EigenLayer Tokens to Be Released in Coming Hours, Futures Trade at Fully Diluted $6.8B

Election 2024 coverage presented by
Restaking protocol Eigenlayer will unlock its highly anticipated token, EIGEN, at 9 p.m. PST on Monday (04:00 UTC on Tuesday) and trading is set to start on Binance an hour later.
EigenLayer lets users stake ether (ETH), which can be repurposed to secure other networks and secure additional rewards. The total value locked (TVL) on the protocol has dropped by more than 50% since June as a result of increased competition and a wider slump across the restaking sector. It currently has around $10 billion in TVL.
Total supply of the token will be 1.6 billion, with 86 million allocated to early adopters, who will receive a recently announced airdrop dubbed “stakedrop.”
The price, which is likely to be volatile on release, is currently $4.11 according to a market on perpetual exchange Aevo, which has only racked up $191,000 in trading volume over the last 24 hours. It is currently trading at a fully diluted value (FDV) of $6.8 billion.
Edited by Sheldon Reback.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.