EigenLayer

Optimism

Ethena

EigenLayer’s native token, EIGEN, cracked the top 100 tokens by market capitalization after commencing trading on Oct. 1, according to CoinMarketCap. 
The token unlocked at 5:00 am UTC and has been trading between $3.50 and $4.50 per token on Binance. 
<a data-ct-non-breakable="null" href="https://www.binance.com/en/price/eigenlayer" rel="nofollow noopener" target="_blank" text="null" title="https://www.binance.com/en/price/eigenlayer">According</a> to Binance, it’s currently trading at around $3.85, implying a fully diluted value of approximately $6.5 billion.
<figure>
 <img alt="EigenLayer’s EIGEN cracks top 100 market rank in trading debut" name="" src="https://s3.cointelegraph.com/uploads/2024-10/0192489d-2f8b-7e47-8bad-3585814cd7e1">
 <figcaption style="text-align: center;">
 Source: Binance
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Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/restaking-will-spark-next-big-rush-money-into-crypto" rel="null" target="null" text="null" title="https://cointelegraph.com/news/restaking-will-spark-next-big-rush-money-into-crypto">Restaking will spark the next big rush of money into crypto</a>
Its price aligns with the implied spot prices on derivatives exchanges and over-the-counter <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/eigenlayer-eigen-token-unlock-looms-futures" rel="" target="_self" text="null" title="https://cointelegraph.com/news/eigenlayer-eigen-token-unlock-looms-futures">trading before the launch</a>. 
“EIGEN launched exactly in line with the pre-market price, sitting at $7B FDV,” Aylo, the pseudonymous founder of Alpha Please, said in an Oct. 1 <a data-ct-non-breakable="null" href="https://x.com/alpha_pls/status/1841032177850503367" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/alpha_pls/status/1841032177850503367">post</a> on the X social media platform.
EigenLayer’s EIGEN currently ranks 94th among tokens by market cap, <a data-ct-non-breakable="null" href="https://coinmarketcap.com/" rel="nofollow noopener" target="_blank" text="null" title="https://coinmarketcap.com/">according</a> to CoinMarketCap. 
That’s lower than Optimism (<a data-ct-non-breakable="null" href="https://cointelegraph.com/optimism-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/optimism-price-index">OP</a>), Uniswap (<a data-ct-non-breakable="null" href="https://cointelegraph.com/uniswap-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/uniswap-price-index">UNI</a>), and Filecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/filecoin-fil-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/filecoin-fil-price-index">FIL</a>) but more than Ethena (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethena-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/ethena-price-index">ENA</a>).
“6 months ago I’m not sure anyone would have said that EIGEN would be valued less than those above coins,” Aylo said, while adding:
<blockquote>
 “EigenLayer is the innovation on Ethereum this cycle, and has had more coverage than almost anything else in the EVM in the last year.”
</blockquote>
<figure>
 <img alt="EigenLayer’s EIGEN cracks top 100 market rank in trading debut" name="" src="https://s3.cointelegraph.com/uploads/2024-10/019248a6-4014-70c1-b715-67673cdc9804">
 <figcaption style="text-align: center;">
 EigenLayer’s total value locked. Source: DefiLlama
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</figure>
EigenLayer launched Eigen in a May airdrop but blocked the tokens from being transferred until October.
A person familiar with the matter told Cointelegraph that informal over-the-counter trades purportedly rose from around $2 in August to roughly $3.50 as recently as Sept. 24. These comments are consistent with information from EigenLayer’s community forums. 
Tokenholders stand to benefit as more protocols start paying EigenLayer’s retakers, who deposit tokens — including EIGEN — as collateral to secure other networks, or “actively validated services” (AVS), in EigenLayer’s parlance.
According to DefiLlama, as of Sept. 30, EigenLayer commanded nearly $12 billion in total value locked (TVL).
In August, EigenDA, EigenLayer’s affiliated AVS, started paying restakers in Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="" target="_self" text="null" title="https://cointelegraph.com/ethereum-price">ETH</a>) and EIGEN rewards. Other AVS, including Arpa Network, are <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/eigenlayer-avs-arpa-launch-native-restaking-rewards-september" rel="" target="_self" text="null" title="https://cointelegraph.com/news/eigenlayer-avs-arpa-launch-native-restaking-rewards-september">following suit</a>. 
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/whales-humpy-gaming-dao-votes-solutions/" rel="null" target="null" text="null" title="https://cointelegraph.com/magazine/whales-humpy-gaming-dao-votes-solutions/">Crypto whales like Humpy are gaming DAO votes — but there are solutions</a><advertisement>
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EigenLayer’s EIGEN cracks top 100 market rank in trading debut

Cointelegraph

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