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After initially launching via "stakedrop" in April, EigenLayer's EIGEN token began trading last night after transfer restrictions were lifted.
What's the Scoop?
- Price and Valuation: EIGEN initially traded as high as $4.44, though it has dropped to ~$4.20 this morning, equating to a $7B fully diluted valuation.
- Token Distribution: The token distribution followed two stakedrops, with an estimated circulating supply of 200M tokens.
Bankless Take:
At long last, EIGEN has hit the market, marking a new era for restaking. Next will come Programmatic Incentives, distributing EIGEN to the token’s stakers and those who operate and support AVSs: applications that leverage EigenLayer’s security to offer additional decentralized services. Additionally, on the protocol’s roadmap is Intersubjective Slashing, which will increase its security overall. EIGEN’s launch has already spurred the release of new products from the broader restaking ecosystem, such as ezEIGEN from Renzo, which is a liquid staked EIGEN compounding rewards from AVSs like EigenDA.
Today the @EigenFoundation announced the unlocking of the EIGEN token!
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This is a major leap forward for the @eigenlayer ecosystem, opening up new avenues for shared security, open innovation, and broader participation.
More ↓ https://t.co/3X8BAsiRmMEigenLayer (@eigenlayer) October 1, 2024
