- Token Launch and Initial Trading
- Market Cap and Current Position
- Future Prospects and Token Holder Rewards
On October 1, EigenLayer's EIGEN token was officially unlocked and began trading at about $4. The token's market cap is approximately $6.5 billion.
Token Launch and Initial Trading
Following its launch, EIGEN quickly ascended to the top 100 cryptocurrencies by market capitalization, according to CoinMarketCap. The token has fluctuated between $3.50 and $4.50 on Binance, currently priced at around $3.85.
Market Cap and Current Position
This valuation aligns with pre-launch expectations seen on derivatives exchanges and OTC markets. Aylo, the pseudonymous founder of Alpha Please, noted that EIGEN debuted at the anticipated market price, estimating its fully diluted value at $7 billion. Currently, EIGEN ranks 94th by market capitalization, trailing established tokens like Optimism (OP), Uniswap (UNI), and Filecoin (FIL), but surpassing Ethena (ENA).
Future Prospects and Token Holder Rewards
EigenLayer initially distributed EIGEN through an airdrop in May but restricted token transfers until October. Sources indicate that OTC trades for EIGEN surged from around $2 in August to approximately $3.50 by September 24, corroborating discussions within EigenLayer's community forums. In the future, token holders stand to gain as more protocols begin compensating EigenLayer's restakers.
The EIGEN token continues to generate interest in the cryptocurrency market due to its close association with the Ethereum ecosystem and significant TVL and media coverage. Future rewards for token holders and participation in securing networks position it as an interesting asset for investors.
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