Overview
With the ever evolving Web3 space, the need for innovation is almost inevitable. Aligning with the same ideology, EigenLayer launched a never heard before concept of Restaking on Ethereum blockchain in year 2023. Restaking refers to a mechanism that allows Ethereum validators to make their staked ETH more useful by committing to secure protocols or services other than the Ethereum network itself. This is done by extending Ethereum’s robust security model, allowing the other protocols (dApps, services) to benefit from billions of dollars worth of staked ETH. In Eigenlayer’s words, “Restaking enables staked ETH to be used as cryptoeconomic security for protocols other than Ethereum, in exchange for protocol fees and rewards.”
As of July’2024, EigenLayer has over $12 Billion in Total Value Locked, and became one of the biggest protocols on top of ETH ecosystem wrt to TVL in almost a record time. However, as the protocol continues to grow and scale, the number and complexity of issues pertaining to it’s security and fair operation has been on the rise. While a lot of people and market experts are still trying to understand the deeper details of the protocol, a lot of validators are worried about the safety of their stakes/funds on Eigenlayer. There’s been a lot of issues that are existent as black-boxes in the entire operational system of Eigenlayer, be it the risk of slashing, correct conduct by Operators, AVSs malfunctions, or be it a generalised risk of centralisation in the protocol as a whole.
To tackle all these issues, and let users be worry-free while using this protocol for restaking, Web3Shield has launched EigenShield that is the Restaking Insurance on the EigenLayer economy. It provides a One-Click Insurance option to end users, right at the time of performing any Re-Staking Transaction on any Operator or directly through EigenLayer’s interface.
Web3Shield’s EigenShield offers this Insurance capacity to the end users in a variety of ways via it’s multiple distribution modes, including an Insurance Widget, browser extension, etc.
Video overview
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