EigenCloud (prev. EigenLayer)

What is EigenCloud (EIGEN)?

EigenCloud, previously known as EigenLayer, is a platform that adds cryptographic verifiability to data, computation and AI inference on top of Ethereum. It describes itself as a verifiable cloud for apps and AI agents, backed by slashable stake on EigenLayer, its trust layer. EIGEN is the project's native token. The token contract has been live on Ethereum since October 2023, and the ticker and on-chain name stayed EIGEN through the rebrand.

How EigenCloud works

EigenLayer lets people who stake ETH and EIGEN take on extra duties to secure other services. Operators run those services and put stake at risk, and misbehavior can be penalized through slashing. Stakers who delegate to operators earn rewards in return. This approach is commonly called restaking, because the same capital secures more than one system.

EigenCloud builds products on top of that layer:

• EigenDA, a data availability service aimed at rollups and applications.
• EigenCompute, which adds verifiability to existing applications without code changes.
• EigenAI, which offers deterministic inference so AI results can be proven.

EIGEN supply and token design

EIGEN is one of the two assets staked on EigenLayer, alongside ETH. The token was designed around a mechanism called intersubjective forking, which relies on social consensus to resolve faults that cannot be proven on-chain objectively. The first distributions, called stakedrops, were non-transferable at first, and transfers were scheduled to open on 30 September 2024. EigenCloud's own site states that EIGEN emissions to the ETH quorum have ended, and that previously allocated emissions will be burned. Live circulating supply is shown in the market data on this page.

The token exists on Ethereum, with a version on Base. The Ethereum contract is 0xec53bF9167f50cDEB3Ae105f56099aaaB9061F83, and checking it helps avoid fake tokens that copy the name.

Official information is on eigencloud.xyz.

What to check before using EIGEN

• Slashing. Staked ETH or EIGEN can be penalized if an operator misbehaves, so operator choice matters.
• Layered smart contract risk. Restaking stacks additional contracts and services on top of the base staking system, which adds ways for things to go wrong.
• Withdrawal delays. Unstaking has a waiting period (7 days for staked EIGEN at the 2024 transfer unlock), so staked funds are not instantly available.
• Rebranding and name confusion. The project and token are described under both EigenLayer and EigenCloud, and the Base version is a separate contract.
• Evolving design. The mechanics of emissions, rewards and EIGEN's role have changed since launch, so rely on current official documentation.