EigenLayer’s EIGEN breaks the 100 market rankings in its first commercial launch
EigenLayer's native token EIGEN is among the top 100 tokens to crack by market capitalization after starting trading according to CoinMarketCap.
The token opened at 5:00 am UTC and has been trading between $3.50 and $4.50 on Binance.
According to Binance, it is currently trading at $3.85, giving it a fully mined value of nearly $6.5 billion.
Source: Binance
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The price corresponds to the spot prices on the exchange and the free trade before the start.
“EIGEN sits at $7B FDV and has launched right at its pre-market valuation,” Alpha Play's anonymous founder Allo said in an Oct. 1 post on X's social media platform.
EigenLayer's EIGEN is currently ranked 94th by market cap among tokens according to CoinMarketCap.
This is lower than Optimism (OP), Uniswap (UNI) and Filecoin (FIL) but higher than Athena (ENA).
“I'm not sure 6 months ago anyone would have said EIGEN would be worth less than coins,” Aiello said.
“EigenLayer is an innovation on Ethereum this cycle, and last year it had more coverage than almost anything else in EVM.”
Total value of EigenLayer is locked. Source: Defillama
EigenLayer launched EigenLayer in a May airdrop but withheld its tokens from being transferred until October.
A person familiar with the matter told Cointelegraph that informal trading rose from around $2 in August to around $3.50 as of September 24. These comments are consistent with information from EigenLayer's Community Forums.
Tokenholders will benefit when many protocol tokens – including EIGEN – start paying EigenLayer's retakers, who put up collateral to protect other networks.
According to Defillama, as of September 30, EigenLayer commanded approximately $12 billion in total value locked (TVL).
In August, EigenDA, an AVS affiliate of EigenLayer, began paying reinvestors in Ether (ETH) and EIGEN rewards. Other AVs, including the Arpa Network, are following suit.
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