What Happened on Feb. 21st | Re-use the security of Ethereum and Bitcoin
Eigenlayer is a protocol that allows validators to use their staked $ETH to validate other protocols in addition to the Ethereum simultaneously parallel. This means that you can re-use your staked $ETH that is being used to secure Ethereum to help secure other protocols such as oracles and cross-chain bridges.
Protocols running on Ethereum are already secured by Ethereum’s validators. Eigenlayer can assist in securing those protocols that are not directly built on Ethereum. Oracles are one example. By helping secure additional protocols, $ETH stakers can gain extra yield provided by those protocols in addition to the current staking yield.
Babylon, a project that enables Proof of Stake (PoS) chains to leverage Bitcoin security, has proposed a three-phase integration with Osmosis. The integration will enable Osmosis to use the security of the Bitcoin network, offering benefits such as fast stake unbonding and extra security for high-value transactions.
Builders are working on innovative ways to use the security power from Ethereum and Bitcoin.
Biggest Gainers & Losers
Coindesk's Story on Alameda's Balance Sheet Wins George Polk Awards : this is the first time a crypto news wins a major reward in journalism.
EigenLayer, the Ethereum Restaking Protocol, Releases V1 Whitepaper: the project enables $ETH stakers to reuse their staked $ETH to secure other chains and applications and earn extra yield.
Hong Kong Crypto Push Gains Support from Beijing Officials: Reported by Bloomberg, Hong Kong's efforts to become a crypto hub have received an impetus from Beijing. Officials from China's Liaison Office have been attending Hong Kong's crypto events over the past months and are said to be keen on using the city as a testing ground for digital assets.
Hot projects on the market
Abu Dhabi's Launch of 'Hub71+ Digital Assets' Opens up TON Foundation Ecosystem to $2B Start-Up Hub
Babylon Proposes Integration with Osmosis to bring Bitcoin Security to Cosmos
Arbitrove Raises $14 Million, Allocates 20% to Floor Price Protection Fund
Ankr Partners with Microsoft to Offer Enterprise Node Service
Other news in case you missed it:
Polyhedra Network Closes $10 Million in Funding Led by Binance Labs and Polychain Capital
NFT Game Developer Azra Games Raises $10M Led by a16z
ZyberSwap Now the 2nd Largest Protocol on Arbitrum, Just Behind GMX
Chaos Labs Raises $20M in Seed Round Co-led by PayPal Ventures and Galaxy Digital
Policy and Regulation