EigenLayer’s native token, EIGEN, officially unlocked at 5:00 AM UTC on October 1 and has been trading just below $4, reflecting a fully diluted market capitalization of approximately $6.5 billion.
Following its launch, EIGEN quickly ascended to the top 100 cryptocurrencies by market capitalization, according to CoinMarketCap. The token has fluctuated between $3.50 and $4.50 on Binance, currently priced around $3.85.
This valuation aligns closely with pre-launch expectations seen on derivatives exchanges and over-the-counter markets. Aylo, the pseudonymous founder of Alpha Please, noted in a recent post on X that EIGEN debuted right at the anticipated market price, estimating its fully diluted value at $7 billion.
As of now, EIGEN ranks 94th in market capitalization, trailing behind established tokens like Optimism (OP) at $1.69, Uniswap (UNI) at $7.02, and Filecoin (FIL) at $3.65, but surpassing Ethena (ENA), which trades at $0.3674. Aylo remarked on the surprising valuation of EIGEN compared to these tokens, emphasizing EigenLayer’s significance in the Ethereum ecosystem this cycle and its extensive media coverage over the past year.
EigenLayer initially distributed EIGEN through an airdrop in May but restricted token transfers until October. Sources close to the situation revealed that informal over-the-counter trades for EIGEN surged from around $2 in August to approximately $3.50 by September 24, corroborating discussions within EigenLayer’s community forums.
Token holders stand to gain as more protocols begin compensating EigenLayer’s restakers—those who deposit tokens like EIGEN as collateral for securing other networks or “actively validated services” (AVS). As of September 30, EigenLayer reported nearly $12 billion in total value locked (TVL), according to DefiLlama.
In August, EigenDA, an associated AVS of EigenLayer, commenced rewarding restakers with Ether (ETH) and EIGEN tokens. Other AVS platforms, including Arpa Network, are expected to follow suit in providing similar incentives.
