet phase, following the first testnet in April 2023 on the Ethereum Goerli network, which only supported native and liquid restaking. It is also the latest move after the mainnet restaking launch on Ethereum after a two-month Phase 1 testnet.

EigenLayer is the first restaking platform on Ethereum, allowing ETH holders who have staked their coins to restake them in a smart contract, ensuring the security of other protocols.

In March 2023, Eigen Labs, the company behind the EigenLayer protocol, completed a $50 million Series A funding round with participation from various investment funds, including Blockchain Capital, Coinbase Ventures, Polychain Capital, Hack VC, and Electric Capital.