The EigenLayer AVS Landscape: A Complete Overview

June 12, 2024
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In the quickly evolving world of Restaking within the EigenLayer ecosystem, we break down complex technical concepts to better educate our community.

Today, we will share a deep dive into Actively Validated Services (AVS) and how these are integrated into EigenLayer's transformative architecture. Our focus will be on EigenLayers Restaking mechanism, its impact on decentralized applications (dApps), and the new opportunities it presents.

Join us as we navigate the current state of AVSs, their impact, and the top players making waves in this dynamic field.

What are Actively Validated Services (AVSs)?

Actively Validated Services (AVS) represent a pivotal innovation in Defi, extending Ethereum's proof-of-stake (PoS) security to diverse decentralized applications. AVSs involve specific services like data layers, side chains, or oracle networks that require external validation beyond the base consensus mechanism Ethereum offers, making them critical for scaling and increasing blockchain functionality.

EigenLayer, a key player in the Restaking realm, has developed a solution that leverages Ethereum’s existing validator set to provide what's termed "Shared Security". This infrastructure allows developers to utilize staked ETH through EigenLayer to secure new protocols from day one without the need to establish a separate validator network.

unnamed.png EigenLayer Restaking Architecture (Source)

This approach reduces barriers for protocol development, fostering innovation, and optimizing the utility of staked assets across multiple decentralized applications and networks​​.

The AVS Landscape post EigenLayer Mainnet Launch

Since its mainnet launch in April 2024, EigenLayer has emerged as a robust platform facilitating the growth and operational capability of AVSs by enabling users to restake ETH and consequently contribute to validation capabilities for numerous services.

As of now, the platform supports a vibrant ecosystem of over 500 active AVS operators and over 900 registered operators mapped to specific AVS. Such services are providing foundational tasks across different categories and networks, from developer tools to payment or operator capabilities. This ecosystem architecture not only increases the flexibility and economic efficiency of the Ethereum network but also categorizes services into horizontal and vertical offerings, depending on their scope and utility​.

unnamed.png Top 6 AVSs on EigenLayer by TVL (Source)

Overview of Top Performing AVSs

Among the various AVSs, a few have distinguished themselves by their total value locked (TVL), showcasing significant community and investor confidence.

Here’s an overview of these AVSs, including their total number of Restakers, amount of ETH Restaked, and total active Node Operators:

1. EigenDA

As the leading AVS by TVL, EigenDA focuses on data availability, a critical component for scalable blockchain solutions. By ensuring the reliability of data, this solution developed by Eigenlayer itself increases the overall performance and scalability of Decentralized Applications (dApps). Currently it has:

  • Over 141k Restakers
  • 259 Total Operators
  • Over 3.8 Million ETH in Total Locked Value (TVL)

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2. Eoracle

[Eoracle(https://eoracle.io/) serves as a decentralized oracle service, feeding critical real-world data to smart contracts on the Blockchain. This service is vital for the operation in a of many protocols that require accurate and fast data feeds. Eoracle currently has:

  • Over 105k Restakers
  • 104 Total Operators
  • Roughly 2.4 million ETH in Total Locked Value (TVL)

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3. Witness Chain

Witness Chain is intended to optimize validation processes for boosted security and efficiency within Blockchain networks. By streamlining validation, it ensures that transactions and operations are processed and completed securely and efficiently. Currently it has:

  • 2.3 million ETH restaked
  • 76 Total Operators
  • Over 93k Restakers

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Honorable Mention: Lagrange

Lagrange State Committees and ZK Provider Network AVSs have experienced significant growth, both with a 10% increase in TVL and a 25% and 99% increase in number of restakers, respectively.

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All AVS Data Visuals are from Staking Rewards (Source)

These AVSs not only lead in terms of TVL and infrastructure development but also highlight the diverse applications of AVS technology in enhancing blockchain operability and security​​.

Take part of the Restaking Revolution with InceptionLRT

The launch of EigenLayer's mainnet and the evolution of AVSs mark a significant advancement in the Restaking realm, offering novel opportunities for stakers and developers alike.

As the ecosystem grows and diversifies, the potential for new applications and innovations in the space seems boundless. We encourage our community to explore these opportunities, participate in the ecosystem, and contribute to the next wave of blockchain innovation with InceptionLRT.

-> Restake with InceptionLRT today

For a deeper understanding of InceptionLRT’s participation on EigenLayer and contribution to AVS capabilities, stay tuned to our blog and social media.

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