The Ethereum restaking protocol is increasing its growth footprint with EigenCloud, designed to supply belief and verifiability to functions each on-chain and off-chain.
EigenLayer has unveiled its new developer platform, EigenCloud, alongside a $70 million funding in EIGEN tokens from enterprise capital big A16z.
EigenCloud is touted as a developer platform that “extends the main benefits of blockchain – trust and verifiability – to any application, on or offchain.” The platform makes use of EigenLayer’s Autonomous Verifiable Providers, in addition to knowledge availability and new developer primitives referred to as EigenVerify and EigenCompute.
Its purpose is to empower Web2 functions with the trustless nature of blockchain dApps, by changing verifiability into “a programmable cloud service, enabling developers to prove what happened, why it happened, and that it happened.” EigenCloud is concentrating on a number of the largest industries on the earth, which all might stand to profit from trustless info sourcing, similar to massive language fashions (LLMs), medical data, and media.
EigenCloud will ship its alpha model this week, alongside a gated model of EigenVerify. EigenCompute is a part of the crew’s future roadmap.
“EigenCloud expands the programmability of crypto and makes virtually anything verifiable onchain. It opens up the opportunity for developers to build highly ambitious products like disintermediated digital marketplaces, onchain insurance, fully onchain games, automated adjudication, powerful prediction markets, and verifiable AI,” mentioned Sreeram Kannan, the CEO of Eigen Labs.
EIGEN Underperformance
A16z, a tech-focused funding agency with $42 billion in belongings underneath administration, has doubled down on its EigenLayer place by buying $70 million price of EIGEN from the Eigen Basis. A16z additionally led EigenLayer’s $100 million collection B in February 2024.
Regardless of the flurry of bulletins and vote of confidence from A16z, the EIGEN token continues to carry out poorly and dropped one other 8.3% immediately.
EIGEN, which launched at a $740 million market capitalization and $7 billion absolutely diluted valuation, is down 51% from its launch worth and at the moment modifications palms at a $361 million market capitalization.
However the worth motion, the protocol stays one of many largest in DeFi, with $11.3 billion in complete worth locked (TVL), solely trailing Aave and Lido.
