Key Points
EigenLayer’s native token, EIGEN, has officially been launched and is currently priced at $4.10 per token. On October 1, at 05:00 UTC, EIGEN was listed on major exchanges including Binance and MEXC. The token is now transferable and has a fully diluted value surpassing $6.5 billion.
Token Information and Use Cases
Data from Coinmarketcap shows that EIGEN’s price has increased by 10% to $4.10. Approximately 1.68 billion tokens are now in circulation, including 86 million tokens that were airdropped to early protocol users. One trader deposited a total of 5.24 million EIGEN tokens, equivalent to around $21.5 million USD, across five addresses since the token’s launch.
According to an EigenLayer post, developers can construct Actively Validated Services (AVS) using EIGEN staking. Stakers directly contribute to the security of these services and diversification of use cases, while partners incorporate EigenLayer’s security to improve their protocols. The protocol also intends to launch a programmatic incentives reward for stakers and operators supporting AVSs.
EIGEN, as described on the protocol’s website, is a “universal intersubjective work token”. The token’s purpose is to address the challenges of “universality, isolation, metering, and compensation”. It plans to utilize social consensus and forking to perform various digital tasks.
The protocol, built on Ethereum, accepts ETH deposits and offers users the opportunity to secure additional networks for extra yield. In recent years, EigenLayer has emerged as one of the largest entities in the crypto industry offering staking solutions. Data from DeFi Llama reveals that EigenLayer is the third-largest player in the DeFi industry, with over $10.9 billion in total value locked.
EigenLayer’s protocol uses staking technology that allows Ethereum stakers to reuse their tokens on other protocols. Other popular liquid staking solutions in the crypto industry include Symbiotic, Puffer Finance, and Lido, in addition to EigenLayer.