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ToggleTransfer restrictions end on September 30
After months of anticipation, EigenLayer officially announced that EIGEN tokens will be transferable starting on September 30. This announcement follows an update released by the EigenLayer Foundation on September 23, confirming that all transfer restrictions on EIGEN will be lifted, allowing holders to freely trade and sell their tokens for the first time.
This is very important to the EigenLayer community and the vast re-staking ecosystem, who have been looking forward to transferring EIGEN tokens. But don’t forget, the pledged EIGEN tokens still need to comply with the seven-day withdrawal period when unstaking. Currently, more than 76.9 million EIGEN tokens are pledged on the platform.
Re-staking innovation on Ethereum
EigenLayer has attracted widespread attention in the field of decentralized finance (DeFi) through the innovative concept of "re-pledge". It allows Ethereum (ETH) stakers to participate in Ethereum network verification while earning additional revenue by providing security for the third-party Active Verification Service (AVS). Since mainnet launch in April this year, EigenLayer has quickly become one of the top DeFi protocols. At the beginning, users could only deposit ETH and obtain EigenLayer points, but after the launch of the mainnet, users were able to provide security for AVS for the first time, further improving the practicality of the protocol.
Not only that, EigenLayer has also spawned the Liquid Re-pledge Token (LRT) ecosystem, allowing many protocols to establish new points games through EigenLayer.
EigenLayer still leads the way in DeFi
EigenLayer's success in the DeFi field can be seen from the total locked volume (TVL). According to DeFi Llama, the protocol is currently the third largest DeFi protocol, with a TVL of $12 billion. Despite the slight decrease in TVL, the platform still holds 4.64 million ETH, accounting for approximately 13% of the total Ethereum pledged volume. It has dropped 14% from its all-time high of 5.43 million ETH in mid-June this year, but EigenLayer still dominates the field.
Airdrop caused dissatisfaction, EigenLayer made adjustments
Although EigenLayer encountered community backlash during the first quarter airdrop in April this year. Many users are dissatisfied with the "non-transferability" of EIGEN tokens that restricts their sale or trading. Additionally, users from seven jurisdictions, including the United States and Canada, are geo-blocked from claiming their coins. The linear distribution model of the airdrop also resulted in smaller users receiving a lower number of tokens than expected. In response to these dissatisfactions, EigenLayer responded to the community by increasing the allocation to all 280,000 eligible users by an additional 100 EIGEN tokens.
In September, EigenLayer announced plans for the second quarter staking airdrop, which will distribute 86 million EIGEN tokens, accounting for approximately 5% of the total supply. This airdrop will be available for redemption on September 17th.
( EigenLayer launches the second quarter staking airdrop event, issuing 86 million EIGEN tokens )
In addition, EigenLayer has once again expanded its replenishable assets and now supports tBTC, an ERC-20 token collateralized by Bitcoin; once again increasing the opportunities to expand its ecosystem.
Daily Coin Research: It’s better to be scolded now than not being popular at all
Alvin, founder of the media "Daily Coin Research", commented that the opening of EIGEN to circulation will definitely be a major event for the re-pledge market. Puffer Finance in the ecosystem is also expected to issue tokens simultaneously, giving it the opportunity to create another boom. According to Thor, compared with FDV when Etherfi was listed previously, the current pre-market price of EIGEN is significantly underestimated, and after the market rebounded, the price has also increased day by day. The low point has increased by more than 50% so far. Perhaps Ethereum DeFi The next outbreak opportunity that the ecology is waiting for will start from EIGEN. 9/30 If EIGEN performs poorly, the decline of the re-staking ecosystem will inevitably affect the price of ETH.
However, the issuance of these re-pledged ecological protocols has to be done. Rather than being silently forgotten in the bear market, it is better to bite the bullet and issue coins as scheduled and be scolded, at least to maintain the popularity. How far the re-staking ecology can go in the future depends on whether the supply and demand market of AVS can flourish.
