bullish

EigenLayer

Impact

Foundation

Daily

<h2 id="key-points">Key Points</h2>
<ul>
 <li>The EIGEN crypto token by EigenLayer has been unlocked and listed on major exchanges.</li>
 <li>With an impressive FDV and promising performance metrics, the token’s launch could boost EigenLayer’s economic expansion.</li>
</ul>
<p>EigenLayer, an Ethereum-based restaking protocol, started October by unlocking and listing its EIGEN crypto token. The Eigen Foundation announced that the token is now available for trading and staking.</p>
<h2 id="eigen-token-unlock-and-potential-impact">EIGEN Token Unlock and Potential Impact</h2>
<p>The unlocking of the EIGEN token could potentially accelerate EigenLayer’s economic expansion and increase engagement. It’s also expected to strengthen governance and reinforce the project’s position in the decentralized landscape.</p>
<p>Several leading exchanges, including <a href="https://coineagle.com/exchange/binance/" rel="noopener noreferrer nofollow">Binance</a>, have listed the EIGEN token.</p>
<h2 id="eigen-s-market-performance">EIGEN’s Market Performance</h2>
<p>EIGEN began trading at $4.05, with a fully diluted valuation of $6.8 billion. Despite a slight dip to $3.85 at press time, it boasts a market cap of $727.14 billion. The token has a maximum supply of 1.68 billion, with an initial circulating supply of 186.58 million coins.</p>
<p>On its first day of listing, EIGEN reached a high of $4.45 and a low of $3.52. Despite the token unlock event occurring within the last 24 hours, the EigenLayer network has been quite active in 2024. It saw a significant increase in total value locked (TVL) in the first half of the year.</p>
<p>The EigenLayer TVL surpassed $1 billion in December 2023 and peaked at just over $20 billion in June. Although the staking protocol has seen substantial outflows since then, it maintains a respectable TVL of $12 billion.</p>
<h2 id="eigen-launch-and-tvl-growth">EIGEN Launch and TVL Growth</h2>
<p>The EIGEN launch could potentially stimulate more TVL growth by increasing social exposure. This might encourage holders to stake their tokens for rewards, leading to a possible increase.</p>
<p>Moreover, the market is showing signs of recovery from the bearish period between June and August. This recovery, coupled with bullish expectations, could favor EIGEN staking.</p>
<p>The unlocking of EIGEN might also spur more address activity, which has been relatively subdued in recent months. The highest number of active addresses recorded in a single day this year was in May, with over 33,000 addresses and more than 13,000 new ones.</p>
<p>However, there has been a significant decrease in EigenLayer’s active addresses since then. Daily active addresses and new addresses dropped below 100 in August and September, although there was a slight resurgence in the second half of September.</p>
<p>With the unlocking of EIGEN, it will be interesting to see how this development influences its price action in the future.</p>

All You Need to Know About EigenLayer’s EIGEN Crypto Unlock

Table of Contents

CoinEagle.com

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