ol
olimpio ⚡️@olimpio·May 15

HOW TO PREPARE FOR EIGENLAYER TESTNET ⚡️

This could be one of the next big trends.

Eigenlayer: A protocol on Ethereum to "re-stake" your ETH.

How does it work and is there a potential big airdrop?

🧵👇

1/7

What is EigenLayer?

EigenLayer enables ETH stakers to restake their ETH or LSD (stETH, rETH) to secure other apps on the network, earning additional rewards.

Users opt-in Eigen's smart contracts and stake to earn interest on top of the existing ETH POS interest.

2/7

How does EigenLayer work?

You can refer to my thread from January to learn more about the technical aspects, if you wanted to:

twitter.com/OlimpioCrypto/status/1610013658125328384

3/7

Status of EigenLayer

The initial phase of the three-stage launch plan for EigenLayer's protocol, the Stage 1 Testnet, was unveiled by the company on the 6th of April, 2023.

This testnet is not incentivized. But you can try it now! 👀

4/7

STEPS TO START: (this is in Goerli Testnet)

  1. Get Goerli ETH on faucetlink.to/goerli or faucet.paradigm.xyz

  2. Switch your wallet RPC to the Goerli Test Network

  3. Send some Goerli Test ETH to this address 0x1643E812aE58766192Cf7D2Cf9567dF2C37e9B7F to get stETH

5/7

STEPS CONTINUED:

  1. Visit goerli.eigenlayer.xyz and connect your wallet

  2. Click the “Lido Staked Ether (stETH)” option

  3. Enter the amount you want to deposit and stake the stETH you just received

6/7

  1. Approve and confirm the transaction

  2. See your balance on the dashboard.

7/7

POSSIBLE AIRDROP?

• Not likely, for now.

• They have not confirmed any airdrop.

• Testnet is not incentivized.

However, it usually is a good idea to be an early adopter in the crypto space. It might pay off! 🪂

Moreover, this is a testnet, so no capital is needed.

⚡️