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EigenLayer and its new token EIGEN have attracted significant attention since its launch, becoming one of the most anticipated projects in the DeFi space. EigenLayer is a restaking protocol built on top of Ethereum. It offers a unique model where users can ârestakeâ their already staked ETH, securing additional decentralized applications and services. This innovation allows participants to secure multiple networks simultaneously, potentially earning additional rewards.
Launched on October 1, 2024 with a market cap of $769 million, the EIGEN token has marked a major milestone for the project. Its value has risen by over 11% since its launch, indicating strong market demand, especially after listing on major exchanges such as Binance and MEXC. EIGEN is positioned as a âUniversal Subjective Work Tokenâ that aims to solve the problems of decentralized work coordination and security in blockchain ecosystems. This approach has the potential to change the way staking and decentralized finance work, creating new revenue models for users willing to provide multiple services at once [oai_citation:5,EigenLayer's EIGEN Token Begins Trading Valued at $7.16B | Coinspeaker](https://www.coinspeaker.com/eigenlayers-eigen-token-trading-valued-7-16b/) [oai_citation:4,EIGEN Token Soars to $6.51 Billion as EigenLayer Goes Live: Is It a Good Buy?](https://coinpedia.org/news/eigen-token-hits-7-16b-fdv-major-listing s-on-binance-and-coinbase-on-october-1/).
However, the project has faced some challenges. The total value locked (TVL) on EigenLayer has dropped significantly from $20 billion to $12 billion in a few months, likely due to early stakers exiting after receiving the token airdrop. This volatility shows that EIGENâs future depends on continued innovation and maintaining user trust [oai_citation:3,EIGEN Token Soars to $6.51 Billion as EigenLayer Goes Live: Is It a Good Buy?](https://coinpedia.org/news/eigen-token-hits-7-16b-fdv-major-listings-on-binance-and-coinbase-on-october-1/).
Looking ahead, EigenLayer plans to expand its functionality by introducing new features such as âSoftware Incentivesâ and the launch of new AVS (Actively Validated Services). These steps are aimed at attracting more developers and stakers, which can increase the adoption of the EIGEN token and strengthen its position in the DeFi ecosystem. [oai_citation:2,EigenLayer's EIGEN Token Begins Trading Valued at $7.16B | Coinspeaker](https://www.coinspeaker.com/eigenlayers-eigen-token-trading-valued-7-16b/) [oai_citation:1,Eigen Foundation Unlocks EIGEN Token, Enhancing Flexibility and Innovation](https://www.coinlive.com/news-flash/634213).
Thus, EIGENâs unique restaking model and its early success make it a token worth keeping an eye on. However, investors should pay attention to how the project will cope with current challenges and grow in a highly competitive market.
