EIGEN token unlock goes live with debut of more than $6.5b FDV

EIGEN, the native token of the repurchase protocol EigenLayer, has been officially launched and is currently trading at $4.10 per token.

At 05:00 UTC on October 1, EigenLayer’s token EIGEN was listed on many major exchanges, including Binance and MEXC. The token is now transferable and trading at a fully diluted value in excess of $6.5 billion.

According to Coinmarketcap data, EIGEN’s price is currently up 10% to $4.10. Approximately 1.68 billion tokens have entered the market, including 86 million tokens airdropped to users who interacted with the protocol earlier this year.

A trader on X has deposited a total of 5.24 million EIGEN tokens, or approximately $21.5 million, using five addresses since the token went live.

According to EigenLayer’s X post, developers can also create Actively Verified Services using EIGEN staking.

“Stakeholders play a direct role in securing these services and diversifying use cases, while partners are integrating EigenLayer’s security to enhance their protocols,” he said on @eigenfoundation. The protocol also plans to offer a programmatic incentive reward for stakers and operators who support AVSs.

The EIGEN token is described as a “universal intersubjective working token” on the protocol’s website.

According to the blog post, the purpose of the token is to solve the challenges of “universality, isolation, measurement, and compensation.” It will also use social consensus and forking to perform various digital tasks.

The protocol is built on Ethereum and accepts ETH deposits, providing users with the ability to secure additional networks in exchange for additional returns.

EigenLayer has become one of the largest players in the crypto industry offering staking solutions in recent years. According to DeFi Llama data, Eigenlayer has become the third largest player in the DeFi industry, with total value locked over $10.9 billion.

The protocol uses staking technology, which allows Ethereum stakers to reuse their tokens across other protocols. In addition to EigenLayer, other popular liquid staking solutions in the crypto industry include Symbiotic, Puffer Finance, and Lido.