Source: Cointelegraph Original: "{title}"

The company stated in a statement on April 2 that EigenLayer plans to begin "cutting" reconstructors on April 17, which will lead to the "first fully functional iteration" of the Ethereum reconstruction protocol.

EigenLayer posted on the X platform that the implementation of the penalty mechanism will mark the protocol's final completion of the transition to a "verifiable cloud-based next-generation verifiable application and service infrastructure."

In 2024, EigenLayer will start distributing rewards (including emissions of its native token EIGEN) to incentivize participation among re-staking users. However, as of now, the penalty mechanism has only been implemented on its testnet.

EigenLayer stated in a blog post that once the penalty mechanism is officially enabled, node operators and re-staking users can voluntarily choose to "join," which will allow users to gradually complete the transition.

The EigenLayer mainnet is about to launch the penalty mechanism. Source: EigenLayer

Phased Advancement

EigenLayer was launched in 2023, providing security for third-party protocols (known as Active Verification Services, AVS) through a pool of funds composed of "re-staked" cryptocurrencies.

Re-staking refers to using already staked tokens (i.e., deposited as collateral in validation nodes to earn rewards) to simultaneously provide security support for other protocols.

The penalty mechanism is a core means of ensuring the security of proof-of-stake protocols (including Ethereum and EigenLayer's "re-staking" protocols), which imposes penalties for misconduct or poor performance by network node operators.

EigenLayer explained in a blog post on April 3: "If operators do not meet the set conditions, AVS can impose penalties; however, if operators successfully run the service, AVS will provide rewards to incentivize specific behaviors."

The article emphasized that this "builds a free market: operators can earn rewards through services, and AVS can initiate verifiable services."

Trend of Total Value Locked (TVL) in EigenLayer Source: DeFiLlama

Ecosystem Expansion

Currently, more than 30 AVS have launched on the EigenLayer mainnet, with dozens more in development.

These include EigenDA, operated by the development team Eigen Labs, and the ARPA Network protocol, which focuses on trustless random number generation.

In October last year, EigenLayer released its native token EIGEN. According to official information, this token can provide a more flexible security assurance scheme for consensus-based protocols compared to traditional proof-of-stake tokens like Ether.

Founder Sreeram Kannan revealed to Cointelegraph last October that EigenLayer is prioritizing the adoption of crypto-native applications such as DeFi and gaming, before expanding into areas outside of Web3. "We are taking an inside-out approach, first focusing on high-throughput consumer applications like DeFi and gaming, and once we achieve economies of scale, we will venture into broader consumer markets," Kannan stated.

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