The post EIGEN Token Hits $7.16B FDV: Major Listings on Binance and Coinbase on October 1! appeared first on Coinpedia Fintech News
EigenLayer, the Ethereum-based restaking protocol, has made waves in the crypto world with the launch of its native EIGEN token. This new token debuted with a value of $6.51 billion, exciting investors. Now that transfer limits are lifted, holders can trade EIGEN freely. It will also be listed on major exchanges like Binance and Coinbase starting October 1.
Exciting Debut and Unique Governance Approach
After the official launch of EIGEN, its price surged to $4.26, reflecting a robust increase of over 13% with a fully diluted value of $7.16 billion. However, the launch has attracted considerable interest, especially as 1.67 billion tokens have entered circulation, including 86 million tokens airdropped to users who interacted with the platform earlier this year.Â
The removal of transfer restrictions allows holders to freely trade their tokens, boosting market activity and investor confidence.
EigenLayer sets itself apart from typical governance tokens by branding EIGEN as the âUniversal Intersubjective Work Token.â According to their blog, the company explains that this innovative token will tackle challenges related to universality, isolation, metering, and compensation.Â
Through social consensus and forking, EIGEN aims to perform various digital tasks effectively.
EIGENâs Growing Challenges
Despite the excitement surrounding its launch, EigenLayer has faced challenges recently. Its total value locked (TVL) has fallen from a high of $20 billion in June to about $12 billion now. This decline is largely due to stakers exiting their positions after qualifying for the airdrop.Â
Nevertheless, the protocol remains a viable platform for users to stake Ether (ETH) and secure additional networks in return for higher yield opportunities.
Listings on Major Exchanges
EigenLayerâs EIGEN token is set to be listed on several prominent exchanges, including Binance and Coinbase, both on October 1, 2024. The Coinbase listing is particularly notable, as it is a well-known exchange in the U.S., potentially expanding EIGENâs reach to a broader audience. This listing is expected to further drive demand and trading volume for the token.
