A brand new Ethereum (ETH)-based “restaking” protocol is debuting to a huge valuation after gaining Coinbase support.
According to Coinbase, the top US-based crypto exchange by trading volume listed Eigenlayer (EIGEN) yesterday.
[adinserter block="1"]“Coinbase will add support for EigenLayer (EIGEN) on the Ethereum network (ERC-20 Token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on Coinbase in the regions where trading is supported.”
Eigenlayer aims to allow users to reuse their staked ETH or other Liquid Staking Tokens (LSTs) to secure Eigenlayer ecosystem decentralized applications (DApps). The approach attempts to maximize staked asset utility while contributing to the general security of the ETH ecosystem.
Following its launch and the Coinbase announcement, EIGEN leaped from an all-time low of $3.61 to an all-time high of $4.47, a 23.8% increase in just a three hour span.
According to blockchain reporter Colin Wu, Tron (TRX) blockchain founder Justin Sun transferred a large sum of EIGEN earlier today, greatly increasing the asset’s fully diluted value (FDV).
“Justin Sun’s team has transferred 5.37 million EIGEN to Huobi HTX through six addresses, worth about $21.8 million. Based on the current price of 4.06 USDT, the EIGEN FDV is about $6.8 billion.”
Eigenlayer is trading for $4.02 at time of writing, up 0.1% in the last 24 hours.
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