Arithmic Network AVS Promises Multi-Chain EigenLayer Staking

EigenLayer’s restaking architecture is going multichain thanks to a partnership with Arithmic Network.

The partnership was announced on Oct. 22, with Arithmic planning to launch an Actively Validated Service (AVS) secured by Eigenlayer. Arithmic said its multi-chain staking pools extend EigenLayer’s reach beyond Ethereum, unlocking restaking functionality for Layer 1 and Layer 2 networks.

“Arithmic will run an AVS to extend EigenLayer’s staking, computing, and security functions to Layer 2s and Layer 1s,” Arithmic said. “This collaboration will significantly bolster EigenLayer’s security and computing capabilities through the integration of Arithmic’s AVS, which allows provers, verifiers, validators, and sequencers on L2s to run more efficiently.”

EigenLayer pioneered restaking, a mechanism allowing ETH stakers to simultaneously validate the Ethereum blockchain and third-party AVSs. EigenLayer is the third-largest DeFi protocol with a total value locked (TVL) of $10.75 billion, according to DeFi Llama.

The price of EIGEN is up 1.3% over the past 24 hours, according to The Defiant's crypto price feeds.

EigenLayer’s AVS ecosystem expands

The news comes as EigenLayer’s AVS ecosystem has been steadily expanding since AVSs went live in April.

While users could secure six AVSs at the time, EigenLayer now hosts 19 different Actively Validated Services, including interoperability protocols, zero-knowledge infrastructure projects, and a web3 game developer.

Arithmic isn’t the only team readying to join EigenLayer’s AVS ecosystem, with RedStone, a smart contract Oracle provider, launching an AVS testnet on Oct. 23. Once live, the integration will allow RedStone to leverage EigenLayer restakers to the data it provides to DeFi applications.

“Oracles are a critical part of the DeFi and blockchain ecosystem, ensuring connectivity of data in a reliable manner,” said Alan Curtis, COO of Eigen Labs. “RedStone’s utilization of EigenLayer restaking capabilities showcases a mature oracle system enhancing its security with restaked guarantees.”

RedStone is quickly emerging as a major player within the Oracle sector. Since the start of the year, the value secured by RedStone has ballooned 1,250% to $5 billion.