EigenLayer's $6.8B EIGEN token set for unlock

EigenLayer (CRYPTO:EIGEN), the Ethereum (CRYPTO:ETH) restaking protocol, is preparing to unlock its native EIGEN token on October 1 at 5:00 am UTC.

The token, which has been nontransferable since its May launch, will soon begin trading on major centralized exchanges such as Binance and Bitfinex.

According to derivative markets on decentralised exchanges like Aevo (CRYPTO:AEVO) and Hyperliquid, the token is expected to debut with a price of approximately $4.

EIGEN-linked perpetual futures, or "perps," have been climbing in value throughout September, nearly doubling from their lows of around $2.

The 24-hour trading volume of EIGEN perps across Aevo and Hyperliquid has reached approximately $1 million, though some market participants suggest this volume may not fully reflect the broader market dynamics.

Over-the-counter (OTC) trades in August priced EIGEN at $2 per token, rising to around $3.50 by late September.

With 200 million EIGEN tokens in circulation, the fully diluted valuation (FDV) of the token is projected to exceed $6.8 billion.

This valuation is based on the total supply of 1.67 billion tokens.

Market observers anticipate volatility in the early stages of EIGEN's trading.

Aylo, the pseudonymous founder of Alpha Please, commented that while some airdrop recipients might sell their tokens, there will likely be strong interest in buying EIGEN at discounted prices for long-term holding.

"There will be a lot of interest in picking up cheap EIGEN for the rest of the cycle," Aylo said in a recent post on X.

EigenLayer's ecosystem continues to expand.

As of September 30, it held nearly $12 billion in total value locked (TVL), according to DefiLlama.

EigenDA, a service within EigenLayer's network, has begun distributing rewards to restakers in Ether (ETH) and EIGEN, while additional protocols, such as Arpa Network, are following suit.

Aylo also noted that over 60 projects are now building on EigenLayer, which could increase the protocol's valuation beyond current expectations.