EigenLayer’s EIGEN Token Debuts at $6.51B FDV

Restaking protocol EigenLayer’s native token (EIGEN) is now transferrable and trading at a fully diluted value of $7.16 billion.

It will be listed on several centralized exchanges including Binance and MEXC on Oct. 1 at 05:00 UTC. The token debuted at $3.9 with a fully diluted value of $6.51 billion.

At press time, EIGEN was up over 13% at $4.26.

1.67 billion tokens have entered the market including 86 million tokens that were airdropped to users that interacted with the protocol earlier this year.

Unlike commonly-issued governance tokens, EigenLayer’s approach to EIGEN is different as it labels it the “Universal Intersubjective Work Token.”

A blog post states that the token will solve challenges of “universality, isolation, metering and compensation,” it will also use social consensus and forking to execute a variety of digital tasks.

EigenLayer has experienced outflows in recent months with its total value locked (TVL) dropping from $20 billion in June to around $10 billion. This is partly due to stakers exiting their positions after meeting the criteria to receive an airdrop.

The protocol is built on Ethereum, it accepts ether (ETH) deposits and gives users to ability to secure additional networks in return for additional yield.