EigenLayer, a restaking protocol operating on Ethereum, has launched its main network asset known as EIGEN coin, making it available for trading, transferring, and staking. This significant development marks a new milestone for the protocol, enabling users to engage actively with the newly introduced token.
How Did EIGEN Coin Perform Initially?
The altcoin debuted at a trading price of $4.32, boasting a fully diluted market cap nearing $7.2 billion. Notably, Binance accounted for nearly 43% of the trading volume, particularly in the EIGEN/USDT pair. This asset was officially listed on Binance at 08:00 today, highlighting a strong start in the market.
What Are EigenLayer’s Future Plans?
The launch enables developers to stake EIGEN coins, facilitating the creation of Active Validator Services (AVS). The protocol intends to provide programmatic incentives to further encourage participation in AVS, fostering growth within its ecosystem.
Aylo, the founder of Alpha Please, shared insights, stating, “The latest ecosystem map indicates over 60 AVS built on Eigenlayer.” This further underscores the momentum EigenLayer is generating in its sector.
The AirDrop process for EIGEN coins was carried out in two phases, distributing 113 million coins to restakers in the first phase, followed by an allocation of 86 million coins to node operators and stakers during the second phase. EigenLayer reached a Total Value Locked (TVL) peak of nearly $20 billion in June, though it has since decreased to $12 billion, likely due to stakers withdrawing funds after the AirDrop.
- The release of EIGEN coin aims to expand EigenLayer’s services.
- Staking will allow the development of diverse Active Validator Services.
- Trading opportunities for users will increase with the introduction of the coin.
- AirDrop strategies and shifts in TVL will significantly influence future growth.
EigenLayer’s launch of the EIGEN coin signals a strategic move to bolster its ecosystem and attract active users. The ability to stake and trade the new token positions EigenLayer for potential growth and innovation within the blockchain domain.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/eigenlayer-introduces-eigen-coin-for-trading