EigenLayer sets a lever for EIGEN token transfer limits.
EigenLayer Lifts EIGEN Token Transfer Limits on September 30, 2024 Stakeholders must adhere to a 7-day grace period to withdraw EIGEN tokens Pre-market prices of EIGEN tokens at $3.4, TVL dropped from $20B to $12B.
The popular relaunch protocol is set to remove transfer restrictions on its native EIGEN token, allowing stakeholders to trade and transfer from September 30.
This significant update comes after months of anticipation, especially following the protocol's recent token distributions.
The EIGEN token remains non-transferable
EigenLayer is at the forefront of crypto innovation by allowing users to deposit their Ether (ETH) to secure third-party networks and other verified services. The platform's native token EIGEN, launched in April, plays a vital role in this ecosystem.
However, as of now, EIGEN tokens remain non-transferable due to restrictions following two major “stakedrop” events. The tokens remain locked, and stakeholders cannot transfer or trade them.
By lifting these restrictions, EIGEN holders will now have the ability to freely manage their assets, including those who have won over-the-air awards.
For those holding their tokens, EigenLayer has stated that a mandatory 7-day withdrawal period must be observed to withdraw EIGEN. This adds a small delay before tokens are fully activated and traded.
EigenLayer experienced significant cash flow.
In pre-market trading, EIGEN token derivatives were valued at approximately $3.4 billion, with a fully diluted value of $5.4 billion.
However, despite its early success, EigenLayer has experienced significant cash outflows in recent months, reducing its total locked-in value (TVL) from $20 billion to $12 billion in June.
As the launch date approaches, the future direction of the platform will be closely watched by the crypt community.
