A newly launched Ethereum (ETH)-based “restaking” protocol is making waves with a significant valuation after receiving support from Coinbase.
As reported by Coinbase, the leading crypto exchange in the US by trading volume added Eigenlayer (EIGEN) to its platform yesterday.
“Coinbase will support EigenLayer (EIGEN) on the Ethereum network (ERC-20 Token). Please refrain from sending this asset over other networks, as you may risk losing your funds. Transfers for this asset are available on Coinbase in the regions where trading is enabled.”
Eigenlayer’s goal is to enable users to leverage their staked ETH or other Liquid Staking Tokens (LSTs) to secure decentralized applications (DApps) within the Eigenlayer ecosystem. This method seeks to enhance the utility of staked assets while enhancing the overall security of the ETH ecosystem.
Following its introduction and the Coinbase announcement, EIGEN surged from an all-time low of $3.61 to an all-time high of $4.47, marking a remarkable 23.8% increase in just three hours.
As per blockchain journalist Colin Wu, Tron (TRX) founder Justin Sun transferred a substantial amount of EIGEN earlier today, significantly boosting the asset’s fully diluted value (FDV).
“Justin Sun’s team has moved 5.37 million EIGEN to Huobi HTX through six addresses, totaling approximately $21.8 million. With the current price at 4.06 USDT, EIGEN’s FDV is around $6.8 billion.”
As of this writing, Eigenlayer is priced at $4.02, up 0.1% in the last 24 hours.
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