EigenLayer: AVS, Operators, Delegators

What you'll learn

• EigenLayer in One Page
• The Timeline
• The Three Roles in Detail
• The Slashing Flow
• The AVS Ecosystem
• EIGEN: The Universal Intersubjective Token

Key terms

EigenLayer

The original restaking protocol on Ethereum, founded by Sreeram Kannan. Mainnet launched June 14, 2023; full operations April 9, 2024; slashing went live April 17, 2025. Hosts dozens of AVS.

EigenDA

EigenLabs' flagship AVS, a data-availability layer that posts rollup data using restaked-ETH security. Launched alongside full operations on April 9, 2024.

EIGEN token

EigenLayer's native token, launched October 1, 2024. Framed as a "universal intersubjective work token" — meant to be slashed for faults that cannot be proven on-chain but can be agreed upon by community consensus.

Intersubjective fault

A fault that cannot be cryptographically proven but can be widely agreed upon by observers (e.g., an oracle reporting a clearly wrong price, a bridge that did not deliver). EIGEN's slashing mechanism is designed to handle these.

StrategyManager

The EigenLayer contract through which restakers deposit LSTs to be allocated to operators. Each LST corresponds to a "strategy" that can be selectively slashed.

Operator commission

The fraction of AVS fee revenue that operators retain before passing the rest to delegators. Typically 5-15% on EigenLayer in late 2025.

Lagrange

An EigenLayer AVS specializing in zero-knowledge coprocessing — verifiable off-chain computation for smart contracts.

Hyperlane

A cross-chain messaging protocol that uses EigenLayer restaked security for its interchain security modules.

AltLayer

An AVS providing restaked rollups: fast finality and decentralized sequencing for optimistic rollups using EigenLayer security.

TVL ATH and post-slashing correction

EigenLayer TVL peaked at approximately $28.6B in September 2025 during the points-mania phase and settled to around $7B by late 2025 as points-driven capital rotated out following slashing activation.