Key Points
- The EIGEN crypto token by EigenLayer has been unlocked and listed on major exchanges.
- With an impressive FDV and promising performance metrics, the token’s launch could boost EigenLayer’s economic expansion.
EigenLayer, an Ethereum-based restaking protocol, started October by unlocking and listing its EIGEN crypto token. The Eigen Foundation announced that the token is now available for trading and staking.
EIGEN Token Unlock and Potential Impact
The unlocking of the EIGEN token could potentially accelerate EigenLayer’s economic expansion and increase engagement. It’s also expected to strengthen governance and reinforce the project’s position in the decentralized landscape.
Several leading exchanges, including Binance, have listed the EIGEN token.
EIGEN’s Market Performance
EIGEN began trading at $4.05, with a fully diluted valuation of $6.8 billion. Despite a slight dip to $3.85 at press time, it boasts a market cap of $727.14 billion. The token has a maximum supply of 1.68 billion, with an initial circulating supply of 186.58 million coins.
On its first day of listing, EIGEN reached a high of $4.45 and a low of $3.52. Despite the token unlock event occurring within the last 24 hours, the EigenLayer network has been quite active in 2024. It saw a significant increase in total value locked (TVL) in the first half of the year.
The EigenLayer TVL surpassed $1 billion in December 2023 and peaked at just over $20 billion in June. Although the staking protocol has seen substantial outflows since then, it maintains a respectable TVL of $12 billion.
EIGEN Launch and TVL Growth
The EIGEN launch could potentially stimulate more TVL growth by increasing social exposure. This might encourage holders to stake their tokens for rewards, leading to a possible increase.
Moreover, the market is showing signs of recovery from the bearish period between June and August. This recovery, coupled with bullish expectations, could favor EIGEN staking.
The unlocking of EIGEN might also spur more address activity, which has been relatively subdued in recent months. The highest number of active addresses recorded in a single day this year was in May, with over 33,000 addresses and more than 13,000 new ones.
However, there has been a significant decrease in EigenLayer’s active addresses since then. Daily active addresses and new addresses dropped below 100 in August and September, although there was a slight resurgence in the second half of September.
With the unlocking of EIGEN, it will be interesting to see how this development influences its price action in the future.
