Restaking Protocol EigenLayer Launches Native Token EIGEN, Now Trading at $4.10

On October 1 at 05:00 UTC, EigenLayer’s native token EIGEN was officially launched and is now trading at $4.10 per token. The token has been listed on several major exchanges, including Binance and MEXC, and boasts a fully diluted market value exceeding $6.5 billion.

EIGEN Token Performance

According to data from Coinmarketcap, EIGEN’s price has increased by 10%, currently standing at $4.10. Approximately 1.68 billion tokens have been released into the market, including 86 million tokens airdropped to early protocol users.

Significant Market Movements

One notable trader deposited a total of 5.24 million EIGEN tokens, equivalent to around $21.5 million USD, using five different addresses since the token’s launch. Justin Sun deposited all 5.24 million EIGEN tokens to HTX shortly after the token was listed on major exchanges.

These tokens were claimed from EigenLayer via five addresses in the past 24 hours!

Developer Opportunities with EIGEN

According to an EigenLayer announcement, developers can create Actively Validated Services (AVSs) using EIGEN staking. Stakers play a crucial role in securing these services and diversifying use cases, while partners integrate EigenLayer’s security to enhance their protocols.

The protocol also plans to introduce programmatic incentive rewards for stakers and operators supporting AVSs.

Token Utility and Objectives

The EIGEN token is described as a “universal intersubjective work token” aimed at addressing challenges such as universality, isolation, metering, and compensation. It leverages social consensus and forking to execute various digital tasks.

Built on Ethereum, EigenLayer accepts ETH deposits, allowing users to secure additional networks in return for extra yield.

EigenLayer’s Market Position

In recent years, EigenLayer has emerged as a significant player in the crypto staking solutions market. According to DeFi Llama, EigenLayer is the third largest entity in the DeFi sector, with over $10.9 billion in total value locked.

The protocol uses staking technology that permits Ethereum stakers to reuse their tokens across different protocols. Other prominent liquid staking solutions in the crypto industry include Symbiotic, Puffer Finance, and Lido.

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