EigenLayer, a decentralized platform allowing users to stake Ether (ETH) to secure other networks, has officially lifted transfer restrictions on its native token, EIGEN, allowing for trading on various exchanges. The EIGEN token currently trades at around $4.28, giving the project a fully diluted market valuation of $7.1 billion.
Transfer Restrictions Lifted and Token Trading Begins
The removal of transfer restrictions marks a significant moment for EigenLayer, enabling holders to move their tokens freely and start trading. The token's trading debut comes after two “stakedrops” that distributed tokens to users who staked assets within the EigenLayer network. Around 200 million EIGEN tokens are currently in circulation, out of an initial supply of 1.67 billion.
EigenLayer’s model, known as “inter-subjective forking,” allows users to stake their Ether to secure third-party networks, adding a layer of security to decentralized platforms. With over $12 billion in total value locked (TVL), EigenLayer has established itself as a key player in the Ethereum staking ecosystem, although TVL has dropped from its June peak of $20 billion.
EIGEN Token's Market Debut
Following the lifting of restrictions, EIGEN tokens became tradable across multiple exchanges, with the token’s fully diluted valuation quickly surpassing $7 billion. EigenLayer’s innovative approach to staking has attracted significant interest from the crypto community, and its token is expected to play a key role in securing decentralized applications (dApps) and networks.
As the platform continues to grow, the EIGEN token is likely to be integral to its ecosystem, offering users both staking rewards and the opportunity to participate in securing blockchain networks beyond Ethereum.
Source: The Block
