**EigenLayer’s EIGEN Token Cracks Top 100 by Market Cap**

EigenLayer's native token, EIGEN, has made a splash by breaking into the top 100 tokens by market capitalization since it began trading on October 1. According to CoinMarketCap, EIGEN is currently ranked 94th.

- **Trading Details**: The token unlocked at 5:00 am UTC and has been trading between $3.50 and $4.50 on Binance. As of now, it sits around $3.85, giving it a fully diluted value of approximately $6.5 billion.

- **Pre-Market Alignment**: EIGEN's price aligns with pre-market expectations, with Aylo, the founder of Alpha Please, noting it launched at a $7 billion FDV.

- **Market Comparison**: EIGEN ranks lower than tokens like Optimism (OP), Uniswap (UNI), and Filecoin (FIL), but higher than Ethena (ENA).

- **Historical Context**: Six months ago, few would have predicted EIGEN's current valuation. The token was initially distributed in a May airdrop but was non-transferable until October.

- **Restaking Rewards**: Tokenholders benefit as more protocols pay EigenLayer’s restakers, who deposit tokens as collateral to secure other networks. EigenDA and Arpa Network are among the AVS paying rewards in Ether (ETH) and EIGEN.

EigenLayer's innovative approach on Ethereum has garnered significant attention, commanding nearly $12 billion in total value locked as of September 30, according to DefiLlama.