- On September 30, 2024, EigenLayer will lift restrictions on transferring EIGEN tokens.
- A mandatory 7-day withdrawal period will be required for stakeholders wishing to unstake EIGEN tokens.
- The market anticipates EIGEN tokens will be valued around $3.4, with total value locked dropping from $20B to $12B.
EigenLayer, a leading restaking protocol, is preparing to lift restrictions on its native EIGEN token, allowing stakeholders to trade their tokens starting September 30, 2024.
This pivotal announcement follows a prolonged period of anticipation and comes in light of the protocol’s recent token distribution activities.
EIGEN Tokens: A New Era of Transferability
At the heart of crypto innovation, EigenLayer enables users to stake their ether (ETH) to enhance third-party networks and various validated services. Launched in April, the EIGEN token is essential to the functionality of this ecosystem.
Previously, EIGEN tokens were non-transferable, with restrictions enforced after two key “stakedrop” events. As a result, tokens remained locked, preventing stakeholders from trading or transferring them.
With the upcoming lifting of these restrictions, EIGEN holders will be able to manage their assets freely, including those who participated in recent airdrop distributions.
It’s important to note that for those who have stakes in EIGEN, EigenLayer has implemented a mandatory 7-day period for any withdrawal requests. This stipulation introduces a slight delay before stakeholders can fully withdraw and trade their tokens.
EigenLayer Faces Notable Fund Outflows
Recent market activities suggest that derivatives of the EIGEN token are expected to be valued around $3.4, achieving a fully diluted market cap of approximately $5.4 billion.
However, EigenLayer has recently experienced significant capital outflows, seeing its total value locked decrease from $20 billion in June to $12 billion.
As the date for the lifting of transfer restrictions nears, the crypto community is keenly observing EigenLayer’s future developments.