Coinbase Prime is excited to announce our support for EigenLayer, a protocol built on the Ethereum network that introduces the concept of "restaking" to enhance the security and utility of the Ethereum network. Restaking is a method that allows users to stake the same tokens on the main blockchain and other protocols, securing multiple networks at once.
This marks a significant milestone as we extend our institutional-grade custody, staking infrastructure, trading, and self-custodial wallet to support the growth and adoption of the EigenLayer ecosystem.
What is EigenLayer? EigenLayer is a protocol on the Ethereum network that introduces restaking as a mechanism to strengthen the security of the blockchain. Restaking on the EigenLayer protocol, allows Ethereum validators and stakers to reuse their staked ETH and liquid staking tokens (LSTs) to secure additional protocols built on Ethereum. This approach provides enhanced security and utility by allowing the same capital to be utilized across multiple layers, thus maximizing its impact. By enabling restaking, EigenLayer supports a more resilient and flexible Ethereum ecosystem, encouraging the development of new decentralized applications and services that benefit from this strengthened security model.
EigenLayer will leverage Coinbase's full suite of institutional products Custody: Coinbase offers custody support for EigenLayer and the EIGEN token. Institutions and enterprises looking to participate in EigenLayer can custody their EIGEN tokens via our qualified custodian directly with Coinbase Prime. Coinbase Prime is a leading institutional prime broker platform for crypto assets, trusted by some of the largest institutional clients in the world.
Staking: Clients can stake EIGEN tokens via Coinbase Prime to a Coinbase operator. Coinbase is proud to be one of the first operators within the EigenLayer ecosystem, and a trusted delegate for your staked ETH and LSTs. Our reliable infrastructure provides enterprise-grade security with zero slashing events and a 99% uptime guarantee, minimizing operational risk.
Trading: Through Coinbase Prime, institutional clients can access deep liquidity and efficient trading of the Eigen token on a secure platform. Coinbase’s advanced trading tools and execution capabilities allow for seamless buying, selling, and managing of Eigen token positions.
Prime Web3 Wallet: Prime Web3 Wallet is our institutional-grade onchain wallet fully integrated with Coinbase Prime. Prime clients can use this wallet to send, receive, and stake EIGEN, as well as participate in governance and deFi. In addition, clients can access and claim staking rewards on the EigenLayer dApp using Web3 Wallet.
Coinbase provides protocols with an integrated prime brokerage offering that helps strengthen their projects through our scale.
Why EigenLayer Chose Coinbase EigenLayer collaborated with Coinbase for day 1 support due to Coinbase’s proven ability to deliver institutional-grade solutions that are essential for scaling a protocol of EigenLayer’s caliber. "As a protocol pioneering restaking to enhance Ethereum’s security, EigenLayer is pleased to collaborate with Coinbase's deep expertise in proof-of-stake networks, robust security record, and trusted infrastructure capable of handling complex staking operations," said EigenLabs Chief Operating Officer, Alan Curtis.
Coinbase’s extensive experience in providing reliable staking services, combined with its secure custody platform and seamless integration of a self-custodial Web3 wallet, positioned it as the ideal partner to help EigenLayer scale efficiently.