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Cryptocurrency News Articles
EigenLayer (EIGEN) Token Fails to Meet Expectations of Investors, Claims Alex Obchakevich
Oct 12, 2024 at 09:03 pm
EigenLayer (EIGEN), a leading blockchain protocol focused on restaking while leveraging the Ethereum network, has failed to stand up to the expectations
Despite promising to revolutionize the concept of liquid staking in the crypto domain, EigenLayer (EIGEN) has failed to live up to the expectations of investors, according to Alex Obchakevich, the founder of Obchakevich Research, a Ukrainian-Austrian cryptoanalytic firm.
In a post on X (formerly Twitter) on Friday, Obchakevich highlighted how EigenLayer managed to garner a lot of attention during its initial days, successfully raising a massive $64.5M from venture capital funds. As per Obchakevich, EigenLayer promised to bring “innovation in liquid staking, delivering high revenues for users and reliability for investors.”
However, the users of the EigenLayer protocol expected significant returns from staking their assets, but the actual returns were substantially lower, leading to increased dissatisfaction. Ultimately, the transparency of the project was questioned by the digital asset community.
Obchakevich stated that the community suspected insider trading and market manipulation after a massive $2 billion worth of EIGEN was sold once the token was listed on all the major crypto trading platforms.
In other news, Obchakevich praised an early-stage protocol called Bracket, which is part of a new project in the liquid betting market and aims to introduce innovation in the sector. According to the researcher, Bracket “has no desire to chase hype and artificially increase its audience and TVL.”
Obchakevich also highlighted Bracket's early partnership with a renowned derivatives exchange, which aims to integrate Bracket's technology to enhance the exchange's product offerings.
Moreover, Obchakevich stated that Bracket is aiming to introduce a new approach to liquid betting by focusing on sustainability and long-term growth, in contrast to the short-lived hype tactics employed by other protocols in the past.
The researcher also highlighted Bracket's early partnership with a renowned derivatives exchange, which aims to integrate Bracket's technology to enhance the exchange's product offerings.
According to Obchakevich, Bracket is aiming to introduce a new approach to liquid betting by focusing on sustainability and long-term growth, in contrast to the short-lived hype tactics employed by other protocols in the past.
EIGEN Token Surges by 7%
The EIGEN token price has surged by almost 7% in the past 24 hours and is up a massive 15.45% in the last seven days. Notably, the altcoin has increased by 6.42% in the past month and is trading just 13.5% lower from its all-time high of $4.53.
The chart from TradingView above confirms that the accumulation of the digital asset has declined in the past few days, but the gradient of the line suggests that slightly higher prices are possible in the near future.
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