- Through its Ledger Live platform, staking platform Kiln has revealed restaking on EigenLayer.
- Kiln stated that this is the first time the more than 1.5 million users of Ledger Live will be able to utilize the wallet app to restake on EigenLayer.
Kiln, a platform for institutional crypto staking, has revealed the liquid staking token (LST) restaking on EigenLayer through its Ledger Live dApp.
Kiln said that the more than 1.5 million customers of the hardware wallet manufacturer would be able to restake on EigenLayer directly within the Ledger Live interface for the first time in a statement that was published with The Block.
Kiln Co-Founder and CEO Laszlo Szabo stated, “We’ve made the process simple, so it should take anyone less than a minute to get rewarded.”
According to Kiln, the connection also provides clear-signing through Kiln’s Ledger Nano plugin, which has been examined by Ledger’s security team. A technique called “clear-signing” is used to sign blockchain communications or transactions so that the content of the signature is verifiable and readable by humans.
According to Jean-Francois Rochet, vice president of consumer services at Ledger, “our vision for Ledger Live is an open platform with the best third-party service providers in the ecosystem.”
Ledger consumers now have even more opportunities to interact with their digital assets thanks to LST staking through Kiln.
Earning EigenLayer incentives
By depositing LSTs into EigenLayer, users can also earn AVS (actively validated service) awards and EigenLayer restaking points.
With the goal of allocating those ether money to safe third-party networks or actively vetted services, EigenLayer is a platform that allows users to deposit and “re-stake” ether from a variety of liquid staking tokens.
According to DeFiLlama statistics, the platform started taking deposits in 2023 and has already amassed over $18 billion in ether to safeguard different protocols.
EigenLayer’s security benefits data availability platforms, oracle networks, consensus protocols, and other AVSs. Since the AVS mainnet launch on April 9, Kiln stated that it has been running all mainnet AVSs on EigenLayer.
On May 10, claims for EigenLayer’s native tokens for the first season opened, allowing users to begin assigning tokens to EigenDA AVS operators. However, until the conclusion of the third quarter, the tokens will not be transferable.
Kiln declared in January that it has raised $17 million to finance its goals for global expansion in a funding round headed by 1kx and including participation from investors such as Crypto.com, IOSG, and LBank.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
