EigenLayer (EIGEN) Debuts to a Huge Valuation After Gaining Coinbase Support

A brand new Ethereum (ETH)-based “restaking” protocol is debuting to a huge valuation after gaining Coinbase support.

A new Ethereum (ETH)-based “restaking” protocol is rallying to a massive valuation following news of Coinbase adding the token to its exchange.

According to Coinbase, the top US-based crypto exchange by trading volume listed Eigenlayer (EIGEN) on Wednesday.

“Coinbase will add support for EigenLayer (EIGEN) on the Ethereum network (ERC-20 Token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on Coinbase in the regions where trading is supported.”

Eigenlayer enables users to reuse their staked ETH or other Liquid Staking Tokens (LSTs) to secure Eigenlayer ecosystem decentralized applications (DApps). The approach aims to maximize the utility of staked assets while contributing to the overall security of the ETH ecosystem.

Following its launch and the Coinbase announcement, EIGEN soared from an all-time low of $3.61 to an all-time high of $4.47, a 23.8% surge in just a three-hour span.

As reported by blockchain reporter Colin Wu, Tron (TRX) blockchain founder Justin Sun moved a large amount of EIGEN earlier today, which significantly increased the asset's fully diluted value (FDV).

“Justin Sun’s team has transferred 5.37 million EIGEN to Huobi HTX through six addresses, worth about $21.8 million. Based on the current price of 4.06 USDT, the EIGEN FDV is about $6.8 billion.”

Eigenlayer is trading at $4.02 at press time, up 0.1% over the last 24 hours.

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