EigenLayer's EIGEN Token Launches, Soaring 10% to $4.10

Restaking protocol EigenLayer's native token EIGEN has officially been launched and is currently trading at $4.10 per token.

EigenLayer's native token EIGEN has officially launched on several major cryptocurrency exchanges, including Binance and MEXC. The token, which was announced earlier this year, is now fully transferable and trading at a price of $4.10 per token, according to data on Coinmarketcap.

With a fully diluted valuation reaching over $6.5 billion, approximately 1.68 billion EIGEN tokens have entered the market. Among these tokens, 86 million were airdropped to users who interacted with the protocol earlier in 2023.

Interestingly, five addresses belonging to Justin Sun have deposited a total of 5.24 million EIGEN tokens, valued at roughly $21.5 million, on the HTX exchange within 20 minutes of the token being listed on major exchanges.

According to EigenLayer's X post, EIGEN staking can be utilized by developers to build Actively Validated Services (AVSs).

"Stakers directly help secure these services and expand use cases, while partners integrate EigenLayer's security to enhance their protocols," stated the account @eigenfoundation. The protocol also plans to introduce a programmatic incentives reward for stakers and operators supporting AVSs.

The EIGEN token is described as a "universal intersubjective work token" on the protocol's website.

As stated in a blog post, the token aims to address challenges related to "universality, isolation, metering and compensation." It will also use social consensus and forking to carry out various digital tasks.

notably, the protocol is built on Ethereum and accepts ETH deposits, allowing users to participate in securing additional networks and earning extra yield.

In recent times, EigenLayer has emerged as a major player in the crypto space, offering staking solutions to other protocols. According to data on DeFi Llama, Eigenlayer is now the third-largest player in the DeFi industry with over $10.9 billion in total value locked.

The protocol's technology enables Ethereum stakers to reuse their tokens on other protocols. Besides EigenLayer, other prominent liquid staking solutions in the crypto industry include Symbiotic, Puffer Finance, and Lido.

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