EIGEN token, the native asset of EigenLayer, has officially been unlocked for trading on multiple cryptocurrency exchanges.
For now, EIGEN can be purchased through OKX, PancakeSwap, MEXC, and Bitget starting October 1, 2024.
The Eigen Foundation has also highlighted that developers can now use staked assets to build actively validated services (AVSs) within the ecosystem. This initiative forms part of a more extensive strategy aimed at integrating decentralized technology into the platform.
EIGEN Token Launch Sees Early Success
Based on information obtained from Coingecko, the price of EIGEN token at the time of launch was $ 4.05, but its FDV was $ 6.8 billion. From Etherscan.io, features of the token show that the maximum amount of tokens is 1.68 billion. It also has an on-chain market cap of $ 6.46 billion. The circulating supply has a market cap of $718 million.
The Eigen Foundation is designed to allow users to foster decentralized services through EIGEN staking for the creation of a healthy ecosystem. At the time the token was launched, 90 million EIGEN tokens were re-staked on the platform. This created a strong foundation for future growth.
But on the news, EigenLayer founder Sreeram Kannan mentioned that the platform will be more than just a restaking solution. It wants to be a ‘coordination layer’ for decentralized utilities.
Weekly Rewards Introduced as Part of Incentive Program
EigenLayer has also released its Programmatic Incentives v1, which issued around 66.95 million EIGEN tokens in the first year. The staking and operating rewards will be funded from 4% of the token’s initial circulating supply. Of this, 3% goes to ETH and liquid staking token (LST) stakers and operators. The other 1% will be retained by EIGEN stakeholders and operators.
Operators need to sign up with at least one AVS, and stakers have to delegate their tokens to an operator who is an AVS member to be eligible for rewards. These weekly rewards will be distributed every Tuesday at 19:00 UTC. Any rewards earned from August 15, 2024, will be capable of collection from October 8.
EIGEN Experiences Surge in Demand Following Binance Listing
After its listing on multiple exchanges, EIGEN token experienced high demand, especially after getting into Binance. The token hit its highest value of fourth and third U.S. dollar of 4.53 before dropping to an average of 4.30. Volumes touched over $413 million in the last 24 hours, validating the interest of the crypto traders.
At the same time, Binance launched several trading pairs for EIGEN, such as EIGEN/USDT and EIGEN/FDUSD. The exchange also launched EIGEN perpetual contracts with leverage that ranges up to 75x.
However, its trading on the market was found to vary at some point as the token was selling at $3.77 as of this article’s writing. This is set to improve the liquidity and market standing of EIGEN after its listing on other large-scale platforms including KuCoin and Bitget.
The information on the sale of EIGEN tokens may have affected the token price trend. This sale is said to have been done by Tron creator Justin Sun.
In addition to that, sources say that Sun got some EIGEN tokens through airdropped tokens. He then sold the tokens for $5.24 million, which makes a total amount of $21.5 million. This may result in increased sell pressure since other holders may follow suit.
