Kraken launches ETH restaking for non-U.S. users, offering additional rewards via EigenLayer, enhancing staking opportunities and decentralized finance access.
Kraken has introduced a new feature allowing non-U.S. customers to restake their staked ETH on the Ethereum network and earn additional rewards via EigenLayer. The announcement, made on Tuesday, comes as part of Kraken’s ongoing efforts to offer innovative solutions for cryptocurrency users. With this launch, Kraken is aiming to expand its services. In addition, it provides new yield-generating opportunities on the Ethereum blockchain.
Kraken Adds Ethereum Restaking, Offering Extra Rewards with AVS Tokens
With this feature, the Kraken users can engage in Ethereum restaking by staking the already staked ETH towards the security of the decentralized applications created on the EigenLayer network. This process called restaking provides users with additional rewards besides the staking of Ethereum. In other words, users can protect specific dApps on Ethereum, known as Actively Validated Services (AVSs), while helping defend the Ethereum network.
It is easy for people who use Kraken as their trading platform. Once users decide to opt for restaking through Kraken, their staked ETH remains useful in contributing to the security of Ethereum. Moreover, they will use their ETH to secure multiple decentralized platforms on EigenLayer. In exchange, users are rewarded with extra incentives paid in the AVS tokens kind. These tokens may include EIGEN or any other token depending on the type of dApps to be protected.
Staked, a subsidiary of Kraken, has been chosen as the validator for the restated ETH. Staked is one of the prominent operators in the EigenLayer ecosystem, mostly working with institutional clients. It also offers Kraken users access to institutional-grade services and an easy way to gain even more staking rewards.
This restaking remains to be on the rise, with the total value staked in liquid restaking tokens having increased by more than 3000% this year. Kraken’s entry into the space aims to simplify access to this innovative feature. In this way, it makes it more accessible for everyday crypto users. As Kraken continues to innovate, it reaffirms its commitment to providing customers with cutting-edge tools to engage in the evolving world of decentralized finance.
