Why Operators Matter in EigenLayer and What Comes Next

<p>In 2025, institutional crypto allocation stopped being about exposure—and started being about structure.</p><p>The difference is subtle but fundamental.</p><p>Instead of chasing market cycles, large allocators—from crypto-native funds to DAOs and exchanges—began designing portfolios for operational liquidity, onchain rewards, and capital rotation. That shift shows up clearly in the data: stablecoin holdings in large wallets rose meaningfully, native token exposures became more intentional, and Ethereum’s role as a settlement layer only deepened.</p><p>Today, P2P.org is publishing a new report: <a href="https://link.p2p.org/ike?ref=p2p.org" rel="noreferrer"><strong>“Stablecoins vs. Native Tokens: Institutional Allocation Trends”</strong></a></p><p>It’s a data-backed look at how the portfolios of institutional actors actually changed this year—built on onchain data, analytics dashboards, and infrastructure trends we observe directly across our network.</p><h2 id="what-the-report-covers"><strong>What the Report Covers</strong></h2><p>This isn’t a market recap. It’s a breakdown of how institutions allocated real capital—and what that says about the future of staking, stablecoins, and infrastructure decisions going into 2026.</p><p>Inside the report:</p><ul><li><strong>Wallet-level allocation trends</strong> from exchanges, funds, and DAOs</li><li><strong>Stablecoin usage patterns</strong>: reserves, liquidity, and treasury behavior</li><li><strong>Ethereum’s anchoring role</strong> across staking, settlement, and reserves</li><li><strong>The rise of programmatic allocation</strong> and treasury segmentation</li><li><strong>Case studies and charts</strong> </li><li><strong>Allocation frameworks</strong> emerging across institutional teams</li><li>A forward-looking view on <strong>infrastructure-aligned portfolios</strong></li></ul><p>The research draws on multi-chain data, but the patterns are clearest on Ethereum—where stablecoin reserves and native token deployments sit side-by-side in validator-linked portfolios.</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2026/02/1600--900-X.jpg" class="kg-image" alt="" loading="lazy" width="1600" height="900" srcset="https://p2p.org/economy/content/images/size/w600/2026/02/1600--900-X.jpg 600w, https://p2p.org/economy/content/images/size/w1000/2026/02/1600--900-X.jpg 1000w, https://p2p.org/economy/content/images/2026/02/1600--900-X.jpg 1600w" sizes="(min-width: 720px) 720px"></figure><h2 id="why-this-matters"><strong>Why This Matters</strong></h2><p>Stablecoins are no longer just “dry powder.” They’re tools for capital efficiency, onchain access, and risk-tiering in institutional portfolios.</p><p>ETH is no longer just an asset. It’s programmable liquidity, stakable yield, and the infrastructure of reserves.</p><p>And P2P.org’s view—as a validator and infrastructure partner across Ethereum and other proof-of-stake networks—is that allocation behaviors are now driven by operational design, not just exposure targets.</p><h2 id="download-the-full-report"><strong>Download the Full Report</strong></h2><p>This report is designed for crypto funds, asset managers, DAO treasurers, and institutional teams building real onchain portfolios.</p><p><a href="https://link.p2p.org/ike?ref=p2p.org" rel="noreferrer">[<strong>Download the Report</strong>] <em>Stablecoins vs. Native Tokens: Institutional Allocation </em></a> </p><p>Whether you're managing staking allocations, designing treasury structure, or evaluating validator partners, this research offers a data-grounded foundation for 2026 strategy.</p>

<p>Zama has opened its <strong>auction phase</strong>, marking the first step in the network’s staking rollout.</p><p>The auction allows participants to acquire ZAMA tokens ahead of delegation. <strong>Staking will follow approximately two weeks later</strong>, at which point delegators will be able to actively stake with validators on the network.</p><p>P2P.org is participating as one of <strong>18 genesis operators</strong> selected to support the network at launch and will operate a validator once delegation is enabled.</p><h2 id="what-is-zama"><strong>What Is Zama</strong></h2><p>Zama is building infrastructure to enable privacy-preserving computation, allowing applications to process sensitive data while keeping it confidential.</p><p>FHE enables computation to be performed directly on encrypted data, without requiring decryption at any point. For blockchain systems, this unlocks new categories of applications where sensitive data can be processed onchain while remaining confidential.</p><p>This cryptographic design introduces different requirements at the infrastructure layer, particularly around compute, performance, and validator responsibilities. Zama’s network is built to support these constraints from the ground up.</p><h2 id="how-the-auction-works"><strong>How the Auction Works</strong></h2><p>The auction phase is the <strong>entry point</strong> to Zama’s staking lifecycle.</p><p>Participants acquire ZAMA during the auction and position themselves ahead of delegation. While tokens are not staked yet, the auction establishes early network participation and prepares participants for staking once delegation is enabled.</p><p>Delegation to validators is expected to open approximately <strong>two weeks after the auction</strong>, at which point staking becomes active.</p><h2 id="participate-using-the-p2porg-referral-code"><strong>Participate Using the P2P.org Referral Code</strong></h2><p>During the auction phase, participants can enter a <strong>P2P.org referral code: JYT407</strong> to receive a <strong>+5% bonus in tokens</strong>.</p><p>This referral incentive applies only during the auction and is designed to reward early participants who plan to stake once delegation becomes available.</p><h2 id="why-p2porg"><strong>Why P2P.org</strong></h2><p>P2P.org’s involvement in Zama goes beyond operating a standard validator.</p><p>On Zama, P2P.org operates as an <strong>FHE co-processor</strong>, supporting the cryptographic compute workloads that are core to the network’s architecture. This infrastructure alignment enables <strong>higher APR compared to standard validators</strong>, driven by optimized execution and deeper protocol integration.</p><p>Once delegation is enabled, participants will be able to stake directly with the P2P.org validator.</p><h2 id="what-happens-after-the-auction"><strong>What Happens After the Auction</strong></h2><p>After the auction concludes:</p><ul><li>Staking will be enabled approximately <strong>two weeks later</strong></li><li>Delegation to validators will open</li><li>P2P.org’s validator will be available for staking</li></ul><p>Participants who join the auction early will already be positioned to stake as soon as delegation is live.</p><h2 id="how-to-participate"><strong>How to Participate</strong></h2><ul><li>Visit the official Zama staking portal</li><li>Enter the <strong>P2P.org referral code</strong> <strong>JYT407 </strong>during the auction</li><li>Prepare to delegate to the P2P.org validator once delegation is enabled</li></ul><p>Staking portal:<a href="https://staking.zama.org/?ref=p2p.org"> <u>https://staking.zama.org/</u></a></p><h2 id="closing-note"><strong>Closing Note</strong></h2><p>The auction phase marks the start of Zama’s staking lifecycle, setting the foundation for validator participation and long-term network security.</p><p>P2P.org’s focus is to support this transition by operating infrastructure aligned with Zama’s cryptographic design and remaining active through both the auction and delegation phases.</p><p>Further updates will follow as staking and delegation are enabled.</p>