- EigenLayer’s native token, EIGEN, is on the verge of its official unlock, scheduled at 5:00 a.m. UTC on Oct. 1.
- Market data from decentralized perpetual exchanges is already indicating a positive market sentiment ahead of its debut.
- “Airdrop farmers dumping could weigh on the price initially, but there will likely be significant interest in acquiring EIGEN,” said Aylo, pseudonymous founder of Alpha Please.
EigenLayer’s native token, EIGEN, is set for a bullish debut as it unlocks on Oct. 1 and begins trading on major exchanges soon after. Discover more about its market potential and what experts are predicting.
EIGEN Token Unlock Sparks Anticipation
EigenLayer’s EIGEN token, integral to the Ethereum restaking protocol, is slated for its official unlock at 5:00 a.m. UTC on Oct. 1. This event is highly anticipated in the crypto community, with EIGEN set to be available for trading on prominent exchanges such as Binance and BitFinex shortly afterward. The token has been non-transferable since its initial launch in May, creating a built-up market interest that appears poised for a vibrant debut.
Market Indicators and Pricing Insights
According to trading data from decentralized perpetual exchanges Aevo and Hyperliquid, EIGEN perpetual futures (perps) suggest an initial spot price near $4 per token. Over September, these perps showed a steady price climb, nearly doubling from lows of around $2 each. This trend is corroborated by informal over-the-counter (OTC) trades, which revealed a price increase from $2 in August to about $3.50 by late September.
Evaluating EIGEN’s Fully Diluted Valuation
With a total token supply of 1.67 billion, EIGEN’s fully diluted market value is projected to surpass $6.7 billion. Currently, around 200 million EIGEN tokens are in active circulation, and trading volume on Aevo and Hyperliquid is roughly $1 million within a 24-hour period. This volume, while indicative, may not entirely capture the comprehensive market dynamics expected post-unlock.
Impact of Early Adopter Actions
Following the initial airdrop in May, early OTC trades valued EIGEN as high as $10 per token. As more protocols begin leveraging EigenLayer’s restaking capabilities, a significant opportunity arises for token holders. As of late September, EigenLayer holds nearly $12 billion in total value locked (TVL), facilitated by an increasing number of actively validated services (AVS) using EIGEN as collateral.
Expanding Ecosystem and Future Prospects
EigenLayer’s ecosystem continues to grow robustly. In August, the affiliated AVS, EigenDA, started rewarding restakers with Ether (ETH) and EIGEN. This trend is seeing further adoption with other AVS, such as ARPA Network, also providing rewards. Aylo of Alpha Please referred to EigenLayer as the potential “AWS for decentralized services,” hinting at a valuation that might exceed current market expectations.
Conclusion
As EigenLayer prepares for the EIGEN token unlock, it is clear that the ecosystem is charged with momentum. With a substantial TVL and an expanding AVS network, EIGEN appears well-positioned to command significant interest from both retail and institutional investors. While initial price fluctuations due to airdrop farming are expected, the longer-term outlook for EIGEN seems bullish, driven by its utility in securing and scaling decentralized services.
