EigenCloud (prev. EigenLayer)

EigenCloud, previously known as EigenLayer, is a restaking protocol built within the Ethereum ecosystem that allows users to reuse staked Ether to secure additional decentralized services, called Actively Validated Services (AVSs). The project aims to extend Ethereum's cryptoeconomic security to a broader set of infrastructure services without requiring those services to bootstrap their own validator sets from scratch. It is designed for Ethereum stakers and developers who want to deploy or participate in new decentralized services while making use of capital already committed to Ethereum.

EigenCloud operates by letting users deposit staked Ether or liquid staking tokens and then opt into securing one or more AVSs, effectively recycling the same collateral across multiple validation tasks — a practice called restaking. The EIGEN token functions as the native token of the EigenCloud application layer, and the protocol's fundamental basis is recorded as that application. The protocol sits within the Ethereum ecosystem and, based on the stored data, records a block time of zero minutes, indicating it does not produce its own blocks but settles through Ethereum itself.

EigenCloud generated 3,407 USD in fees over the most recent 24-hour period, 54,116 USD over the trailing 7 days, and 473,771.53 USD over the trailing 30 days, with trailing 12-month fees reaching 38,066,941.53 USD. Annualizing from the trailing 30-day figure produces 5,764,220.28 USD, and fees over the last 30 days grew by 495.63 relative to the prior period. These fees are paid by services and participants that use EigenCloud's restaking infrastructure, though the data does not specify the exact split between what the protocol retains and what flows to restakers or operators. The market capitalization divided by annualized fees stands at 30.75 and the fee yield — annualized fees as a share of market capitalization — is 3.25 percent.