EigenLayer Will Support Turning Any ERC-20 Token into Restakable Asset

EigenLayer announced it will introduce Permissionless Token Support, an upcoming update that will allow any ERC-20 token to be added as a restakable asset.

What's the scoop?

• AVS Flexibility: Actively Validated Services (AVSs) will be able to accept any ERC-20 token as a restaked asset, enhancing their ability to form cross-ecosystem partnerships and further personalize their security profiles.
• New Utility for AVS Tokens: This update means AVSs can now use their native tokens for security, expanding the functionality and utility of their native tokens.
• Testnet and Mainnet Timeline: This feature is currently being tested. A mainnet deployment is scheduled for next week, and EigenDA will be the first to use Permissionless Token Support. The full rollout on the EigenLayer web app is expected later in Q3.

Bankless Take:

EigenLayer's move to enable permissionless restaking potentially zeroes out Symbiotic’s edge in restaking, especially given EigenLayer already has amassed such a large TVL. With all this development slated for this quarter, Symbiotic, which just announced their devnet earlier this week, could launch at a significant disadvantage depending on their timeline. Further, this inadvertently confirms many AVSs may launch tokens given the role their native tokens could play in securing their protocols.