Google Cloud has escalated its blockchain involvement by participating as a node operator on the EigenLayer mainnet on Tuesday.
This marks a pivotal moment in the tech giant’s Web3 journey.
EigenLayer Receives Interest From Google Cloud Upon Mainnet Launch
This advancement, announced by Sam Padilla, Web3 product manager at Google Cloud, highlights the tech behemoth’s commitment to the evolving restaking protocol ecosystem. Moreover, Google Cloud has also been involved in the EigenLayer testnet since November 2023.
EigenLayer’s innovation enables Ethereum (ETH) staking across diverse platforms, a capability that went live for stakers in June. Now, as a mainnet node operator, Google Cloud has transitioned from participating in EigenLayer’s “Operator Working Group” to playing a critical role in the network’s operation.
Google Cloud has been proactive since initiating its blockchain division in early 2022. It launched the Blockchain Node Engine, initiated a web3 startup program, and forged alliances with key protocols like Polygon and LayerZero. Consequently, its venture into EigenLayer represents a strategic expansion of its Web3 footprint.
Read more: What Is EigenLayer?
Amid concerns about large cloud services affecting decentralization, EigenLayer maintains a balance by allowing diverse participation in its operator registry. Therefore, Google Cloud’s involvement enhances the protocol’s robustness and inclusivity.
Furthermore, the recent mainnet activation introduced EigenDA, a novel data availability solution. Although the EigenLayer mainnet launch included some limitations, such as not including slashing, it signifies a major step toward full protocol maturity.
“We are allowing the EigenLayer marketplace to develop and stabilize before introducing in-protocol payments and slashing to mainnet later this year,” EigenLayer explained.
The initiative has accelerated EigenLayer’s growth, with its total value locked (TVL) exceeding $13.33 billion, ranking it as the second-largest DeFi protocol. The liquid restaking tokens (LRTs) narrative is also revolutionizing DeFi, with EtherFi at the forefront, boasting a TVL of over $3.82 billion.
Significantly, venture capital interest in such emerging blockchain innovations is surging. For example, Andreessen Horowitz invested $100 million in EigenLayer in February, highlighting the sector’s potential. Additionally, Binance Labs’ investment in Renzo underlines the vitality of the liquid restaking domain.
Read more: Ethereum Restaking: What Is It And How Does It Work?
Renzo Protocol serves as EigenLayer’s restaking hub, integrating Ethereum smart contracts to streamline the restaking process. It is the second largest liquid restaking protocol with a TVL of nearly $3 billion.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Read the full article here
