$EIGEN token of EigenLayer, an Ethereum-based restaking protocol that allows users to stake Ether (ETH) to secure third-party networks. The token officially became tradable on October 1, 2024, after restrictions were lifted, and it's now listed on major exchanges like Binance. EIGEN debuted at around $3.90, and its price has increased to about $4.26, giving it a fully diluted valuation of over $7 billion.

The protocol's restaking mechanism allows users to earn additional rewards by securing multiple blockchain networks simultaneously, enhancing security and efficiency across decentralized ecosystems. Despite seeing a drop in its Total Value Locked (TVL) from $20 billion to about $10