Ethereum-based restaking protocol EigenLayer has launched its native token, EIGEN, which is at present actively traded on numerous exchanges.

In contrast to different tokens, EIGEN is positioned as a “common intersubjective work token” that addresses challenges associated to “universality, separation, measurement, and compensation.”

EIGEN provides a complete of 1.67 billion tokens, with roughly 186 million tokens at present in circulation and listed on main exchanges reminiscent of Binance. The token initially soared to $4.44 after its buying and selling debut, however has fallen barely to $3.90 on the time of writing.

On the present value, the token has a totally diluted valuation of $6.5 billion.

EigenLayer is a outstanding restaking platform that enables customers to lock their ETH and supply safety to third-party networks. The platform at present holds greater than $12 billion in whole worth locked (TVL), down practically 50% from its $20 billion peak earlier this yr, based on DeFillama information.

whale exercise

On-chain information reveals that giant holders, particularly whales, are promoting EIGEN tokens.

Blockchain platform SpotOnChain has revealed that TRON founder Justin Solar withdrew 5.24 million EIGEN tokens from the EigenLayer liquid restaking protocol utilizing 5 addresses and transferred them to the HTX change. .

SpotOnChain additionally famous that two outstanding merchants made massive deposits to Binance. HashKey Capital transferred 496,013 EIGEN (value $2.05 million) and one other pockets “0x2fe”, probably linked to dealer @GiganticRebirth, deposited 253,947 EIGEN (value $1.06 million).

A switch to an change is often thought of a bearish sign and sometimes signifies an intention to promote. However whereas some whales seem like unloading their holdings, others are hoarding them.

On-chain analytics platform Lookonchain reported that the 2 whales bought a complete of 702,324 EIGEN tokens value $2.86 million.

EIGEN unlocked

On October 1st, the EIGEN Basis introduced that the token was unlocked. This modification permits for buying and selling, transferring, or staking of tokens, rising flexibility for customers.

The corporate stated builders can now use EIGEN staking to create Actively Validated Providers (AVS). Stakers instantly contribute to the safety of those companies, and companions can leverage EigenLayer's safety framework to boost their protocols.

He additionally emphasised that unlocking the token is a key second to foster engagement throughout the ecosystem. That is anticipated to foster financial development, enhance governance, facilitate protocol growth, and strengthen the broader decentralized community.

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