Binance, the largest crypto exchange by trading volume, announced plans to list EIGEN, opening trading for a select list of spot trading pairs.
EIGEN is the native token for the EigenLayer ecosystem, a leading restaking protocol on the Ethereum blockchain.
Binance Introduces EigenLayer Spot Trading
Users will be able to trade EIGEN against BTC, USDT, FDUSD, and TRY starting Tuesday, October 1, at 05:00 UTC. Before then, however, EIGEN holders can already deposit the token in preparation for trading, with withdrawals available starting Wednesday.
Notably, the new listing will feature zero fees, allowing users to trade the token without incurring costs — an approach often used by exchanges to attract more activity.
However, Binance has cautioned that EIGEN, as a relatively new token, carries higher-than-normal risk and may experience significant price volatility. To reflect this, Binance will apply a seed tag, a special identifier to distinguish EIGEN from other tokens.
Read more: Top 5 Spot Trading Crypto Exchanges
This listing highlights Binance’s interest in providing diverse trading options for its users and enhances Binance’s foray into the liquid staking space. Liquid staking tokens enable holders to earn yield against the underlying token while participating in decentralized finance (DeFi) activities like lending and borrowing. LSTs also help secure the blockchain through staking.
Meanwhile, EigenLayer remains dominant in Ethereum restaking. A recent report from CoinGecko noted that EigenLayer’s restaking contributed to the Ethereum ecosystem’s achievement in Q1 2024.
Since September 7, the total value locked (TVL) on EigenLayer has increased by over $1.5 million. This suggests users are depositing funds on the platform, which can lead to increased liquidity, popularity, and usability — key factors for a project’s success.
Currently, TVL on EigenLayer is $11.982 billion, signifying more capital locked in the DeFi protocol, offering participants greater benefits and returns.
Read more: What Is Liquid Staking in Crypto?
Other exchanges reportedly in the lineup to list EIGEN include Bybit, MEXC, Gate.io, and Kraken. The token is already available for pre-market trading in some of these platforms. Meanwhile, Tanaka, a contributor at Hashflow, said this listing could benefit related projects.
“EIGEN will be listed on centralized exchanges on 1/10. Maybe tomorrow, major exchanges like Binance, Kucoin, and OKX will announce it. I’m bidding on some LRT project,” Tanaka wrote.
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Source: https://beincrypto.com/binance-to-list-eigenlayer/