- EigenLayer launches its EIGEN cryptocurrency with a major listing and an impressive FDV.
- The EigenLayer TVL, and its other performance metrics.
The Ethereum-based protocol EigenLayer has kicked October off with its EIGEN cryptocurrency. The According to Eigen Foundation’s official X Unlocking the handle means that the tokens are now ready for trading or staking.
EigenLayer is expecting the EIGEN unlock to propel it into a fast-lane of economic growth and engagement. This is expected also to improve governance and the project’s position in the decentralized world.
EIGEN has been listed on multiple top exchanges including Binance.
EIGEN’s opening price was $4.05, and its valuation is $6.8billion. The price dropped to $3.85 at press time, and the market capitalization was $727.14 Billion. It has a maximum supply of 1.68 billion coins, but the initial supply was only 186.58 millions.
Coinmarketcap
EIGEN reached a maximum of $4.45, and a minimum of $3.52 in its first trading day. The EigenLayer Network has had a very active 2024, despite the fact that the token unlocking event occurred in the past 24 hours. The total amount of value that was locked in EigenLayer grew at a rapid rate during the first half year.
EigenLayer TVL reached a peak of just under $20 billion at the end of June 2023. Since then, the staking protocol has seen significant outflows but still maintains a TVL of $12 billion.
Source: DeFiLlama
Does the EIGEN launch encourage TVL expansion?
The launch of EIGEN could provide sufficient social exposure for TVL to grow. The launch of EIGEN could encourage some holders to stake tokens in exchange for rewards. This may lead to an increase.
In addition, the market seems to be recovering from its bearish phase between June-August. EIGEN may be favored by this combination of bullish expectation and market recovery.
EIGEN unlocking could also lead to more activity in the address area. In the past few months, this activity has been relatively low. In May, the highest number of addresses active in one day was recorded.
The number of active addresses topped out at 33,000 and the number of new addresses was just under 13,000.
Source: DeFiLlama
Since then, the number of active EigenLayer addresses has dropped dramatically. In August, and in September the daily number of addresses was below 100. The second half of the month saw an uptick in activity.
After EIGEN was unlocked we were curious how it would impact on its pricing.
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Source: ambcrypto.com
