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Cryptocurrency News Articles
EigenLayer (EIGEN) Token Launches, Allowing Developers to Build Networks Using Ethereum's Security
Oct 01, 2024 at 11:30 pm
EigenLayer acts like a decentralized “cloud” for Ethereum, enabling developers to build networks using Ethereum’s security.
The launch of EigenLayer's (EIGEN) native token has sparked significant interest in the cryptocurrency market. As of October 1, EIGEN is now available for trading on centralized exchanges.
Following its release, EIGEN swiftly entered the top 100 cryptocurrencies ranked by market capitalization. The token is designed to play a crucial role in the EigenLayer protocol, which serves as a decentralized "cloud" for Ethereum.
With over $12 billion in staked capital, EigenLayer now enables developers to build Actively Validated Services (AVSs) that are secured by EIGEN staking.
To further enhance the ecosystem, the Eigen Foundation has announced new programmatic incentives for both AVS operators and stakers.
The Unlocking of EIGEN Tokens: A Deeper Look
With the unlock of EIGEN tokens, participants can now actively engage in the governance and security of decentralized services.
This update empowers developers to build Actively Validated Services (AVSs) using EIGEN staking. These AVSs are tasked with validating dApps and other decentralized services, ensuring their optimal security and functionality.
The staked EIGEN tokens contribute to the economic security of the ecosystem, reducing the susceptibility to malicious activities.
Other Interesting Reads: Coinbase Gears Up for EigenLayer Listing: What Investors Need to Know
The EIGEN Airdrop and Tokenomics
The EIGEN airdrop, announced on October 1, enables users to trade, transfer, or stake the token. Several centralized exchanges, including Binance, have listed EIGEN, with the price initially surging to $4.58 before finding support at around $3.75.
As the token continues to trade, analysts are keeping a close eye on key Fibonacci levels to assess potential price movements. Currently, resistance is noted at $4.40, while support is observed at $3.75.
EigenLayer (EIGEN) has an initial supply of 1.67 billion tokens, setting its market cap at $705 million and its fully diluted valuation at $6.35 billion. The tokenomics structure includes allocations to investors, early contributors, and ecosystem development.
Despite recent fluctuations, several analysts have highlighted that EIGEN is still undervalued when compared to similar projects like Celestia and Arbitrum.
While price predictions are challenging at this stage due to the limited trading history, the overall market sentiment appears positive, driven by EigenLayer's strong ecosystem and the introduction of a restaking economy.
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- Justin Sun Deposits $21.5M Worth of $EIGEN Tokens to #HTX After the Token Was Listed on Major Exchanges Today
- Oct 02, 2024 at 02:25 am
- The $EIGEN tokens were claimed from EigenLayer via five distinct wallet addresses within the past 24 hours. This large deposit may be made in order to sell these $EIGEN token.
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