The highly anticipated token from EigenLayer, EIGEN, is finally set to go live on centralized exchanges, including Binance and Aevo. The trading price of the token has been reported at $4.11 on Aevo, with a fully diluted value (FDV) of an impressive $6.8 billion.
Early Adopters to Receive Exclusive Airdrop
One of the unique features of EigenLayer is its staking protocol, which allows users to stake ether (ETH), thereby securing other networks and earning additional rewards. In recognition of early adopters who have been instrumental in supporting the platform, a total of 86 million EIGEN tokens will be allocated to them as part of an exclusive airdrop dubbed ‘stakedrop.’
Trading on Centralized Exchanges Set to Go Live
The trading of EIGEN token on centralized exchanges is scheduled to go live at 05:00 UTC on Tuesday. This marks a significant milestone for EigenLayer, which has been making waves in the crypto space with its innovative staking protocol.
EigenLayer’s TVL Dropped by Over 50% Since June
Despite the excitement surrounding the launch of EIGEN token, EigenLayer’s total value locked (TVL) has dropped significantly since June. The current TVL stands at around $10 billion, down from a peak of over $20 billion in June due to increased competition and a wider slump across the restaking sector.
Restaking Protocol and Its Benefits
EigenLayer’s restaking protocol is designed to allow users to stake their ether (ETH) and earn rewards. The protocol also enables users to secure other networks, thereby increasing the overall security of the blockchain ecosystem. By staking ETH, users can earn additional rewards and contribute to the growth and stability of the EigenLayer network.
Unlocking EIGEN Token on Restaking Protocol
The restaking protocol, Eigenlayer, will unlock its highly anticipated token, EIGEN, at 9 p.m. PST on Monday (04:00 UTC on Tuesday). Trading is set to start on Binance an hour later, marking the beginning of a new era for the EIGEN token.
EIGEN Token Details
- Total Supply: 1.6 billion
- Allocated to Early Adopters: 86 million (5% of total supply)
- Trading Price on Aevo: $4.11
- Fully Diluted Value (FDV): $6.8 billion
The trading price of the EIGEN token is likely to be volatile in the initial stages, given its relatively low trading volume over the last 24 hours. The current trading volume stands at a modest $191,000 on Aevo.
Conclusion
The launch of the EIGEN token marks an exciting new chapter for EigenLayer and its users. With its innovative restaking protocol and exclusive airdrop for early adopters, EigenLayer is poised to make significant waves in the crypto space. As the trading price of the EIGEN token stabilizes and more users join the platform, it will be interesting to see how the token performs in the long run.