Tech

Coinbase Adds EigenLayer (EIGEN) To Listing Roadmap, Price To Rally?

2 months ago
Bitcoin Ethereum News

Coinbase has included EigenLayer (EIGEN) in its future listing plan, which has been welcomed by the crypto enthusiasts. This comes at the same time as EigenLayer is starting the second round of its airdrop, called the “stakedrop,” which was launched on September 16th, 2024. The airdrop is the last step before EIGEN tokens are listed on exchanges and therefore increase the market expectation.

Coinbase Adds EigenLayer (EIGEN) To Listing Roadmap

The addition of EigenLayer (EIGEN) into Coinbase’s roadmap is in line with the exchange’s plan to increase the number of assets available to traders and investors. When adopting EIGEN, the crypto exchange expands its series of the Ethereum-based assets that the company offers.  The Ethereum network (ERC-20) contract address for EigenLayer (EIGEN) is 0xec53bF9167f50cDEB3Ae105f56099aaaB9061F83.

This is part of its new listing review process which has shifted from the previous ‘assets under consideration’ to a ‘roadmap’ section. This is to enable the investors to have better and frequent information on the new listing schedules in the market so that they can make better and informed decisions.

Crypto exchange Coinbase has had previous price increases after the announcement of assets roadmap. For instance, Zetachain (ZETA) gained over 20% after it was added to the roadmap. Likewise, Gravity (G) also experienced a price surge. As a result,once EIGEN becomes tradable it may exhibit similar trend which may lead to optimism of a rally. This expectation aligns with price recovery expectations of Hamster Kombat after the exchange disclosed support for the token.

Warnings on Premature Transfers and Trading

Although the listing has generated interest, Coinbase has informed its customers that it will not enable transfers and trading for EIGEN until the listing is complete. Investors are advised not to deposit these tokens early as this may result to total loss of the invested funds. 

The warning reminds users of the need to follow official announcements and not to start trading until they receive the green light from the Crypto exchange.

Besides the roadmap listing, the Crypto exchange has added the label “Experimental” for new assets. This labeling usually relates to the assets that may be characterized with higher risks and volatility since they are relatively new to the market. EIGEN could well fit into this category especially once trading is underway, however, there is scope for even higher rewards based on market conditions.

EigenLayer Second Season Stakedrop

Concurrently, EigenLayer’s second season airdrop, or “stakedrop,” is currently underway, allowing participants to claim tokens between September 16, 2024, and March 16, 2025. However, the airdrop has received mixed reactions from the crypto community. One point of contention is that only 15% of the total EIGEN token supply is being distributed through the airdrop, leading to disappointment among some community members who expected a larger allocation. 

Despite these criticisms, EigenLayer remains a notable player in the decentralized finance (DeFi) space, with a Total Value Locked (TVL) of $11.9 billion, ranking third behind Lido and Aave.

Crypto researcher Ignas has estimated that EIGEN’s market capitalization will be around $600 million when trading begins, with approximately 87 million tokens distributed during the second airdrop season. This figure accounts for about 5.2% of the total supply. While the pre-market price of EIGEN has been declining, analysts are closely watching to see if Crypto exchange Coinbase’s listing could spark a price rally similar to previous assets that joined the platform’s roadmap.

✓ Share:

Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/coinbase-adds-eigenlayer-eigen-to-listing-roadmap-price-to-rally/