EigenLayer’s EIGEN Token Set to Unlock for Trading on October 1

The crypto neighborhood is anticipating the unlocking of the native token EIGEN, by EigenLayer.

The unlock, set to occur on October 1 at 5:00 am UTC, will see EIGEN begin buying and selling on main centralized exchanges comparable to Binance and Bitfinex.

With a complete provide of 1.67 billion tokens and roughly 200 million at present in circulation, EIGEN’s totally diluted worth might attain above $6.7 billion on the present worth.

That optimism carries throughout each perpetual futures markets and casual over-the-counter trades. EIGEN perps have nearly doubled since early September, up from about $2 a token. OTC trades reportedly elevated from $2 in August to roughly $3.50 by the tip of September, although trades within the quick aftermath of the airdrop valued the token as excessive as $10.

The precise mechanism behind its progress is named “restaking,” wherein customers deposit tokens as collateral to safe different networks known as “actively validated providers” or AVS. In August, one such AVS known as EigenDA began paying out restakers in each Ether and EIGEN tokens.

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