EigenLayer, a restaking protocol on Ethereum 
$2,316, has released its main network asset EIGEN coin, introducing it to the market. With this development, EIGEN becomes available for trading, transferring, and staking activities.
Initial Performance of the Altcoin
According to CoinMarketCap data, the altcoin began trading at $4.32, with a fully diluted market capitalization of approximately $7.2 billion. Nearly 43% of the trading volume occurred on the Binance exchange with the EIGEN/USDT trading pair. The altcoin was notably listed on Binance today at 08:00.
Future Plans for the Protocol
The coin release event allows developers to stake EIGEN coins to create Active Validator Services (AVS). The protocol plans to offer programmatic incentives to those actively participating in and supporting AVS.
Aylo, founder of Alpha Please, commented, “The latest ecosystem map I saw indicates over 60 AVS built on Eigenlayer.”
AirDrop Process and TVL Status
EigenLayer executed the AirDrop process in two phases. In the first season, 113 million EIGEN coins were distributed to restakers. In the second phase, 86 million EIGEN coins were allocated to node operators and stakers interacting with the protocol.
Activities on EigenLayer peaked in June, with the protocol’s Total Value Locked (TVL) nearing $20 billion. According to DeFiLlama data, the TVL has since decreased to $12 billion.
The decline in TVL may partly result from stakers withdrawing their funds after qualifying for the AirDrop. Additionally, following a controversial report about the AirDrop policy, the protocol experienced significant fund outflows. EigenLayer stated in its assessment, “We have no information or proof indicating that any team members at Eigen Labs have unfairly benefited.”
The release of EigenLayer’s EIGEN coin enhances the potential for expanding the protocol’s ecosystem and developing new services. By staking EIGEN coins, developers can create new and diverse AVS, while users will have opportunities to trade and stake tokens. Furthermore, the protocol’s AirDrop strategies and changes in TVL are crucial factors influencing its future growth.
