Coinbase and Google Cloud join forces with EigenLayer

Tech giants Coinbase Cloud and Google Cloud have joined the EigenLayer project as operators, in a joint move with other industry players. The move aims to intensify engagement in the blockchain space following the launch of the EigenLayer mainnet on April 9.

According to the team behind the project, the new functionality includes: Restakers can delegate all of their participation to an Operator of their choice; Operators can register with EigenLayer and choose to run AVSs; AVSs can register with the protocol, starting with EigenDA (currently in beta).

Coinbase celebrated the launch and involvement with the project. “Operators are live EigenLayer! Congratulations to EigenLabs for fueling innovation with the first Ethereum reset protocol. Coinbase Cloud is proud to be among the first operators of the protocol, ready to serve as a trusted partner for your redeemed ETH or LSTs,” Coinbase wrote in its announcement.

Operators are live on @eigenlayer! Congrats to EigenLabs on fueling innovation with Ethereum’s first restaking protocol.

Coinbase Cloud is proud to be among the protocol’s first Operators, ready to serve as a trusted partner for your restaked ETH or LSTs.https://t.co/GUQiueJ6FK

— Coinbase Developer Platform🛡️ (@CoinbaseDev) April 9, 2024

Coinbase highlighted in its official statement that the EigenLayer protocol was designed to leverage the security of Ethereum, provided by more than 31 million ETH staked on the network, to secure a broader range of services. This is done by allowing participants to “take back” their assets to secure additional networks.

“Operators like Coinbase Cloud provide infrastructure services to add security to EigenLayer-based projects – called Actively Validated Services (AVSs). Restakers who do not wish to manage their own infrastructure need to delegate their staked assets to an Operator they can trust.”

The company also highlighted that, “as an Operator, we bring the same experienced team and trusted standards that power our validators across 19+ networks with zero hack events.”

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.