365Crypto
EIGEN’s Launch on Binance
EigenLayer’s much-anticipated token, EIGEN, started trading on October 1, and it quickly entered the top 100 cryptocurrencies by market capitalization. The token began trading at 5:00 am UTC, with prices ranging from $3.50 to $4.50. Currently, EIGEN is valued at around $3.85 on Binance, giving it a fully diluted value (FDV) of about $6.5 billion.
Pre-Market Buzz Confirmed
Prior to its official launch, EIGEN was already a hot topic in over-the-counter and derivatives markets. Its opening price matched these early predictions, estimated at a $7 billion FDV. Aylo, the creator of Alpha Please, noted that the token’s launch went exactly as expected. EIGEN currently holds the 94th position in market cap, following tokens like Optimism (OP) and Uniswap (UNI).
Excitement Around EigenLayer
EigenLayer has become one of the standout projects on Ethereum, gaining a lot of attention for its unique restaking model. This allows users to lock up their EIGEN tokens as collateral to help secure other blockchain protocols, known as “actively validated services” (AVS). This innovative approach has made EigenLayer a major player in the crypto space.
Rewards and Value
As of the end of September, EigenLayer had locked nearly $12 billion in total value. In August, one of its AVS projects, EigenDA, began rewarding restakers with Ether (ETH) and EIGEN tokens, attracting even more interest. Other networks like Arpa have also started offering similar incentives, boosting demand for EIGEN.
