As a seasoned analyst with over two decades of experience in the ever-evolving crypto market, I must admit that the launch and swift success of EigenLayer’s EIGEN token have piqued my interest. The rapid listing on major exchanges like Binance and MEXC, coupled with the impressive $6.5 billion fully diluted value, is a testament to the growing confidence in this protocol.
The native token of the EigenLayer restaking protocol, called EIGEN, has now officially been released for trading and is currently valued at approximately $4.10 per token.
At precisely 05:00 UTC on October 1st, my favorite crypto token, EigenLayer’s EIGEN, went live for trading on significant platforms like Binance and MEXC. Now, I can easily transfer this token in my portfolio, and its fully diluted market value has soared past a staggering $6.5 billion!
Based on information from Coinmarketcap, EIGEN’s price is now 10% higher at $4.10. Approximately 1.68 billion tokens have recently been circulated, including 86 million tokens that were airdropped to users who engaged with the protocol earlier this year.
One trader on X deposited al total of 5.24 million EIGEN tokens, or approximately $21.5 million USD using five addresses since the token has gone live.
In the last 20 minutes, Justin Sun (@justinsuntron) has transferred a total of 5.24 million $EIGEN (approximately $21.5 million) to HTX! This move comes after the token was listed on major exchanges today.
— Spot On Chain (@spotonchain) October 1, 2024
As a researcher delving into the realm of decentralized technologies, I’ve come across an intriguing concept put forth by EigenLayer – the ability for developers to create Actively Validated Services leveraging EIGEN staking. This essentially means that developers can incorporate a mechanism where their services are validated and maintained in real-time by the network participants who have staked EIGEN tokens, thereby ensuring the integrity and reliability of these services.
According to the tweet from @eigenfoundation, stakeholders are crucial in ensuring these services are available and expanding their applications, while partners incorporate EigenLayer’s security to strengthen their own systems. The protocol further intends to offer rewards through a programmatic incentive system for those who stake and operate AVSs (Application-Specific Verifier Stations).
On their website, the EIGEN token was referred to as a “general, mutually agreed-upon labor token” in the context of the protocol.
As per the article, the objective of the token is to address difficulties in “universal applicability, separation, measurement, and remuneration”. It is designed to carry out numerous digital jobs by leveraging social agreement and branching (forking).
As an analyst, I’m here to explain how our system operates. It’s constructed on the robust Ethereum network, enabling us to receive Ether (ETH) deposits. In exchange, users can expand their portfolio by accessing extra networks, thereby increasing their potential returns.
In recent times, EigenLayer has emerged as a significant force in the cryptocurrency sector, specializing in staking services. As per DeFi Llama’s statistics, Eigenlayer now ranks third among all players in the Decentralized Finance (DeFi) industry, boasting a total value locked of more than 10.9 billion dollars.
This protocol utilizes a staking system that allows Ethereum token holders to use their assets across other protocols as well. Notably, EigenLayer is one of many widely-used liquid staking solutions in the cryptocurrency market; others include Symbiotic, Puffer Finance, and Lido.
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2024-10-01 13:44