Author: Azuma, Odaily Planet Daily

EigenLayer’s protocol token EIGEN officially entered circulation today. According to the official announcement from the Eigen Foundation, EIGEN’s transfer restrictions will be removed at 1:00 pm Taipei time on October 1.

Since EigenLayer has previously conducted two rounds of large-scale airdrops, and the protocol has launched the re-pledge function of EIGEN tokens before lifting transfer restrictions, the current market has a certain misunderstanding of the actual circulation data of EIGEN.

In order to get rid of these information fogs, Kairos Research, a cryptocurrency analysis agency, recently conducted a round of analysis of EIGEN’s actual circulation status based on EIGEN’s airdrop claim rate and pledge data. However, as the unlocking day is approaching, the real-time data changes extremely quickly. , so below we will use the data model of Kairos Research to conduct a round of recalculation of EIGEN's circulation status a few hours before the opening. In addition, Odaily Planet Daily will also sort out potential events and nodes that may cause the expansion of EIGEN's circulation in the future, hoping to be helpful to everyone's decision-making.

Airdrop claim status

First of all, the EIGEN currently in circulation originated from two rounds of airdrop activities (Stakedrop 1 and Stakedrop 2). Stakedrop 1 was originally planned to release 113 million EIGEN (6.75%), and Stakedrop 2 was originally planned to release 8,600 EIGEN. 10,000 EIGEN, totaling approximately 200 million EIGEN, accounting for approximately 11.9% of the total 1.67 billion genesis supply.

However, this data does not represent the true circulation situation. The specific reason is that there were a large number of unclaimed shares in both airdrops.

Among them, the application window for Stakedrop 1 closed at 14:59 on September 8th, Taipei time. Dune data shows that the final application rate is approximately 85.4%, which means approximately 95.74 million EIGEN will be released.

Currently, the application for Stakedrop 2 is still in progress, but the immediate application rate is currently only 27%, which means 23.26 million EIGEN will be released.

In summary, the total number of EIGEN claimed in the two quarters of airdrops is approximately 119 million, accounting for approximately 7% of the total supply of Genesis.

EIGEN re-pledge status

From the calculation in the previous part, it can be seen that the EIGEN data that has been released through airdrops is about 119 million, but this is still not the actual circulation data of EIGEN because EigenLayer has activated the re-pledge function of EIGEN tokens very early. , and attracted most currency holders to re-pledge.

Since a 7-day cooling-off period is required before unstaking, the current re-staking of EIGEN is in a restricted circulation state.

Dune data shows that the number of EIGEN tokens currently in a re-pledged state is about 69.36 million - this means that there are actually only about 49.64 million EIGEN in full circulation, accounting for about 3% of the total supply at creation. .

Potential variable analysis and monitoring

It needs to be emphasized that the previous review of EIGEN circulation data is limited to the analysis of EIGEN shares that are currently in full circulation. From a technical point of view, there are actually several types of shares that can enter circulation at any time, and these shares may enter circulation at any time. It affects the real-time circulation data, so it is necessary to further monitor this.

The first type of potential "variable" is the airdrop claim rate of Stakedrop 2. The EIGEN claimed through this round of airdrop will flow directly to the market. This data is recommended to be monitored through Dune's data dashboard. There is a key time point here, that is, the application for external addresses for node operators (Operators) in Stakedrop 2 will be opened on October 6, which may be a large circulation variable.

  • Odaily Note: The so-called external address claim, that is, EigenLayer allows Operators to use a new address to claim airdrops without directly connecting the operator's main address to the claim interface.

The second type of "variable" is the un-pledge status of EIGEN in the re-pledge state. In fact, judging from the data in recent days, the small peak of un-pledge has arrived. It is still recommended to monitor this data through Dune's dashboard.

The third type of "variable" is EigenLayer's incentive plan to be launched in October, which aims to issue EIGEN incentives to qualified pledgers and operating nodes on a weekly basis. EigenLayer officials stated that this incentive will be retroactively rewarded based on the staking situation since August 15, 2024, and the first phase of rewards will be available for collection every week starting in October. In the first year of the program, approximately 6,695 EIGEN are expected to be distributed, equivalent to 4% of the initial supply of EIGEN tokens.

Although the amount of EIGEN released by this incentive plan is relatively large, considering that the plan adopts a quasi-linear release mechanism on a weekly basis, the early impact on the data in circulation will not be too great.

Risk warning

Based on the above, it can be seen that after EIGEN lifts the transfer restrictions this afternoon, it is expected that only about 49.64 million tokens will be in full circulation, accounting for about 3% of the total supply at creation. Based on the current valuation of approximately US$4 in major pre-market trading markets, the initial circulation size is expected to be approximately US$200 million.

Considering EigenLayer's own fundamentals and market popularity, it is expected that EIGEN will usher in a more intense round of price competition after the major exchanges open. Investors are advised to be wary of volatility risks.

As for the next few days, many potential variables may affect the current circulation situation. Investors actively monitor real-time trends and make trading decisions cautiously.

(The above content is excerpted and reprinted with the authorization of our partner PANews, original text link | Source: Odaily Planet Daily )

Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.

"Analysis of EigenLayer (EIGEN) circulation disk data: How much circulation will there be after the restrictions are lifted?" This article was first published on (Block Guest).