EigenLayer Enters Top 100 Cryptos After Launch of EIGEN Airdrop

EigenLayer EIGEN Token Airdrop
EigenLayer EIGEN Token Airdrop

EigenLayer, a protocol that allows Ethereum validators to restake their ETH, officially launched its native EIGEN token today on Oct.1. Following its release, EIGEN quickly entered the top 100 cryptocurrencies by market capitalization.

EigenLayer Unlocks EIGEN Token
EigenLayer Announced to Unlock EIGEN Token. Source: X

EigenLayer acts like a decentralized “cloud” for Ethereum, enabling developers to build networks using Ethereum’s security. With over $12 billion in staked capital, developers can now create Actively Validated Services (AVSs) secured by EIGEN staking. The Eigen Foundation also announced new programmatic incentives to reward AVS operators and stakers.

What Does the EigenLayer’s Token Unlock Mean?

The unlock of EIGEN tokens allows participants to play a more active role in the governance and security of decentralized services. Developers can now build AVSs using EIGEN staking. AVSs are responsible for validating dApps and other decentralized services, ensuring their security and functionality. The staked EIGEN tokens provide economic security, reducing the risk of malicious activities within the ecosystem. This update enables developers and operators to integrate EigenLayer’s security model into their protocols. 

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EIGEN Airdrop and Tokenomics

The EIGEN airdrop, announced on October 1, allows users to trade, transfer, or stake the token. Several centralized exchanges, including Binance, listed EIGEN, with the price initially peaking at $4.58 before falling to support levels around $3.75. Analysts are monitoring key Fibonacci levels to assess future price movements, with potential resistance at $4.40 and support at $3.75.

EIGEN/USDT 1-Minute Chart | Credit: Valdrin Tahiri/TradingView
EIGEN/USDT 1-Minute Chart | Credit: Valdrin Tahiri/TradingView

EigenLayer (EIGEN) has an initial supply of 1.67 billion tokens, with a market cap of $705 million and a fully diluted valuation of $6.35 billion. The tokenomics structure allocates tokens to investors, early contributors, and ecosystem development. Despite recent fluctuations, analysts believe EIGEN is undervalued compared to similar projects like Celestia and Arbitrum.

While price predictions are currently difficult due to the limited trading history, market sentiment remains positive, driven by EigenLayer’s strong ecosystem and restaking economy.

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