EIGEN Token, the Native Asset of EigenLayer, Has Officially Been Unlocked for Trading on Multiple Cryptocurrency Exchanges

For now, EIGEN can be purchased through OKX, PancakeSwap, MEXC, and Bitget starting October 1, 2024.

The native asset of EigenLayer, known as the EIGEN token, has finally become available for trading on several cryptocurrency exchanges. Starting October 1, 2024, users can now purchase EIGEN on OKX, PancakeSwap, MEXC, and Bitget.

Moreover, Binance has also listed the EIGEN token on its exchange.https://t.co/yC3qQPcLWm

In other news, the Eigen Foundation has highlighted that developers can now utilize staked assets to build actively validated services (AVSs) within the ecosystem. This initiative is part of a larger strategy to integrate decentralized technology into the platform.

1/ We’re thrilled to announce the unlocking of the EIGEN token, a big step for the @eigenlayer ecosystem. This opens up new possibilities for open innovation, shared security, and participation across the network.More ↓ pic.twitter.com/HIG33eyV92

EIGEN Token Launch Details

According to data from Coingecko, the price of the EIGEN token at the time of launch was $4.05, while its FDV stood at $6.8 billion. Features of the token, as per Etherscan.io, show that the maximum supply of the token is 1.68 billion. It also has an on-chain market cap of $6.46 billion, and the circulating supply has a market cap of $718 million.

The Eigen Foundation is designed to allow users to foster decentralized services through EIGEN staking for the creation of a healthy ecosystem. At the time of the token launch, 90 million EIGEN tokens were being re-staked on the platform, creating a strong foundation for future growth.

However, in an interesting update on the news, EigenLayer founder Sreeram Kannan mentioned that the platform aspires to be more than just a restaking solution. It wants to be a ‘coordination layer’ for decentralized utilities.

EigenLayer Programmatic Incentives v1

As part of the incentive program, EigenLayer has also released its Programmatic Incentives v1, which will issue approximately 66.95 million EIGEN tokens in the first year. Staking and operating rewards will be funded from 4% of the token’s initial circulating supply, out of which 3% will go to ETH and liquid staking token (LST) stakers and operators, while the remaining 1% will be allocated to EIGEN stakers and operators.

In order to be eligible for rewards, operators need to sign up with at least one AVS, and stakers have to delegate their tokens to an operator who is an AVS member. These weekly rewards will be distributed every Tuesday at 19:00 UTC. Any rewards earned from August 15, 2024, will be capable of collection from October 8.

EIGEN Experiences High Demand Post Binance Listing

Following its listing on multiple exchanges, the EIGEN token saw high demand, particularly after being listed on Binance. The token reached its highest value of 4.53 U.S. dollar three and four before dropping to an average of 4.30. Volumes crossed over 413 million USD in the last 24 hours, validating the interest of the crypto traders.

At the same time, Binance launched several trading pairs for EIGEN, such as EIGEN/USDT and EIGEN/BUSD. The exchange also launched EIGEN perpetual contracts with leverage that ranges up to 75x.

However, its trading on the market was found to vary at some point as the token was selling at $3.77 as of this article’s writing. This is set to improve the liquidity and market standing of EIGEN after its listing on other large-scale platforms including KuCoin and Bitget.

The information on the sale of EIGEN tokens may have affected the token price trend. This sale is said to have been done by Tron creator Justin Sun.

In addition to that, sources say that Sun got some EIGEN tokens through airdropped tokens. He then sold the tokens for $5.24 million, which makes a total amount of $21.5 million. This may result in increased sell pressure since other holders may follow suit.