EigenLayer: An Overview and Testnet Guide
Our exploration and walkthrough of promising testnets continue unabated. With no financial costs and a straightforward step-by-step guide, you could be in line for the airdrop.
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According to the project's developers, EigenLayer enables secure usage of assets earned from staking and farming and their reinvestment into various dApps.
Trust Networks may encounter a problem where some modules cannot utilize Ethereum's trusted network because they cannot be verified by Ethereum's EVM contract. In such instances, Actively Validated Services (AVS) are employed for verification. But they also carry their drawbacks, like value leakage due to fees and high capital costs for validators.
EigenLayer asserts that they help improve Ethereum's security and governance structure. Restaking allows validators to restake their ETH in AVS to earn additional income while protecting these modules and verification services. Moreover, free governance grants validators the freedom to choose which module to restake.
The project has raised $64.5 million. Investors include prominent funds such as Electric Capital, Coinbase Ventures, Polychain Capital, and others.
Investments made into EigenLayer by various funds. Source: cryptorank.io
Add a Network
- Connect your MetaMask wallet to ChainList.org and add Goerli.
Adding the Goerli Network to Your Wallet. Source: ChainList.org
Obtain Test ETH
Consider utilizing these faucets:
https://goerlifaucet.com/
https://faucet.quicknode.com/ethereum/goerli
Add Tokens to Your Wallet
- Copy the rETH smart contract address and add it to your Metamask wallet 0x178E141a0E3b34152f73Ff610437A7bf9B83267A
Adding rETH to your wallet. Source: Metamask
- Follow the same process to add stETH to your wallet 0x1643E812aE58766192Cf7D2Cf9567dF2C37e9B7F
Purchase rETH
- Click the provided link, press the “Select token” button, and paste the address: 0x178E141a0E3b34152f73Ff610437A7bf9B83267A
Selecting rETH for swap. Source: app.uniswap.org
Adding rETH for swap. Source: app.uniswap.org
- Swap 0.1 ETH for rETH by clicking the “Swap” button and confirming the transaction
Swapping ETH for rETH. Source: app.uniswap.org
Transfer Tokens from ETH to rETH
- Copy 0x1643E812aE58766192Cf7D2Cf9567dF2C37e9B7F and click the “Send” button in Metamask. Paste the contract address, fill in the transfer amount, and confirm the transaction
Transferring tokens from ETH to rETH. Source: Metamask
Stake rETH
- Follow the provided link and connect your wallet
- Input the maximum amount of rETH you possess and click “Next”. After that, sign the transaction
Depositing rETH for Staking. Source: goerli.eigenlayer.xyz
- Next, navigate to the “Unstake” tab and withdraw approximately half of the total sum
Withdrawing rETH from staking. Source: goerli.eigenlayer.xyz
Stake stETH
- Click on the given link
- Enter the maximum rETH amount that you have and click “Next”. Then, sign the transaction.
- Navigate to the “Unstake” tab and withdraw 0.03 stETH
Withdrawing stETH from staking. Source: goerli.eigenlayer.xyz
Create an EigenPod
- Follow the given link
- Click the “Create EigenPod” button and sign the transaction
Creating an EigenPod. Source: goerli.eigenlayer.xyz
Congratulations on successfully navigating the testnet! In addition, it's recommended to fill out an interest form to participate in the mainnet testing. Projects always value early participants who have been involved in testing from the start. This substantially increases your chances of receiving rewards. We hope this will be the case for you.
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