Tuesday is an important day for $EIGEN as the token transfer function has been officially launched, according to Kairos Research. Kairos analyzes EIGEN supply and market dynamics.
Supply Dynamics: Understanding Circulating Supply
Kairos explained that the total supply of $EIGEN at launch will be 1,673,646,668 tokens. However, the actual circulating supply was significantly reduced due to two important StakeDrop events:
StakeDrop 1: Contributed 6.75% of the total supply
StakeDrop 2: Contributed 5.2% of the total supply
This puts the circulating supply at launch at approximately 11.95%, or approximately 200,000,776 EIGEN tokens.
Actual circulating float supply vs. initial expectations
A deeper look into coin dynamics can reveal things that are different than expected. During the first quarter (StakeDrop 1), only 85.4% of tokens were claimed, translating into 95 million EIGEN. Currently, only 21.7% of tokens have been claimed in the second quarter, with 18.6 million EIGEN added.
Therefore, the current real-time "circulating supply" is 114 million EIGEN. Among them, 73 million EIGEN have been re-pledged through EigenLayer, reducing the actual circulating floating supply to 40.43 million EIGEN.
Price Impact: Floating Supply and Market Cap
Kairos said that based on the current pre-market price of $3.84 per EIGEN on HyperLiquid, the floating supply has a market cap of $155 million. This translates into a total diluted valuation (FDV) of $6.42 billion. The extremely low floating supply of 2.42% can cause significant volatility in the process of market price discovery.
Claim Updates: Factors Affecting Token Availability
Two key factors are currently affecting claims dynamics:
1. Delay in operator claim: Operator claim will not be enabled until after October 6, which may cause delays in token claim. 2. Tax considerations: The slow pace of claims may also be related to tax planning, as the claim window will remain open until March 25 next year.
Top Claimant Analysis: Wallet Data Insights
Using data from Dune Analytics, Kairos found some of the biggest claimants from both StakeDrop quarters. While the data was not entirely consistent across queries, cross-checking with Etherscan confirmed the validity of these wallet claims. It’s important to note that the physical tags for these wallets may not be 100% accurate, as they are tracked through a combination of Arkham and Nansen tags and the source of funds.
Several of these high-claiming wallets have chosen to re-stake some or all of their EIGEN tokens, which could play a significant role in market conditions given their large holdings and limited circulating floating supply.
Unlocking schedule and future supply allocation
Notably, the unlocking of $EIGEN tokens will begin one year from Tuesday, Kairos said. Meanwhile, 3% of the supply has yet to be released in the second quarter StakeDrop, in addition to programmatic rewards for an additional 4% of the total first-year supply.
As more supply gradually enters circulation, platform features such as penalty mechanisms will be gradually improved, providing users and market participants with clearer insights to evaluate the demand drivers and long-term potential of $EIGEN.
This article $EIGEN is about to be opened to circulation: What you need to know and market dynamics first appeared on Chain News ABMedia.