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Google Cloud joined hands with EigenLayer to launch its mainnet node operator, hitting a milestone for the staking protocol and environment.
Google Cloud decided to expand its blockchain involvement and moved towards EigenLayer to launch node operators. The step is anticipated to be a big step in the tech giant’s Web3 journey and has been involved in the EigenLayer testnet since November 2023.
Google Cloud Join Hands With EigenLayer
On April 10, Google Cloud, the tech giant moved forward to launch its node operator in partnership with EigenLayer, a restaking protocol permitting individuals to stake Ether (ETH) on different platforms.
Sam Padilla, the node operator and web3 product manager at Google Cloud took to X to announce the same.
Excited to share that the @googlecloud Eigen Layer mainnet operator is up and running!
— Sam Padilla (@theSamPadilla) April 9, 2024
Congrats to the @eigenlayer team on a successful mainnet launch.
Excited for what is coming!https://t.co/4wcotltiBu
In the tweet, he congratulated the EigneLayer team on the successful setup of the mainnet. The advancement showcases the tech behemoth’s commitment to evolving the staking protocol environment.
The new launch has upsurged EigenLayer’s performance and succeeded in hitting the total value locked (TVL) to $13.33 Billion. Presently, EigenLayer has secured the second-largest liquid restaking protocol position with a TVL of nearly $3 Billion.
The tech giant’s Google Cloud computing service has been operating in Web3 since the reveal of the formation of a blockchain arm by Google Cloud in January 2022. Afterward, Google released the blockchain node engine that makes it effortless for developers to operate the blockchain network nodes.
As a successive step, Google Cloud introduced a Web3 startup program in April 2023. Furthermore, the tech giant became a Polygon validator in September 2023 before partnering with the EigenLayer. At that time, Google Cloud had the second-smallest stake among more than 100 validators.
Google Cloud had an early interest in staking and partnered with the cross-chain protocol LayerZero and operated as the default oracle for transaction verification between blockchains.
Additionally, a partnership with EigenLayer strengthened the tech giant’s roots in the Web3 industry. However, large cloud services affecting decentralization are a main concern. The restaking protocol maintained a balance between permitting individuals in its operatory registry along with improving the protocol’s robustness and inclusivity.
About EigenLayer
EigenLayer is a staking protocol mainly designed for the ETH blockchain to carry out operations related to restaking. The concept of staking was introduced to the crypto community in June 2023 and holds over 4.1 million ETH restaked on the platform.
Furthermore, in the past few weeks, over 70% of the new Ethereum validators restaked to EigenLayer. Hyper scalability, ease of integration, cost flexibility, and native token staking are a few of the major benefits.
Additionally, Renzo protocol operates as EigenLayer’s staking hub and involves an Ethereum smart contract for the restaking process.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
