Binance has announced plans to list EIGEN, opening trading to a restricted list of spot trading pairs.

EIGEN is the native token of the EigenLayer ecosystem, a leading restaking protocol on the Ethereum blockchain.

Binance Introduces EigenLayer Spot Trading

Binance customers will be able to trade EIGEN against BTC, USDT, FDUSD, and TRY starting Tuesday, October 1 at 02:00 GMT. However, EIGEN holders can already deposit the token in preparation for trading, with withdrawals available starting Wednesday.

Additionally, the new listing will feature zero fees, allowing users to trade the token without incurring any costs — an approach often used by exchanges to attract more activity.

Read more: Best cryptocurrencies for staking

However, Binance has warned that EIGEN, as a relatively new token, carries higher-than-normal risk and may experience significant price volatility. To reflect this, the exchange will apply a seed tag, a special identifier to distinguish EIGEN from other tokens.

This listing highlights Binance’s interest in providing diversified trading options for its users and highlights Binance’s foray into the liquid staking space. Liquid staking tokens allow holders to earn yield on the underlying token while participating in decentralized finance (DeFi) activities like lending.

LSTs also help secure the blockchain through staking.

Protocol bets on restaking

Meanwhile, EigenLayer remains dominant in Ethereum restaking. A recent report from CoinGecko noted that the platform’s restaking contributed to the ecosystem’s success in Q1 2024.

Since September 7, the total value locked (TVL) on EigenLayer has increased by over $1.5 million, suggesting that users are depositing funds into the platform, which could lead to an increase in liquidity, popularity, and usability — all key factors for a project’s success.

TVL de EigenLayer, Fonte: DefiLlama

Currently, the TVL on EigenLayer is $11.982 billion, meaning more capital is locked in the DeFi protocol, offering participants greater benefits and returns.

Other exchanges that are reportedly in line to list EIGEN include Bybit, MEXC, Gate.io, and Kraken. The token is already available for pre-market trading on some of these platforms. Meanwhile, Tanaka, a Hashflow contributor, said that such a listing could benefit related projects.

“EIGEN will be listed on centralized exchanges on 10/1. Maybe tomorrow, major exchanges like Binance, Kucoin, and OKX will list it. I’m betting on some LRT projects,” Tanaka wrote.

The article What to know about EigenLayer (EIGEN) before listing on Binance? appeared first on BeInCrypto Brasil.