Pioneering Permissionless Innovation and Robust Security for All Protocols with Eigenlayer

1/ In this REDeFiNE TOMORROW 2024 fireside chat, Sreeram Kannan (@sreeramkannan), CEO & Co-founder of @Eigenlayer, discusses pioneering permissionless innovation and robust security for protocols with @AndrewVranjes from @Blockdaemon. 🧵
2/ Sreeram shares the vision behind Eigenlayer: to enable more innovation at the crypto infrastructure layer by allowing developers to write code and send it to the network, which manages validators and staking.
3/ The goal is to enable permissionless innovation in areas such as oracles, data storage protocols, new chains, AI protocols, and decentralized authentication - without the need to build an entire ecosystem around each innovation.
4/ Sreeram explains the concept of shared security, where Eigenlayer allows stakers to promise they're running multiple protocols correctly, not just Ethereum. This creates a free market of shared security.
5/ Eigenlayer's current mainnet features include staking (native ETH or LST), delegation to operators, and operators selecting Actively Validated Services (AVS) to run. Payments and slashing mechanisms are planned for the near future.
6/ Eigenlayer is carefully considering the market dynamics and incentives for pricing different aspects of the system, such as attributable security (a portion of shared security redistributed to AVS) and separate payments for computation.
7/ The first AVS, EigenDA (Data Availability), is designed to complement Ethereum's layer 2 scaling roadmap by providing a highly scalable data system, starting at 10 MB/s with plans to reach 100s of MB/s or even GB/s in the future.
8/ Eigen DA offers features like long-term data throughput reservation for rollups, ensuring consistent access to block space without competition from new entrants like NFTs.
9/ As Eigenlayer provides abundant data availability, new stacks are emerging to take advantage of this, such as high-throughput EVM, Move VM, and the ability to run Node.js software directly on top of the infrastructure.
10/ Sreeram envisions AVS as a way to build decentralized applications by combining existing services (oracles, bridges, data storage) with custom code, similar to building web services using existing SaaS layers and adding unique functionality.
11/ This modular approach to building crypto applications, enabled by Eigenlayer's AVS ecosystem, has the potential to massively increase the scope and variety of decentralized services.
12/ The fireside chat highlights Eigenlayer's ambitious goals in scaling data availability, enabling a wide range of decentralized services, and fostering a more open and accessible ecosystem for developers to build upon.
13/ As Eigenlayer continues to develop its mainnet features and onboard new AVS, the project is well-positioned to play a key role in the evolution of the crypto infrastructure landscape.