Oracle service, Pyth Network announced the launch of an on-chain price feed for EIGEN, the native token of Ethereum-based restaking protocol, EigenLayer. The new EIGEN-USD price feed is now accessible across over 75 blockchains.
EigenLayer allows users to stake ETH to secure third-party networks or actively validated services (AVSs). Currently, the platform has over $12 billion in total value locked (TVL), a decrease from its peak of $20 billion reached in June of this year.
EIGEN token plays a major role in the EigenLayer ecosystem by providing a complementary function to ETH restaking. It introduces a mechanism to handle “intersubjective” faults, or behaviors that are not identifiable on-chain but warrant a penalty. With this mechanism, EIGEN provides a way for the token to be forked without forking the Ethereum mainnet consensus.
EIGEN has a total supply of 1.68 billion tokens, with an initial circulating supply of 185 million.
Earlier this week, EIGEN became transferable, launching with a market cap of $3.9 billion and a fully diluted valuation (FDV) of $6.51 billion. The token has also been listed on centralized exchanges, including Binance and MEXC.
The Pyth Network has released its EIGEN/USD price feed which is now available on more than 75 blockchains.$EIGEN is the native token of @eigenlayer, a protocol built on @ethereum that introduces restaking.@avantisfi is the first to launch their $EIGEN market and @ZetaMarkets… pic.twitter.com/53roJIxs9s
— Pyth Network(@PythNetwork) October 4, 2024
How Do Pyth Network’s Price Feeds Work?
The Pyth Network supplies asset price data throughout various blockchains, enabling smart contract applications to access real-time financial market information. The price feeds are generated from over 95 primary data providers, encompassing market-making firms and cryptocurrency exchanges. Each price feed aggregates these prices multiple times per second, ensuring a strong and accurate reflection of market conditions. The protocol currently supports over 450 price feeds that encompass a wide range of assets, including cryptocurrencies, commodities, and US equities.
Earlier this year, Pyth Network launched an on-chain price feed for W, the governance token of Wormhole. Additionally, it offers price feeds for BLAST-USD, among other assets, further expanding its data offerings.
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