EigenLayer, rebranded "EigenCloud" with token ticker and on-chain name still EIGEN, is a restaking protocol on Ethereum that lets staked ETH secure services called Actively Validated Services (AVSs). A bridged implementation of the token also exists on Base. The EIGEN contract (0xec53bf9167f50cdeb3ae105f56099aaab9061f83) has been live on Ethereum since 2023-10-16. Under the EigenCloud brand, adopted during 2025-2026, the platform is positioned as a developer platform for verifiable onchain and offchain applications, services, and AI, with total value locked of approximately $6.558B as of 2026-08-31.
EigenLayer pioneered restaking, letting ETH already staked on Ethereum simultaneously secure external services rather than requiring separate capital and validator sets. This is a structural difference from single-purpose staking or bridging protocols. As of 2026-08-31 it holds roughly a 66.6% share of the ~$9.85B restaking-protocol category, with total value locked near $6.558B, up 31.1% over the trailing 30 days despite a much larger 2024-2025 peak. Protocol fee revenue nonetheless ranks among the weakest of comparable peers, and ether.fi, previously its largest integrated partner, has been unwinding restaking exposure since August 2026.
EIGEN functions as both a governance and incentive token rather than a pure payment token. Holders participate in protocol governance through EigenLayer Improvement Proposals (ELIPs), and EIGEN emissions are used to incentivize participants securing Actively Validated Services and builders on EigenCloud. EIGEN was originally distributed through a staking-based "stakedrop," and in its first season the token was intentionally non-transferable to build social consensus before open trading began.
Total supply is approximately 1.823B EIGEN, with no fixed maximum; circulating supply is about 918.2M EIGEN as of 2026-08-31. Net emission is inflationary, with issuance running near 4% per year, which has pushed total supply above the 1,673,646,668.28 EIGEN issued at launch. Initial allocation was approximately 45% to community (split across stakedrops, community initiatives, and ecosystem development), 29.5% to investors, and 25.5% to early contributors/team. Investor and contributor allocations carried a three-year lockup: fully locked in year one, then released linearly at roughly 4% per month over the following two years. Fully diluted valuation is about $362.9M.
EIGEN launched via a multi-season "stakedrop" (staking-based airdrop) announced by the newly formed Eigen Foundation around April-May 2024, rather than a public ICO or IEO. The token contract was deployed on Ethereum on 2023-10-16, several months before the public stakedrop and transferability began. Initial total supply was 1,673,646,668.28 EIGEN. Across four funding rounds, Eigen Labs raised approximately $241M in total: a 2022 seed round (~$14.4M), a 2023 Series A (~$50M), a Series B of $100M led by a16z crypto (2024-02-22), and a further ~$70M raised via a direct EIGEN token deal with a16z crypto (2025-06-17).
EIGEN's canonical deployment is on Ethereum, which secures the network through proof-of-stake consensus; a bridged implementation of the token also exists on Base. EigenLayer does not operate an independent blockchain — instead, it is a set of smart contracts that lets ETH already staked on Ethereum be "restaked" to extend Ethereum's economic security to independently operated Actively Validated Services, each of which defines its own validation and slashing logic.
EigenLayer was founded by Sreeram Kannan, a former University of Washington professor who led the UW Blockchain Lab; much of the founding engineering team came from that same lab. The operating research and engineering company is Eigen Labs, with hubs in Seattle and New York. Reported team members include Soubhik Deb (Head of Protocol Research), Scott Conner (Director of Protocol Development), Chris Dury (COO), Calvin Liu (Chief Strategy Officer), and Nader Dabit (Director of Developer Relations). Key backers include a16z crypto, which led a $100M Series B and a later $70M token investment.
Eigen Labs is the for-profit research and engineering company, founded by Sreeram Kannan, that builds the EigenLayer/EigenCloud protocol and products such as EigenCompute. The Eigen Foundation is a separate, related entity formed to steward the EIGEN token, run its stakedrop distribution, and participate in governance bodies such as the proposed Incentives Committee. The public-facing platform brand is now "EigenCloud," described as a developer platform for provably verifiable onchain and offchain applications, services, and AI, though the underlying Eigen Labs/Eigen Foundation structure is unchanged by the rebrand.
Protocol changes go through EigenLayer Improvement Proposals (ELIPs). ELIP-12 proposes an Incentives Committee, jointly staffed by Eigen Foundation and Eigen Labs, to set policy for directing EIGEN emissions toward AVS operators, builders, and fee-generating activity, with emissions policy approved by a Protocol Council. ELIP-019, issued 2026-08-13, is a separate proposal to upgrade the protocol's DelegationManager contract. Governance activity is organized around named, dated proposals reviewed by these bodies rather than a fully anonymous or purely informal process.
An "EigenCompute Mainnet Launch," a verifiable off-chain compute service for containerized applications, is planned for Q3 2026. ELIP-12, proposing an Incentives Committee to redirect EIGEN emissions toward fee-generating activity, targets a Q1 2026 rollout. ELIP-019, a DelegationManager contract upgrade, was issued 2026-08-13. Eigen Labs launched a research platform named "Yukon" on 2026-08-12. These sit alongside the broader "EigenCloud" rebrand of the platform's developer-facing products, positioned around verifiable onchain and offchain applications, services, and AI.
EigenLayer's contracts have been reviewed by Consensys Diligence and Sigma Prime, and formally verified by Certora. Certora's work included a dedicated "EigenLayer Slashing" report completed 2025-02-11. Dedaub audited the EigenLayer middleware component on 2024-02-05, and the core contracts were also subject to a public Code4rena audit contest in April 2023. An automated contract-risk score of 76/100 has also been assigned to the EIGEN contract. Holder concentration is notable: of roughly 222,202 holders as of 2026-08-31, the top 10 addresses hold about 37% of supply and the top 50 hold about 57%.