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EigenLayer is on track to lift transfer restrictions on its EIGEN token by September 30, allowing stakeholders to begin trading.
What’s the Scoop?
- Stakeholder Withdrawal Period: Stakers must wait out a 7-day withdrawal period before unstaking their tokens.
- Recent Airdrops: 86M EIGEN tokens were distributed during the second stakedrop from March to August 2024.
Bankless Take:
EigenLayer's upcoming token transferability will mark a key moment for the protocol, whose TVL has dropped from its high of $20B to $12B over the past few months amidst broader market conditions and increasing competition. The pre-market token’s value (initially ~$10) has already dropped significantly since the first airdrop, influenced by disappointment about the initial non-transferability, overall bearish trends, and the growth of rival projects like Symbiotic. With limited AVSs currently live and a high FDV, EIGEN may face difficulty once launched.
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