EigenCloud (prev. EigenLayer)

EigenCloud, previously called EigenLayer, is a restaking protocol built on Ethereum that allows users to reuse staked ETH to help secure additional decentralized services known as Actively Validated Services, or AVSs. The EIGEN token represents participation in this ecosystem, which is further abstracted for end users through interfaces like Renzo, a liquid restaking protocol that wraps the complexity of AVS strategy selection into tokens such as ezETH, pzETH, and ezSOL. The project aims to make restaking accessible to a broader audience while reducing the technical burden on individual participants.

EigenCloud operates on top of Ethereum's existing proof-of-stake security layer, allowing stakers to opt in to securing additional services by restaking their ETH or liquid staking tokens through the protocol's smart contracts. The EIGEN token functions as a utility and governance asset within this ecosystem, and the protocol currently reports no block time of its own, meaning it settles through Ethereum rather than operating an independent chain. Roughly 52.5 percent of the maximum possible supply is currently in circulation, with a noted dilution overhang of approximately 90.4 percent of pending supply still to enter the market.

The protocol recorded 778 dollars in fees over the most recent 24-hour period, 233,467 dollars over the trailing 7 days, and 398,381 dollars over the trailing 30 days, with trailing 12-month fees reaching approximately 25.5 million dollars. Fees annualized from the trailing 30-day figure stand at roughly 4.85 million dollars, though 30-day fee growth has declined by 83.55 percent compared to the prior period. These fees are generated by the restaking activity flowing through the protocol and its associated AVSs, with the fee yield — annualized fees as a percentage of market capitalization — currently sitting at approximately 1.99 percent. The market capitalization relative to annualized fees is approximately 50.3 times, and the fully diluted valuation relative to those same annualized fees is approximately 95.8 times.