Restaking protocol EigenLayer’s native token EIGEN has formally been launched and is presently buying and selling at $4.10 per token.
On Oct. 1 at 05:00 UTC, EigenLayer‘s token EIGEN was listed on a number of main exchanges together with Binance and MEXC. The token is now transferrable and buying and selling at a completely diluted worth reaching over $6.5 billion.
In response to knowledge on Coinmarketcap, EIGEN’s worth is presently up 10% at $4.10. Round 1.68 billion tokens have entered the market together with 86 million tokens that have been airdropped to customers that interacted with the protocol earlier this 12 months.
One dealer on X deposited al whole of 5.24 million EIGEN tokens, or roughly $21.5 million USD utilizing 5 addresses for the reason that token has gone reside.
In response to EigenLayer’s X publish, builders also can construct Actively Validated Companies utilizing EIGEN staking.
“Stakers play a direct role in securing these services and diversifying use cases, while partners integrate EigenLayer’s security to enhance their protocols,” said the account @eigenfoundation. The protocol additionally plans to introduce a programmatic incentives reward for stakers and operators supporting AVSs.
The EIGEN token was described as a “universal intersubjective work token” on the protocol’s web site.
In response to the weblog publish, the intention of the token is to resolve challenges of “universality, isolation, metering and compensation”. It can additionally use social consensus and forking to execute a wide range of digital duties.
The protocol is constructed on Ethereum and accepts ETH deposits, offering customers the power to safe extra networks in return for added yield.
In recent times, EigenLayer has change into one of many largest gamers within the crypto business that provide staking options. In response to knowledge on DeFi Llama, Eigenlayer has change into the third-biggest participant within the DeFi business with over $10.9 billion in whole worth locked.
The protocol employs staking expertise that lets Ethereum stakers reuse their tokens on different protocols. As well as from EigenLayer, different common liquid staking options within the crypto business embody Symbiotic, Puffer Finance, and Lido.
