The long-anticipated buying and selling of Eigenlayer’s EIGEN token started at the moment, following the lifting of switch restrictions that had been in place for the reason that token’s launch in Might. Main cryptocurrency exchanges together with Binance, Kraken, Coinbase, ByBit, and OKX have listed EIGEN, offering liquidity to holders of the token, lots of whom acquired it via airdrops earlier this yr.
In a assertion launched via X, the Eigen Basis highlighted the significance of this milestone: “We’re thrilled to announce the unlocking of the EIGEN token, a giant step for the Eigenlayer ecosystem. This opens up new prospects for open innovation, shared safety, and participation throughout the community.”
Associated Studying
They added that the unlock allows builders to construct Actively Validated Providers (AVSs) utilizing EIGEN staking, enhancing protocol safety and performance. “The unlock of EIGEN marks the start of broader engagement. It acts as a catalyst for financial growth, governance, and protocol improvement, driving progress and strengthening the decentralized ecosystem,” the Eigen Basis added.
Purchase Or Promote Eigenlayer (EIGEN)?
Market sentiment has been blended on the primary day of buying and selling. Lookonchain reported vital purchases by whales, indicating sturdy curiosity from large-scale buyers. One transaction concerned an tackle buying 383,672 EIGEN at $4.05, totaling $1.55 million. One other tackle spent 1.31 million USDC to amass 318,651 EIGEN at $4.10.
2 whales purchased 702,324 $EIGEN($2.86M) previously 4 hours!
0x2dcd spent 588 $ETH($1.55M) to purchase 383,672 $EIGEN at $4.05.https://t.co/QtcgQQJfSR
0xb112 spent 1.31M $USDC to purchase 318,651 $EIGEN at $4.1.https://t.co/qy5SoAuuru pic.twitter.com/Dzt65tYwJT
— Lookonchain (@lookonchain) October 1, 2024
Regardless of these buys, not all exercise has been bullish; notable crypto whale GCR was reported to have bought a major quantity of EIGEN shortly after the unlock, depositing over 250,000 EIGEN into Binance. “GCR (@GiganticRebirth) claimed an airdrop of 253,946 EIGEN($1.06M) via 7 wallets and deposited all of it into Binance 40 minutes in the past. #GCR“ Lookonchain stories.
Crypto analyst Aylo supplied a comparability of EIGEN’s market efficiency relative to different tokens through X: “EIGEN launched precisely in keeping with the pre-market worth, sitting at $7B FDV. A couple of cash with greater FDVs than EIGEN at present embrace OP ($8B), ONDO ($7.9B), UNI ($7.7B), FIL ($7.6),BCH ($7.2B),” he famous, suggesting that EigenLayer’s function in Ethereum’s ecosystem may very well be a important think about its valuation.
Associated Studying
“EigenLayer is the innovation on Ethereum this cycle, and has had extra protection than virtually anything within the EVM within the final yr. Actually does really feel much like the situations that TIA launched in. Does the PA play out the identical manner? No unlocks for a yr too…,” Aylo famous.
Daan Crypto Trades, one other distinguished analyst, remarked in the marketplace dynamics: “EIGEN Launched at the moment. I feel many market contributors can be watching the worth motion develop to gauge general market power and sentiment. Thus far, worth has held up, and even gone up barely, though there’s quite a lot of airdrop contributors promoting their tokens.”
He speculated on the potential for EIGEN’s market valuation to rise, indicating that the present situations is perhaps extra favorable than in latest months. “If the market retains trending from right here I’m assuming EIGEN can go a lot larger than $7B FDV. Earlier this yr it was estimated to launch at $20B+ (in higher market situations). Having stated that, I don’t personal any proper now however I’d undoubtedly be a purchaser at $2-3 and I feel many would. So undecided if it will get there in any respect if it doesn’t achieve this within the first few days of airdrop promoting,” Daan concluded.
At press time, EIGEN traded at $4.127.
Featured picture from Coinbase, chart from TradingView.com