Eigen is a groundbreaking protocol known as 'recursively composable', designed to bolster blockchain networks by reusing the security of a foundational layer like Ethereum. This approach enables enhanced computation and improved scalability by making use of the established security of the underlying blockchain, guaranteeing that upgraded features do not jeopardize security, thereby upholding trust and dependability. The name 'Eigen', originating from the German word for 'own' or 'intrinsic', signifies its role in adding distinctive yet essential functionalities to the base layer.
The Eigen protocol enables more efficient and effective operation by allowing users to stake tokens on the primary blockchain. This approach avoids creating separate blockchains and instead promotes a system where multiple layers can coexist and operate recursively. The Eigen token is crucial for staking and governance within the Eigen ecosystem, aligning the interests of token holders with the network's overall health and efficiency. Token holders have a say in decision-making processes, ensuring a community-centric model of governance.
The EIGEN token is a universal work token that can be staked to perform tasks within a blockchain platform. Unlike existing work tokens, EIGEN is not specialized for a specific digital task, and it can be used to secure services with objectively attributable faults as well as those with faults that can be observed and agreed upon by honest observers outside the chain. Staking with EIGEN aims to secure services with intersubjectively attributable faults and penalize operators who participate in these faults, giving the EIGEN token a universal nature.
EIGEN has a total supply of 1,681,371,191. The current circulating supply of EIGEN is 186,582,000.
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