EIGEN token Archives - Coin Engineer

Eigen Foundation Allocates 1% of EIGEN Supply to ETH Protocol Guild

Yigit Taha OZTURK — Fri, 13 Dec 2024 15:00:23 +0000

The Eigen Foundation has announced it will allocate 1% of the EIGEN token supply to the Protocol Guild, a group of core developers responsible for maintaining the Ethereum layer-1 blockchain. This allocation is aimed at supporting the ongoing work of the Protocol Guild, which currently consists of 180 members across 29 teams.

EigenLayer is a restaking protocol on Ethereum that allows assets like Staked Ether (STETH) to be repurposed and staked multiple times. This provides investors with additional yield opportunities while enabling other protocols to leverage Ethereum’s security. EigenLayer has positioned itself as a critical component of the Ethereum network’s infrastructure, drawing both praise and concern from the Ethereum community.

The Growing Popularity of Restaking

Restaking has been seen as a way to bring new capital into the crypto ecosystem, and it has the potential to create a new asset class. By allowing protocols to use restaked assets for network security, restaking alleviates the need for launching a token to secure the network, significantly lowering the barrier for developers and decentralized applications (DApps).

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According to DefiLlama, restaking protocols currently have a total value locked (TVL) of approximately $26.9 billion, with EigenLayer accounting for the majority of this, holding around $18.2 billion.

The EIGEN token gained significant attention, entering the top 100 cryptocurrencies by market capitalization in October due to the rise of EigenLayer. However, it has since dropped out of the top 100 and is currently ranked 108th by market cap.

In November, EigenLayer expanded its restaking options to include Wrapped Bitcoin products, allowing users to stake uniBTC on the ARPA Network, a protocol built on EigenLayer, in exchange for yield.

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EigenLayer Made an Announcement After User Tokens Hacked

Tanju Akbıyık — Sun, 06 Oct 2024 16:00:02 +0000

EigenLayer, the Ethereum restaking protocol, reassured its community that its platform remains secure following a recent hack where approximately $5.7 million worth of EIGEN tokens were stolen from an investor. The team clarified that the incident was an isolated one, not due to any vulnerabilities in the protocol itself.

The issue surfaced on October 4, when EigenLayer began investigating “unapproved selling activity” linked to a specific wallet that offloaded around 1.6 million EIGEN tokens. It was later confirmed that the incident stemmed from a compromised email thread involving the investor’s token transfer, allowing the hacker to steal the tokens. The attacker then sold the stolen tokens via decentralized platforms and transferred the proceeds to centralized exchanges.

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EigenLayer quickly responded by engaging law enforcement and the affected exchanges, managing to freeze a portion of the stolen funds. The protocol emphasized that the incident was not related to any on-chain vulnerabilities or flaws in its token contracts. As the investigation continues, EigenLayer is committed to providing further updates as more information becomes available.

Despite the hack, EigenLayer’s EIGEN token has performed well since its recent unlock on October 1. Initially trading at $3.85, the token briefly hit a market cap that placed it within the top 100 cryptocurrencies, peaking at the 94th spot. As of October 5, EIGEN is trading at around $3.38, with a fully diluted valuation of $5.6 billion, placing it 99th in overall market rankings.

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EigenLayer Removes EIGEN Coin Transfer Restrictions: Market Cap Surpasses $7.1 Billion!

Tanju Akbıyık — Wed, 02 Oct 2024 10:00:38 +0000

EigenLayer has lifted the transfer restrictions on EIGEN coin, allowing the token to be traded across various exchanges. With this significant development, the platform’s market capitalization has reached $7.1 billion.

EIGEN Coin Price and Market Value on the Rise!

Recently listed on Binance, one of the largest cryptocurrency exchanges in the world, EIGEN token has seen a boost in its market value following the removal of transfer restrictions. This move has also enabled EIGEN token holders to mobilize assets they received through airdrops.

EigenLayer distributed EIGEN tokens during two major stakedrop events. Initially, 1.67 billion tokens were supplied. According to Kairos Research, the circulating supply of tokens is expected to be around 200 million.

At the time of writing, EIGEN token is trading at approximately $4.28, and EigenLayer’s fully diluted market capitalization has reached $7.1 billion. The platform’s total locked value, which reached $20 billion in June, is currently hovering above $12 billion.

EIGEN tokens stand out in the crypto world due to an innovative security mechanism known as “inter-subjective forking.” This system allows users to stake Ethereum and contribute to the verification of different networks and services. With this structure, EigenLayer provides a robust security layer to the crypto ecosystem.

How to Purchase EigenLayer (EIGEN) Coin?

To purchase EIGEN coin, you must first have a Binance account. If you don’t have one yet, you can click on this link to register and benefit from a 10% commission discount. After the listing, you can buy EIGEN coin in any desired pair!

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

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