Key Takeaways
- You can improve your eligibility for a potential EigenLayer airdrop by interacting with the testnet, while familiarizing yourself with how the protocol works as a source of additional yield.
- EigenLayer is a middleware that enables protocols to utilize Ethereum's highly secure and decentralized trust network, removing the need to establish their own validator sets.
- The EigenLayer team has not confirmed a token release at the time of writing.
EigenLayer is a middleware developed on the Ethereum network that aims to commoditize decentralized trust. Integrating EigenLayer enables protocols to utilize Ethereum's highly secure trust network, reducing costs by eliminating the need to establish a complete validator set through reward incentives. This approach substantially enhances the innovation potential for protocols. Meanwhile, stakers will receive additional staking rewards, as they'll be undertaking increased slashing risks.
The chain is still in the testnet phase and currently does not have a mainnet date or token release date, but it has already achieved a Series A $50 million raise, led by Blockchain Capital and attracting prominent investors including Polychain Capital, Electric Capital, Coinbase Ventures and Ethereal Ventures. Hence it’s definitely the right time to start trying out the testnet and familiarize yourself with this new source of yield!
Do note that the EigenLayer team has not confirmed a token release at the time of writing, and proceeding with the steps below is not guaranteed to result in receiving airdropped tokens.
Before proceeding further, you will need to make sure you have MetaMask installed first (there might be a MetaMask airdrop too).
Now let’s get to interacting with EigenLayer to increase the chances of qualifying for a potential airdrop: EIGEN!
Step 1: Get Goerli ETH (gETH)
There are 2 methods to get access to Goerli ETH.
Go to http://goerlifaucet.com to request for gETH. Take note that this will require you to have an Alchemy account.
Alternatively, you can go to https://faucet.quicknode.com/drip.
Step 2: Get rETH
Go to https://testnet.rocketpool.net/.
Connect your wallet using the Goerli network and stake ETH (Goerli network) to receive rETH.
If the staking deposit pool is full, go to http://app.uniswap.org instead and connect your wallet.
Click on ‘Select token’.
Enter this address: 0x178E141a0E3b34152f73Ff610437A7bf9B83267A
You will be able to see the Rocket Pool ETH (rETH) token. Click on it to select the token.
Enter an amount of ETH (Goerli network) and swap it into rETH.
You will receive a prompt to add rETH into MetaMask. Click on ‘Add token’. This will make rETH visible within your MetaMask wallet.
Step 3: Get stETH
Open your MetaMask wallet and click on ‘Send’.
Add in this address: 0x1643E812aE58766192Cf7D2Cf9567dF2C37e9B7F
This will be sending stETH to the EigenLayer testnet.
Click on ‘I understand’ and proceed to enter the amount of ETH, and get ready to send gETH in exchange for stETH
Click on ‘Next’ and confirm the sending process.
Step 4: Stake on EigenLayer Testnet
Go to http://goerli.eigenlayer.xyz and connect MetaMask.
You should be able to see Rocket Pool Ether (rETH) and Lido Staked Ether (stETH) which we have added to metamask earlier on.
Click on your rETH and stETH and stake them.
And with that, we are done! You can do this weekly, as airdrop programs tend to reward users based on the frequency of their interactions.
Conclusion
EigenLayer is a promising and innovative protocol that offers numerous benefits to developers and market participants. By following the outlined steps to interact with the EigenLayer testnet, users can increase their chances of qualifying for a potential EigenLayer airdrop. The protocol's architecture allows for limitless innovation possibilities and enables participants to capitalize on their investments for greater rewards. Furthermore, EigenLayer is expected to contribute to a more robust blockchain landscape, driving improved security and innovation, and attracting more users to participate in the ecosystem.
This article is created for informational purposes, and should not be taken as financial advice.
CJ is a business graduate that has been involved in crypto for 4 years and specializes in DeFi protocols. He is also interested in TradFi becoming DeFi, and has written for ByBit, SwitcheoLabs, and others. Follow the author on Twitter @fishmarketacad
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