- EigenLayer lastly rolls out its EIGEN crypto with a powerful FDV and main listings.
- A recap of the EigenLayer’s TVL and different efficiency metrics.
Ethereum based mostly restaking protocol EigenLayer kicked off October with the unlocking and itemizing of its EIGEN crypto. In keeping with the Eigen Foundation’s official X deal with, the unlock means the token is now obtainable for buying and selling and staking.
The EIGEN token unlock is predicted to place EigenLayer on the quick lane for extra financial enlargement and engagement. It is usually anticipated to spice up governance and help the undertaking’s place within the decentralized panorama.
A number of high exchanges have already listed the EIGEN token together with Binance.
EIGEN had a $4.05 opening value and a totally diluted valuation of $6.8 billion. It tanked barely to its $3.85 press time value, with a $727.14 billion market cap. The token has a 1.68 billion max provide however its preliminary circulating provide was 186.58 million cash.
Supply: Coinmarketcap
EIGEN hit a excessive of $4.45 and a low of $3.52 on its first day of itemizing. Though the token unlock occasion occurred within the final 24 hours, the EigenLayer community has been fairly energetic up to now in 2024. Its whole worth locked had a parabolic enlargement within the first half of the 12 months.
The EigenLayer TVL crossed the $1 billion mark in December 2023 and peaked at simply over $20 billion in June. The staking protocol skilled vital outflows since then nevertheless it nonetheless has a good TVL at $12 billion.
Supply: DeFiLlama
Will the EIGEN launch help extra TVL development?
EIGEN’s launch could present sufficient social publicity to encourage extra TVL development. Some holders could also be inspired to stake their tokens for rewards, therefore the opportunity of an uptick.
On high of that the market has been exhibiting restoration from the bearish interval between June and August. This restoration, mixed with bullish expectations could favor EIGEN staking.
The EIGEN unlocking might also help extra handle exercise. The latter has been comparatively subdued over the previous couple of months. The best variety of energetic addresses recorded in a single day up to now this 12 months was in Could.
Energetic addresses peaked barely above 33,000 addresses and new addresses had been recorded at simply over 13,000.
Supply: DeFiLlama
EigenLayer energetic addresses have since skilled a large decline. The variety of every day energetic addresses and new addresses dropped under 100 in August and September. Handle exercise noticed a little bit of resurgence within the second half of September.
Now that EIGEN has been unlocked, we’re curious to see how the event will affect its value motion shifting ahead.
