The Ethereum restaking protocol EigenLayer is on the brink of a significant milestone. This exciting development comes as EigenLayer is set to unlock its tokens, valued at an impressive $6.7 billion. Initially, tokens were airdropped to early users nearly five months ago, and the wait is now nearing an end.
EigenLayer Token Unlock Event
The Eigen Foundation, the driving force behind this Ethereum restaking project, announced on Twitter/X that EIGEN tokens will be unlocked late Monday at 9 PM PT (12 AM ET Tuesday).
Check the announcement here
for more details.
Binance and Bitfinex to List EIGEN
In a significant move for the EigenLayer project, Binance, the largest cryptocurrency exchange globally, announced their plan to list EIGEN.
Read Binance’s official statement.
Bitfinex also confirmed they would be one of the first exchanges to list the token.
Their announcement can be found here.
Understanding EIGEN Token Dynamics
EIGEN will launch with a total supply of just over 1.67 billion tokens. Its dynamic supply system, similar to Ethereum, means it will gradually increase over time. As of now, EIGEN futures contracts are trading at $4.03 on
Aevo,
which translates to an estimated fully diluted valuation (FDV) of over $6.7 billion.
The project has significantly rewarded its community and ecosystem partners through two major airdrops this year. Approximately 200 million EIGEN tokens were distributed, constituting the initial circulating supply.
What is EigenLayer?
EigenLayer is an innovative project built on the Ethereum network. It enables users to stake their digital assets across multiple blockchains, rather than being confined to a single network.
According to DeFiLlama,
the total value locked (TVL) in EigenLayer stands at nearly $12 billion, illustrating the project’s scale and potential. Ethereum, Polkadot, and Cardano are prime examples of the staking requirement in top crypto networks.
EigenLayer’s unique approach allows Ethereum stakers to use their staked ETH securely across various protocols, enhancing the utility and flexibility of their assets.
Edited by Andrew Hayward
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