EigenLayer, a leading restaking protocol, has officially launched its native token, EIGEN. As of now, the token is trading at $4.10 per token.
On October 1 at 05:00 UTC, EIGEN was listed on major crypto exchanges, including Binance and MEXC. The token is now fully transferrable, with a market value surpassing $6.5 billion.
EIGEN Token Price Surges
According to CoinMarketCap data, the EIGEN token is up by 10%, currently priced at $4.10. Around 1.68 billion EIGEN tokens have entered the market, with 86 million tokens airdropped to early users who interacted with the protocol earlier this year.
One trader, using five different addresses, deposited 5.24 million EIGEN tokens, which is worth approximately $21.5 million USD.
EIGEN Staking and Developer Opportunities
EigenLayer has stated that developers can build Actively Validated Services (AVSs) using EIGEN staking. The protocol explained on X (formerly Twitter):
“Stakers help secure these services and diversify their use cases, while partners can integrate EigenLayer’s security into their protocols.”
Additionally, the protocol plans to introduce programmatic incentives to reward both stakers and operators that support AVSs.
Key Features of the EIGEN Token
EIGEN has been described as a “universal intersubjective work token” on EigenLayer’s official website. The goal of the token is to address key challenges like:
- Universality
- Isolation
- Metering
- Compensation
The protocol will rely on social consensus and forking to perform various digital tasks.
Built on Ethereum
EigenLayer is built on the Ethereum blockchain and accepts ETH deposits. By staking their Ethereum, users can secure additional networks and earn extra rewards.
EigenLayer: A Major Player in the DeFi Space
Over the years, EigenLayer has become a dominant force in the crypto staking space. According to data from DeFi Llama, EigenLayer ranks as the third-largest player in the DeFi space, with over $10.9 billion in total value locked (TVL).
The protocol allows Ethereum stakers to reuse their staked tokens across other platforms. Other popular liquid staking protocols in the crypto space include Symbiotic, Puffer Finance, and Lido.