TLDR
- When EIGEN first launched, its value was pegged at $3.9, corresponding to a fully diluted market cap of $6.51 billion.
- As things stand, EIGEN is being traded at a higher price of $4.26, indicating a 13% increase with its fully diluted valuation now standing at $7.16 billion.
- Mark your calendars as the token is set for listing on Binance and several other exchanges starting at 05:00 UTC on October 1.
- A total of 1.67 billion EIGEN tokens have been released into circulation, with 86 million distributed via an airdrop.
- EigenLayer has witnessed its total value locked plunge from a towering $20 billion in June to a more modest $10 billion.
EigenLayer operates as a unique restaking protocol built on the Ethereum network, setting a pivotal milestone within the cryptocurrency circle. has launched its native token EIGEN, The EIGEN token's premier took place on October 1, 2024, priced initially at $3.9, achieving a fully diluted valuation of $6.51 billion. Currently, it's trading at $4.26, marking a 13% rise from its launch price which elevates the market value to $7.16 billion.
This token is being aligned for listing on a slew of significant crypto platforms like Binance and MEXC, slated for 05:00 UTC on October 1.
Such broad-spectrum listings are projected to enhance the token's accessibility, potentially impacting its trading dynamics and price trajectory positively.
With a release of 1.67 billion tokens, 86 million were allocated through an airdrop, rewarding early users of the EigenLayer platform.
Airdrops, a common strategy in crypto, are frequently used to incentivize early adopters and bolster community participation.
Unlike the usual governance tokens, EigenLayer’s approach to EIGEN extends beyond, tagging it as the 'Universal Intersubjective Work Token.'
The project with EIGEN seeks to address some complex issues such as universality, isolation, metering, and recompense.
According to a blog post The token leverages social consensus and forking mechanisms to manage an array of digital operations.
Built on Ethereum, EigenLayer introduces a novel edge to the crypto market with its protocol’s anchored essence.
Within EigenLayer, ether deposits (ETH) are accepted, with users being granted leeway to bolster other networks in return for more yield.
This approach, known as restaking, allows participants to potentially maximize their returns by deploying their staked ETH across various networks at once.
EigenLayer faced turbulent waters recently.
Despite the successful token launch, The protocol’s total value locked (TVL), a benchmark indicating the health of DeFi initiatives, saw a remarkable plunge. Having peaked at roughly $20 billion by June, the TVL now dwindles near $10 billion according to latest reports.
This 50% drop in TVL is partially attributed to stakeholders pulling out after meeting the token airdrop requirements.
Such a downturn in TVL underscores a recurring hullabaloo in the crypto world wherein users engage with a protocol for airdrops only to withdraw funds when the benefits are acquired.
This trend can trigger short-lived shifts in protocol metrics, which might not necessarily manifest the enduring sentiment or robustness of the project.
As EIGEN begins trading on top exchanges, its market journey will be observed with intense scrutiny.
Insights into how market forces perceive EigenLayer and its innovative restaking model could be inferred from the token’s price and trading activities in the days and weeks ahead.
EigenLayer was established by Sreeram Kannan, marked by his presence at ETH Denver 2024, evidencing the project's participation in major crypto congregations and its ties within the Ethereum realm.
Editor-in-Chief of Blockonomi and the mind behind UK-based Kooc Media, advocating open-source tech, blockchain innovations, and open access internet.
