EigenLayer’s pre-market futures have bounced back after falling to a record low of $2.17 last week.
EigenLayer (EIGEN) rose to an intraday high of $2.73, up by over 25% from its lowest level on Sep. 7. However, it remains 30% below its all-time high.
OKX’s pre-market futures allow people to trade tokens before they are airdropped. These futures often have thin volumes, making them highly volatile, and their price action does not typically predict what will happen when the airdrop occurs.
The rebound came after the EigenLayer Foundation announced details of the second season of its stakedrop, set to begin on Sep. 17. The first season of the airdrop ended on Sep. 7.
This season will see 70 million EIGEN tokens allocated to stakers and operators with up to 10 million tokens going to ecosystem partners. Six million tokens will be allocated to the community, including open-source contributors and early supporters, while the remaining tokens will go to Protocol Guild.
1/ We’re excited to announce the EIGEN Season 2 Stakedrop in preparation for unlock!Season 2 will recognize key contributors and participants across the ecosystem:☑️ Stakers & Operators☑️ Ecosystem Partners☑️ CommunityClaims go live on or before September 17, 2024.More… pic.twitter.com/sC2t3fPy8I
— Eigen Foundation (@eigenfoundation) September 4, 2024
You might also like: Celestia price and staking yield at risk ahead of a big unlock
EigenLayer has become one of the biggest players in the crypto industry, where it offers staking solutions. Data by DeFi Llama shows that it has become the second-biggest player in the DeFi industry with over $10.9 billion in total value locked.
Restaking is a technology that allows Ethereum (ETH) stakers to reuse their tokens across other protocols. In addition to EigenLayer, other popular liquid staking solutions in the crypto industry include Symbiotic, Puffer Finance, and Renzo.
EigenLayer’s price during its airdrop is still unknown, but analysts expect it to be one of the biggest listings of the year. A Polymarket poll with $1.9 million in assets estimates that EigenLayer will have a fully diluted market cap of less than $10 billion.
You might also like: EigenLayer now supports any ERC-20 token as restakable asset