3 hours ago
The Ethereum-based restaking protocol EigenLayer has launched its autochthonal token, EIGEN, which is present actively trading connected assorted exchanges.
Unlike different tokens, EIGEN is positioned arsenic a “Universal Intersubjective Work Token” that addresses challenges related to “universality, isolation, metering, and compensation.”
EIGEN has a full proviso of 1.67 cardinal tokens, with astir 186 cardinal presently successful circulation, and has been listed connected large exchanges similar Binance. The token initially surged to $4.44 pursuing its trading debut earlier dropping somewhat to $3.90 arsenic of property time.
At existent prices, the token has a afloat diluted valuation of $6.5 billion.
EigenLayer is simply a prominent restaking platform that allows users to fastener their ETH to supply information for third-party networks. The level presently holds implicit $12 cardinal successful full worth locked (TVL), down astir 50% from its $20 cardinal peak earlier this year, based connected DeFillama data.
Whales activity
On-chain information shows ample holders, oregon whales, are selling their EIGEN tokens.
Blockchain level SpotOnChain revealed that Justin Sun, the laminitis of TRON, withdrew 5.24 cardinal EIGEN tokens from the EigenLayer liquid restaking protocol utilizing 5 addresses and transferred them to the HTX exchange.
SpotOnChain besides noted that 2 important traders made ample deposits to Binance. HashKey Capital transferred 496,013 EIGEN (worth $2.05 million), and different wallet, “0x2fe,” perchance linked to trader @GiganticRebirth, deposited 253,947 EIGEN (valued astatine $1.06 million).
Typically, transfers to exchanges are seen arsenic bearish signals and often bespeak an intent to sell. However, portion immoderate whales look to beryllium offloading their holdings, others are accumulating.
Onchain investigation level Lookonchain reported that 2 whales purchased a full of 702,324 EIGEN tokens, valued astatine $2.86 million.
EIGEN unlock
On Oct. 1, the EIGEN Foundation announced that the token is present unlocked. This alteration allows the token to beryllium traded, transferred, oregon staked, giving users much flexibility.
The steadfast stated that developers tin present make Actively Validated Services (AVSs) utilizing EIGEN staking. Stakers lend straight to the information of these services, portion partners tin leverage EigenLayer’s information model to heighten their protocols.
It besides furthered that the token unlock marks a important moment, fostering greater engagement wrong the ecosystem. It is expected to thrust economical growth, amended governance, and facilitate protocol development, strengthening the broader decentralized network.
The station EigenLayer’s autochthonal token debut sees precocious stakes enactment from crypto whales appeared archetypal connected CryptoSlate.
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