EigenLayer's native token, EIGEN, has made significant strides since its unlock on October 1, 2024, successfully cracking the top 100 tokens by market capitalization.

EigenLayer’s native token, EIGEN, has finally hit the market after being locked from transfer on October 1, 2024. The token has successfully cracked the top 100 tokens by market capitalization.

EIGEN was launched in a May airdrop, but the team locked the tokens from being transferred until today. As this block ends, users will finally be able to transfer their tokens.

EIGEN started trading at 5:00 AM UTC on Binance, with prices fluctuating between $3.50 and $4.50 per token. It’s currently trading at $4.18, which translates to a fully diluted market capitalization of approximately $7.7 billion.

As of now, EIGEN ranks 85th in market capitalization, positioning it lower than established tokens like Optimism (OP) at $1.67, Uniswap (UNI) at $6.99, and Filecoin (FIL) at $3.62, but higher than Ethena (ENA) at $0.3602.

The token debuted at a price in line with pre-market expectations, initially spiking to $4.44 before settling at about $3.80. This price reflects EIGEN’s growth from informal over-the-counter trades, which were valued at around $2 in August.

EigenLayer is a popular restaking tool that enables users to lock their ETH to secure third-party networks. The platform currently has more than $12 billion in total value locked (TVL), which is down nearly 50% from its $20 billion peak earlier this year.

SpotOnChain’s data revealed significant transactions involving whales. Justin Sun, a founder of TRON, withdrew 5.24 million EIGEN tokens and transferred them to the HTX exchange. Other large deposits to Binance included 496,013 EIGEN from HashKey Capital and 253,947 EIGEN from another notable wallet.

While some large holders are selling, others are accumulating EIGEN. Notably, two whales purchased a combined 702,324 EIGEN tokens, valued at around $2.86 million.

EIGEN is described as a “Universal Intersubjective Work Token” that aims to address issues of universality, isolation, metering, and remuneration. The token’s unlock is expected to increase user participation in the EigenLayer ecosystem, enabling the construction of Actively Validated Services (AVSs) and boosting overall governance and protocol development.

The launch has been met with optimism in the community, as highlighted by Aylo, founder of Alpha Please, who noted that EigenLayer represents a significant innovation within the Ethereum ecosystem.

Aylo observed that six months ago, there were concerns about whether EIGEN would be valued lower than other prominent tokens. However, he highlighted that EigenLayer has become a key innovation in the Ethereum ecosystem, and it has received significant attention within the Ethereum Virtual Machine (EVM) space over the past year.

EIGEN’s trading debut highlights EigenLayer’s rising prominence in the decentralized finance (DeFi) landscape, making it a token to watch in the coming days.

Also Read: Binance and BitMart to List EigenLayer token ($EIGEN)

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