Binance, the leading cryptocurrency exchange by trading volume, has revealed its intentions to list EIGEN, enabling trading for a select range of spot trading pairs.
EIGEN serves as the native token for the EigenLayer ecosystem, a prominent restaking protocol on the Ethereum blockchain.
Binance Unveils EigenLayer Spot Trading
Starting Tuesday, October 1, at 05:00 UTC, users will have the opportunity to trade EIGEN against BTC, USDT, FDUSD, and TRY. Prior to this, EIGEN holders can deposit the token in anticipation of the trading launch, with withdrawals commencing on Wednesday.
In an attractive incentive for traders, the new listing will impose zero fees, allowing users to exchange the token without incurring any charges — a tactic frequently employed by exchanges to boost trading activity.
However, Binance has warned that EIGEN, being a relatively nascent token, entails higher than usual risks and may encounter considerable price fluctuations. In light of this, Binance will apply a seed tag, a unique identifier that sets EIGEN apart from other tokens.
Read more: Top 5 Spot Trading Crypto Exchanges
This listing underscores Binance’s commitment to offering a broad spectrum of trading options for its user base and marks its entrance into the liquid staking arena. Liquid staking tokens allow holders to generate yields on their underlying assets while engaging in decentralized finance (DeFi) activities such as lending and borrowing. LSTs additionally contribute to the blockchain’s security through staking.
On the other hand, EigenLayer continues to lead in Ethereum restaking. A recent report from CoinGecko highlighted that EigenLayer’s restaking played a significant role in the Ethereum ecosystem’s accomplishments in Q1 2024.
Since September 7, the total value locked (TVL) on EigenLayer has surged by more than $1.5 million. This indicates user deposits are consistently being made to the platform, potentially enhancing liquidity, popularity, and usability — critical factors for a project’s success.
Currently, the TVL on EigenLayer stands at $11.982 billion, reflecting a larger amount of capital secured in the DeFi protocol, providing participants with increased advantages and returns.
Read more: What Is Liquid Staking in Crypto?
Other exchanges reportedly preparing to list EIGEN include Bybit, MEXC, Gate.io, and Kraken. The token is already accessible for pre-market trading on some of these platforms. Meanwhile, Tanaka, a contributor at Hashflow, mentioned that this listing could prove advantageous for associated projects.
“EIGEN will be listed on centralized exchanges on 1/10. Major exchanges like Binance, Kucoin, and OKX might announce it tomorrow. I’m placing bids on some LRT projects,” Tanaka wrote.
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