EIGEN Token Sees Early Success With Debut On Major Exchanges

• EIGEN Token is available to trade on major crypto exchanges like Binance.
• The token launch experienced early success.
• Token holders can earn additional EIGEN tokens through staking.

The native cryptocurrency of EigenLayer, EIGEN Token, is now available on different crypto exchanges. On October 1, 2024, it was unlocked for trading on Binance, OKX, PancakeSwap, MEXC, and Bitget. The EIGEN token powers the decentralized finance (defi) restaking protocol Eigenlayer.

This crypto token addresses challenges related to isolation, metering, and compensation. Also, developers stake their EIGEN tokens to build actively validated services (AVSs) within the ecosystem. 

This initiative is aimed at integrating decentralized technology into the platform. 

Early Success Of EIGEN Token After Launch 

After the EIGEN token was unlocked for trading, its price was $4.05 per token. Then, it reached an all-time high (ATH) of $4.47. However, by 1:30 p.m. EDT on Oct. 1, its price had dipped 12%. 

It was settling at $3.90 per coin. With a circulating supply of 186,582,000 EIGEN, its fully diluted value is $6.57 Billion.

The Eigen Foundation creates an ecosystem through the restaking process. Users lock their ETH to provide security for third-party networks. In this way, it enhances the security and scalability of the Ethereum network. 

Now, users can stake their EIGEN tokens within the EigenLayer network to earn rewards. 

After the token was launched, 90 million EIGEN tokens were re-staked on the platform. The EIGEN token encountered high demand after listing on multiple exchanges, including Binance. 

Several trading pairs are available for EIGEN on Binance, such as EIGEN/USDT and EIGEN/FDUSD. The exchange also launched EIGEN perpetual contracts with leverage that ranges up to 75x.

The major DEX launch of the EIGEN token has improved the liquidity and market standing of this cryptocurrency. 214,454 unique addresses are holding the EIGEN token, with 1,072,67 transfers recorded. 

Coinbase Prime Custody owned the top EIGEN wallet to control 27.6207% of the total supply. The second-largest address, a Gnosis Safe Proxy, holds 12.6570%. 

Rewards For Token Holders 

EIGEN token holders can earn rewards by participating in the EigenLayer ecosystem. Its Programmatic Incentives v1 has issued around 66.95 million EIGEN tokens in the first year. Users can stake their EIGEN tokens within the network to earn rewards.

4% of the token’s initial circulating supply is allocated for reward distribution. 3% is for ETH and liquid staking token (LST) stakers and operators. The other 1% is for the EIGEN stakeholders.

Token holders can sign up with at least one AVS. Stakers must delegate their tokens to an AVS member operator to be eligible for rewards. Also, users will get weekly rewards every Tuesday at 19:00 UTC. 

Other Benefits Of EIGEN Token In EigenLayer Network 

EIGEN token complements ETH restaking by providing additional security mechanisms for intersubjective faults. 

Also, token holders can secure various Actively Validated Services (AVSs) like EigenDA. Then, EIGEN tokens are used for community development.

Users can earn rewards by staking their EIGEN tokens within the network. They are responsible for adding new blocks to the blockchain network and validating transactions. 

EIGEN token staking helps in improving the security of the EigenLayer network. 

Disclaimer

The details in this article are for informational purposes. It does not constitute financial or investment advice. Investing in crypto assets carries the risk of financial loss. The data on this page are subject to change without notice.