EigenLayer EIGEN token now tradable as restrictions end, debuts with $7B FDV.
EigenLayer, the Ethereum-based restaking protocol, has officially removed transfer restrictions on its native EIGEN token, allowing holders to move and trade their assets freely. The token became transferable at midnight EST and is now trading on various cryptocurrency exchanges.
EIGEN debuted at $3.90 with a fully diluted valuation of $6.51 billion. As of press time, the token price has increased by over 13% to $4.26, giving EigenLayer a fully diluted valuation of $7.1 billion, according to data from CoinGecko.
The token distribution follows EigenLayer’s two stakedrops from an initial supply of 1.67 billion tokens. Approximately 86 million tokens were airdropped to users who had previously interacted with the protocol. Kairos Research estimates the current circulating supply to be around 200 million tokens, despite the protocol facing criticisms over conflict of interest.
Several major cryptocurrency exchanges, including Binance and MEXC have already listed EIGEN
Unlike traditional governance tokens, EIGEN is designed as a “Universal Intersubjective Work Token.” According to EigenLayer’s blog post, the token aims to address challenges of “universality, isolation, metering, and compensation” while leveraging social consensus and forking mechanisms to execute various digital tasks securely.
The EIGEN token supports a crypto-economic security system known as inter-subjective forking. This innovative approach is intended to enhance the protocol’s resilience and adaptability in the face of potential disputes or governance challenges.
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