Eigen Labs Acquires Rio Network to Enhance EigenLayer Ecosystem

Key Points:

  • Eigen Labs acquires Rio Network, signalling a significant move in the blockchain space.
  • Instead of building a Liquid Restaking Token (LRT), Eigen Labs will open-source Rio Network’s code to support new LRTs.
  • The Rio Network team joins Eigen Labs to enhance the EigenLayer ecosystem, amplifying collaboration and innovation in blockchain technology.
Eigen Labs acquires Rio Network team to accelerate our mission of creating an open, verifiable cloud.

They will not develop the Liquid Restaking Token (LRT) that they first envisioned for the Rio Network. Instead, they will use code from Rio Network and other forms of intellectual property to help facilitate new and under-development LRTs.

Accelerating Open Innovation: Eigen Labs ∞ Rio Network

Eigen Labs is excited to announce the acquisition of the @RioRestaking team to accelerate our mission of creating an open, verifiable cloud.

The Rio team has a combined 75+ years of crypto experience and a proven track…

— Eigen Labs (@eigen_labs) June 12, 2024

The acquisition involves transferring Rio Network’s code and intellectual property to the Eigen Foundation. This will help further Eigen Labs’ commitment to innovative collaboration within the blockchain ecosystem. Now, as all state material for the Rio Network is open-sourced, Eigen Labs will be taking centre stage in contributing to the ongoing advancement of LRTs with the broadest and most open development process in the space.

Read more: Top Liquid Restaking Tokens To Watch In 2024

Open-Source Development Strategy for Liquid Restaking Technology

The Rio Network team will join Eigen Labs to bring even more expertise and insight into further enriching the EigenLayer ecosystem. As a result of this new partnership structure, Rio’s team is working with other members of the Eigen Labs team to strengthen and broaden the scope of EigenLayer further.

Eigen Labs has decided to acquire Rio Network and has strategically pivoted away from LRT development to strengthen the broader liquid staking ecosystem. The merger of the Rio Network technology into the EigenLayer technologies indicates that Eigen Labs wants to further strengthen its role as a leading provider of blockchain infrastructure solutions in the desire to cater to the evolving needs of developers and stakeholders in the DeFi ecosystem.

This is a very important acquisition for Eigen Labs and a major indication of the company’s commitment to driving innovation and collaboration throughout the blockchain ecosystem. By integrating Rio Network’s capabilities, Eigen Labs will unlock new opportunities to deliver more value to the community and partners.

Sourced from cryptonews.net.

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