EigenLayer Launches EIGEN Token: A New Era for Restaking
The Ethereum-based restaking platform EigenLayer has officially introduced its native token, EIGEN, which is now available for trading across several exchanges.
EIGEN Token Overview
- Token Type: Universal Intersubjective Work Token
- Total Supply: 1.67 billion tokens
- Circulating Supply: Approximately 186 million tokens
- Major Exchanges: Available on platforms including Binance
Upon its trading launch, EIGEN experienced a rapid increase in value, peaking at $4.44 before stabilizing around $3.90. This gives the token a fully diluted valuation of approximately $6.5 billion.
EigenLayer allows users to stake their ETH to enhance security for external networks. Currently, the platform boasts over $12 billion in total value locked (TVL), a decrease from its peak of $20 billion earlier this year, as reported by DeFillama.
Whale Activity in the EIGEN Market
Recent on-chain analyses indicate that major investors, often referred to as whales, are actively engaging with their EIGEN holdings.
Noteworthy Transactions
According to blockchain analytics from SpotOnChain:
- Justin Sun’s Withdrawal: The founder of TRON withdrew 5.24 million EIGEN tokens from EigenLayer’s liquid restaking function and transferred them to HTX exchange.
- Major Deposits to Binance: HashKey Capital deposited 496,013 EIGEN tokens (valued at $2.05 million), while an account possibly linked to trader @GiganticRebirth added 253,947 EIGEN tokens worth approximately $1.06 million.
Generally, moving tokens to exchanges can signal a bearish sentiment, potentially indicating a sale intent. Nevertheless, some whales are also accumulating tokens, with reports from Lookonchain showing purchases totaling 702,324 EIGEN tokens valued at $2.86 million.
EIGEN Token Unlocking
On October 1st, the EIGEN Foundation announced the unlocking of the EIGEN token. This change allows users more freedom to trade, transfer, or stake their tokens.
Enhancing the Ecosystem
With the unlock, developers can now leverage EIGEN staking to create Actively Validated Services (AVSs). Staking will contribute directly to the security of these services, while partners can utilize EigenLayer’s robust security framework to strengthen their projects.
The unlock is seen as a significant milestone that is expected to stimulate ecosystem engagement, foster economic growth, enhance governance, and support protocol development within the decentralized network.
