The post EigenLayer and LayerZero Collaborate on CryptoEconomic DVN Framework appeared on BitcoinEthereumNews.com.

Lawrence Jengar Oct 02, 2024 15:16 Eigen Labs and LayerZero Labs introduce a CryptoEconomic DVN Framework, enhancing security and interoperability across blockchains. Eigen Labs, in partnership with LayerZero Labs, has announced the development of a new framework for CryptoEconomic Decentralized Verifier Networks (DVNs), according to EigenLayer Blog. This collaboration leverages LayerZero’s established protocol, which has managed millions of messages and secured billions of dollars in applications. Why EigenLayer x LayerZero? Eigen Labs and LayerZero Labs aim to build a verifiable internet across blockchains driven by permissionless security. The security of verifying omnichain messages was previously based solely on the DVN’s verification mechanism. With EigenLayer’s re-staking primitive, anyone can now stake their assets to provide additional security to DVNs, enhancing CryptoEconomic security. EigenLayer: Economic Security EigenLayer allows participants to stake or restake assets already securing protocols like Ethereum to secure additional services or applications. This model creates a shared pool of security that can be extended to multiple use cases, incentivizing verifiers to act honestly through the threat of slashing for misbehavior. LayerZero: DVN Marketplace LayerZero is an omnichain interoperability protocol enabling secure communication across over 80 blockchains. Applications can customize their security by selecting a DVN or set of DVNs based on the sensitivity of the data. Currently, 35 entities participate as DVNs, including teams like Polyhedra and oracles like Google Cloud. The CryptoEconomic DVN Framework allows DVNs to transparently demonstrate reliability through staked assets, thus enhancing trust. LayerZero Labs: The First Cryptoeconomically Secured DVN LayerZero Labs is the first team to launch a CryptoEconomic DVN secured by EigenLayer restaking. The LayerZero Labs DVN, which has historically verified over 100 million messages, is transitioning from a proof-of-authority model to one backed by restaking. Staked tokens such as ZRO, ETH, and EIGEN provide economic security for message verification. If the DVN…

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Filed under: News - @ October 2, 2024 4:28 pm