EigenLayer Activates EIGEN Token Unlock, Achieving $7.2 Billion in Fully Diluted Valuation

The EIGEN token is now live for trading, transferring, and staking, boasting an impressive fully diluted valuation of $7.2 billion. This launch marks a significant milestone for EigenLayer, opening up new opportunities for investors and users in the crypto space.

The Ethereum restaking protocol EigenLayer has unlocked its native token, EIGEN, allowing for trading, transferring, and staking. The token debuted strongly at $4.32, corresponding to a fully diluted valuation of $7.2 billion, according to CoinMarketCap. Notably, approximately 43% of trading volume occurred on the EIGEN/USDT pair on Binance, where the token was listed at 5:00 AM UTC on October 1.

The unlocking event enables developers to create Actively Validated Services (AVSs) using EIGEN staking, with plans to introduce programmatic incentives for participants. Aylo, the pseudonymous founder of Alpha Please, remarked on X that over 60 AVSs are currently being built on EigenLayer and suggested that the project could achieve a higher valuation than what the market is currently reflecting.

EigenLayer’s airdrop occurred in two phases: Season 1 distributed 113 million EIGEN tokens to restakers, while Season 2 allocated 86 million tokens primarily to node operators and stakers involved with the protocol. The protocol saw peak activity in June, reaching nearly $20 billion in Total Value Locked (TVL), but this has since declined to around $12 billion. This drop can partly be attributed to stakers withdrawing funds after qualifying for the airdrop, along with significant outflows following a controversial report regarding its airdrop policy.

CoinDesk reported that Eigen Labs, the organization behind EigenLayer, shared a list of employees’ wallet addresses with ecosystem projects preparing to distribute tokens. In response to these claims, EigenLayer stated in a blog post that it had “no knowledge or evidence of any employee at Eigen Labs pressuring any team to unduly benefit.”

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Comments are closed

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Deb Shaw

• 

  ADVFN News

• 

  Lawrence Gash

• 

  Dan Atkinson