EigenLayer’s native token, EIGEN, has made significant strides since its unlock on October 1, 2024, successfully cracking the top 100 tokens by market capitalization. Eigen was launched in a May airdrop but the team locked the tokens from being transferred until October. As this block ends today, users are able to transfer their tokens.
EIGEN started trading at 5:00 AM UTC on Binance, with prices fluctuating between $3.50 and $4.50 per token. Currently, it’s trading at $4.18, which translates to a fully diluted market capitalization of approximately $7.7 billion.
As of now, EIGEN ranks 85th in market capitalization, positioning it lower than established tokens like Optimism (OP) at $1.67, Uniswap (UNI) at $6.99, and Filecoin (FIL) at $3.62, but higher than Ethena (ENA) at $0.3602.
The token debuted at a price in line with pre-market expectations, initially spiking to $4.44 before settling at about $3.80. This price reflects EIGEN’s growth from informal over-the-counter trades, which were valued at around $2 in August.
EigenLayer is a popular restaking tool that allows users to lock their ETH to protect third-party networks. The platform presently has more over $12 billion in total value locked (TVL), which is down nearly 50% from its $20 billion peak earlier this year.
SpotOnChain’s data revealed significant transactions involving whales. Justin Sun, a founder of TRON, withdrew 5.24 million EIGEN tokens and transferred them to the HTX exchange. Other significant deposits to Binance included 496,013 EIGEN from HashKey Capital and 253,947 EIGEN from another notable wallet.
While some large holders are selling, others are accumulating EIGEN. Notably, two whales purchased a combined 702,324 EIGEN tokens, valued at around $2.86 million.
EIGEN is described as a “Universal Intersubjective Work Token” that addresses issues of universality, isolation, metering, and remuneration. The token’s unlock is intended to increase user participation in the EigenLayer ecosystem, allowing for the construction of Actively Validated Services (AVSs) and boosting overall governance and protocol development.
The launch has been met with optimism in the community, as highlighted by Aylo, founder of Alpha Please, who noted that EigenLayer represents significant innovation within the Ethereum ecosystem.
Aylo noted that six months ago, it was uncertain if EIGEN would be valued lower than other prominent tokens. He highlighted that EigenLayer has become a key innovation in the Ethereum ecosystem, receiving significant attention within the Ethereum Virtual Machine (EVM) space over the past year.
EIGEN’s trading debut highlights EigenLayer’s rising prominence in the decentralized finance (DeFi) landscape, making it a token to watch in the coming days.
Also Read: Binance and BitMart to List EigenLayer token ($EIGEN)
