concernedcustomer33

concernedcustomer33, 10 months ago

Should I EigenLayer?

I'm having a hard time deciding if I should point one of my validators at an EigenPod, and I'd appreciate some input.

I've been thinking about this for weeks. I went through all the documentation, created a pod, and have a json file ready to set my withdrawal address for a single validator (I still have 0x00 credentials, because I don't want to declare my reward income yet, and the process of changing credentials is frankly terrifying).

In contrast to LST restaking, native restaking on EigenLayer has been slow to gain traction. As of this writing, 134 validators have signed up, out of an expected initial cohort of approximately 300. Based on Sreeram's recent Bankless panel participation, I believe those fewer than 300 brave (stupid?) souls will receive a significant airdrop in the future, and may have privileged access to lucrative opportunities.

I'm honestly torn. If there's a problem with the BeaconProxy contract, losing a validator would suck, but it wouldn't significantly damage my crypto prospects. Part of me thinks EigenLayer is a grave threat to Ethereum, and should be shunned. Another part of me is excited about the possibility of being among the first to participate in something genuinely innovative.

What say you, fam? I'm leaning toward broadcasting the message. It should be an interesting journey, even if it ends in disaster