As a seasoned crypto investor with a knack for spotting potential in decentralized finance (DeFi) projects, I find myself intrigued by the recent developments surrounding EigenLayer. The imminent activation of token transferability for the EIGEN tokens is an exciting prospect, as it opens up new opportunities for trading and transferring my shares of the airdropped rewards.
In just under a week, the restrictions on transferring EIGEN tokens within Ethereum‘s Layer-2 protocol, EigenLayer, will be lifted. This means that as early as September 30th, token holders will have the ability to trade and transfer their EIGEN tokens, which includes any rewards they may have received through airdrops.
EigenLayer TVL Drops Significantly
For users to transfer their EIGEN tokens after staking, they need to wait for a 7-day period to pass. During the initial “stakedrop” event by EigenLayer, these tokens were not allowed to be transferred. EigenLayer’s protocol facilitates the deposit and staking of Ethereum.
Over time, this platform intends to move the deposited funds onto secure third-party networks or Active Validated Services (AVS). The platform has a circulating supply of 1.67 billion native tokens, which will be instrumental in a crypto-economic security system known as inter-subjective forking. As per pre-market trading platforms like Hyperliquid, the value of EIGEN token’s derivatives is around $3.4, while its fully diluted valuation stands at an impressive $5.4 billion.
As a crypto investor, I’ve noticed that despite EigenLayer’s gradual deposit influx during its rollout, the impact on significant inflows hasn’t been as noticeable yet. The Total Value Locked (TVL) has dipped from its all-time high (ATH) of $20 billion in June to $12 billion. Interestingly, on June 6th, EigenLayer’s TVL peaked at $20.09 billion, placing it as the second-largest Decentralized Finance (DeFi) protocol, just behind Lido. However, recent data from DeFiLlama indicates that it has now been surpassed by both Lido and Aave.
On August 16, TVL (Total Value Locked) saw a substantial decrease of approximately $351 million over a 24-hour period. This drop occurred after Eigen Labs, the company behind EigenLayer, was accused of receiving large amounts of tokens from projects utilizing their platform. These allegations raised concerns among stakeholders regarding transparency and ethical practices within EigenLayer’s operations.
The restaking procedure aimed to alleviate worries by referencing policy updates, however, it failed to boost TVL (Total Value Locked). As per DefiLlama’s statistics, the Total Value Locked for EigenLayer stands at approximately $12.29 billion at present.
EigenLayer Unveiled Second Stakedrop
Significant to note, the latest news about token transfers was announced just under three weeks following the announcement of the second season for the Ethereum restaking protocol’s “stakedrop” program. This program is expected to distribute around 86 million EIGEN tokens among stakeholders such as stakers, node operators, ecosystem partners, and community members. The distribution of these tokens began a few days ago.
Individuals who participated from March 15 to August 15 were eligible to receive EIGEN tokens, totaling 86 million. Out of these, 70 million were designated for those staking Ethereum and operating nodes. Importantly, the distribution was proportionate to each individual’s staked Ethereum during this given timeframe.
As an analyst within our team, I’ve played a crucial role in determining the token distribution for our project. Specifically, we have set aside up to 10 million tokens for liquid staking protocols, AVSs, and rollups – all vital components of the EigenLayer ecosystem. The remaining 6 million tokens are earmarked for early advocates and open-source contributors who have been instrumental in our project’s growth.
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2024-09-24 14:17