$EIGEN Will be open to circulation soon: What you need to know and market trends

The research institute Kairos Research stated that this Tuesday is an important day for $EIGEN, as the token transfer function has been officially activated. Kairos analyzed the EIGEN supply and market dynamics. Supply Dynamics: Understanding Circulating Supply Kairos explained that the total supply of $EIGEN at launch was 1,673,646,668 tokens. However, the actual circulating supply has been significantly reduced due to two important StakeDrop events: - StakeDrop 1: Contributed 6.75% of the total supply - StakeDrop 2: Contributed 5.2% of the total supply This resulted in an initial circulating supply of around 11.95%, or approximately 200,000,776 EIGEN tokens. Actual Circulating Floating Supply vs. Initial Expectation Delving into the token dynamics reveals a different situation than expected. During the first quarter (StakeDrop 1), only 85.4% of the tokens were claimed, translating to 95 million EIGEN. Currently, in the second quarter, only 21.7% of the tokens have been claimed, adding 18.6 million EIGEN. Therefore, the current "circulating supply" is 114 million EIGEN. Of this, 73 million EIGEN have been re-staked through EigenLayer, resulting in an actual circulating floating supply of 40.43 million EIGEN. Price Impact: Floating Supply and Market Capitalization Kairos stated that based on the current pre-market price of $3.84 per EIGEN on HyperLiquid, the floating supply's market value is $155 million. This translates to a fully diluted valuation (FDV) of $6.42 billion. The extremely low floating supply of 2.42% may cause significant volatility in the price discovery process. Claiming Dynamics: Factors Affecting Token Availability Currently, there are two key factors affecting the claiming dynamics: 1. Operator Claiming Delay: Operator claims can only be activated after October 6th, which may lead to a delay in token claims. 2. Tax Considerations: The slow claiming pace may also be related to tax planning, as the claiming window will remain open until March 25th next year. Major Claimers Analysis: Wallet Data Insights Through data analysis on dune analytics, Kairos identified some of the largest claimers in the two StakeDrop seasons. While the data was not entirely consistent across different queries, cross-checking on Etherscan confirmed the validity of these wallet claims. It's important to note that the actual entity labels for these wallets may not be 100% accurate, as they were derived from a combination of Arkham and Nansen labeling and fund source tracing. Some of these high-claiming wallets have chosen to re-stake part or all of their EIGEN tokens, which may play a significant role in market conditions, as they hold a large share while the circulating floating supply is limited. Unlock Schedule and Future Supply Allocation Kairos noted that the unlocking of $EIGEN tokens will begin a year from this Tuesday. Additionally, 3% of the supply has not been distributed in the second-season StakeDrop, and there are also an additional 4% of the first-year total supply allocated for protocol incentives. As more supply gradually enters circulation, the platform's functionalities will be further enhanced, such as the implementation of slashing mechanisms, providing clearer insights for users and market participants to assess the demand drivers and long-term potential of $EIGEN.