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Kraken launches in-house Ethereum restaking with Eigenlayer

Kraken launches in-house Ethereum restaking with Eigenlayer

Grafa2024/10/17 00:20
By: Liezl Gambe
BTC+0.03%EIGEN+0.38%ETH+0.09%

Kraken has introduced a new feature that allows clients to restake their Ether (CRYPTO:ETH) directly on the platform through integration with Eigenlayer. 

This initiative aims to simplify the process of restaking, making it more accessible to a wider audience, especially those who already have ETH staked on Kraken.

The new feature offers clients the opportunity to earn additional rewards by restaking their existing staked ETH. 

According to a release shared with Bitcoin.com News, Kraken’s interface streamlines the process, which was previously more complex and required technical knowledge. 

Through this integration, users can restake ETH to secure decentralised applications (dapps) on the Ethereum network, potentially earning rewards in native tokens or ETH.

Restaking has become a notable trend in 2024 as it enhances security for dapps without requiring extra tokens. 

However, until now, it was primarily used by more experienced users. 

Kraken believes that by incorporating this functionality into its centralised platform, less technical users can also engage in restaking, thereby broadening access to decentralised finance (DeFi).

Kraken’s subsidiary, Staked, will act as the validator for the ETH that clients restake through the platform. 

Users have the flexibility to hold or trade their rewards within the Kraken ecosystem, providing more options for managing their investments. 

However, Kraken has clarified that this service is not available in the U.S. and is subject to other geographic restrictions.

Through this new integration, Kraken aims to bridge the gap between centralised services and DeFi by making complex processes like restaking more straightforward and accessible. 

At the time of writing, the Ethereum (ETH) price was $2,619.34.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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