New crypto token debuts on major exchanges, boosting trading and staking interest in EigenLayer's ecosystem.
The EIGEN token was officially unlocked on October 1st, marking its debut in the trading and staking markets. Initially priced at $4.05, the token's fully diluted valuation (FDV) stands at an impressive $6.8 billion. With a market cap of $727.14 billion, EIGEN's initial circulating supply is set at 186.58 million, out of a total maximum supply of 1.68 billion tokens.
This launch is not just about trading; it aims to enhance governance and drive economic growth within the EigenLayer ecosystem. The token's introduction is expected to increase address activity and attract more interest in staking, a process where users lock up their tokens to support network operations in exchange for rewards.
Before its official release, EIGEN was already making waves in the derivative markets. Futures data suggested a bullish outlook, predicting the token would trade around $4. This optimism was reflected in over-the-counter (OTC) trades, where the price climbed from $2 to $3.50.
With a total supply of 1.67 billion, the token's fully diluted value could potentially exceed $6.7 billion. This strong market performance indicates confidence in EigenLayer's future prospects and its ability to deliver value to its stakeholders.
EigenLayer's total value locked (TVL) provides a snapshot of the platform's growth and stability. Although the TVL peaked at over $20 billion in June 2024, it currently stands at approximately $12 billion. This metric is crucial as it reflects the amount of capital being utilized within the network, indicating the level of trust and engagement from users.
Protocols within the EigenLayer ecosystem are incentivizing restakers by offering rewards in both ETH and EIGEN. This strategy is designed to maintain and potentially increase the TVL, ensuring the platform remains robust and attractive to investors.
