EigenLayer, a blockchain startup, has finally distributed its EIGEN tokens to users. However, these tokens are currently non-transferable, meaning users cannot trade them yet.
The Eigen Foundation, a non-profit managing the token distribution, has not announced when the tokens will become transferable.
Despite the lack of trading, speculators on decentralized exchanges are already valuing EIGEN at around $9 per token. This valuation suggests a potential total value of $15 billion for all EIGEN tokens once they become tradable.
“You can probably view it as what people expect the spot price will trade at when it is transferable,” Julian Koh, CEO of Aevo, explained in a Telegram message. “People use it as a reference price like how people use prediction market odds as a reference for the actual event.”
EigenLayer received significant attention before its launch due to its association with big names like Andreessen Horowitz and the large amount of user deposits it attracted. However, its token distribution plan has been controversial.
Some users are unhappy about the non-transferability period and the exclusion of users from certain regions. Additionally, points earned through third-party services are not being considered for the current airdrop.
EigenLayer has partially addressed these concerns by allocating extra tokens to some users in response to community feedback.
Also Read: EigenLayer Project Bypasses US and China in Token Launch
