EigenLayer EIGEN token is now tradable on multiple exchanges

The Eigen Foundation announced unlocking the $EIGEN token for trading, transferring, and staking across multiple exchanges. The Foundation claimed developers could now leverage staked assets to build AVSs (actively validated services). Programmatic incentives would also be used to reward operators and stakers using newly minted EIGEN tokens.

Sreeram Kannan, the founder of EigenLayer, stated that the Foundation’s vision was not just to build a re-staking platform but to build humanity’s coordination engine. There were 90M re-staked $EIGEN according to EigenLayer dApp CLI. EigenLayer described itself as a four-sided marketplace where stakers provided capital, operators ran services, developers created AVSs, and consumers benefited.

Eigen token trades on multiple crypto exchanges

GCR(@GiganticRebirth) claimed an airdrop of 253,946 $EIGEN($1.06M) through 7 wallets and deposited all of it into #Binance 40 minutes ago. #GCRhttps://t.co/A95MqjxUT6 pic.twitter.com/gs9KhMjM5r

— Lookonchain (@lookonchain) October 1, 2024

Lookonchain confirmed that $EIGEN is now live. One crypto trader deposited 253,946 $EIGEN worth ~$1.06M into Binance. The $EIGEN was claimed through an airdrop using seven wallets. 

Coingecko’s data revealed that $EIGEN opened trading at $4.05 despite the $6.8B FDV launch.

Etherscan.io’s data revealed that $EIGEN had a maximum total supply of 1.68 billion tokens, with the price currently holding at over $3. It also had an on-chain market cap of $6.46 billion and a circulating supply market cap of $718 million.

“Eigen is a token designed to be staked for all these purposes: anyone can build any decentralized service on top of it, and Eigen stakers earn rewards for staking and operating those services.” 

–Sreeram Kannan

The unlocking of $EIGEN was a call to action for users to join in the building and scaling the future of EigenLayer’s decentralized technology. $EIGEN token allows developers to create decentralized services using staked assets to expand the ecosystem’s potential. EigenLayer confirmed that there were 18 AVS projects on the mainnet, 40 on the testnet, and over 100 in development.  

EigenLayer’s Programmatic Incentives v1 introduces weekly rewards

EigenLayer announced that its Programmatic Incentives v1 would distribute ~66.95M $EIGEN in the first year. The distributed $EIGEN would equal 4% of the token’s initial supply of over 1.67B tokens. Of the 4%, Eigen clarified that 3% would go to ETH and LST stakers and operators, while 1% would go to $EIGEN stakers and operators. 

The Eigen Foundation revealed that qualifying to receive Programmatic Incentives would require operators to be registered to at least one AVS and stakers to be delegated to an AVS-registered operator. 

According to the Foundation, weekly programmatic rewards are available to claim every Tuesday at 19:00 UTC. Rewards accrued from August 15th will appear as ‘Lifetime Earned Rewards’ beginning October 1, while claiming will become available for qualifying stakers and operators as of October 8th. Importantly, there was no expiry for the accrued weekly programmatic rewards, which could be claimed at any time after they accrued.