Eigenlayer to Launch EIGEN Token on Binance Amidst 50% Drop in Total Value Locked

The token is currently trading at $4.11 on Aevo. Its fully diluted value (FDV) is $6.8 billion. Early adopters have been allocated 5% of the total supply. If you’re looking to trade on centralized exchanges, mark your calendar for 05:00 UTC on Tuesday.

Eigenlayer is set to launch its much-anticipated token, EIGEN, at 9 p.m. PST on Monday (that’s 04:00 UTC on Tuesday). Trading will kick off on Binance just an hour later. EigenLayer allows users to stake ether (ETH). This staked ETH can secure other networks and earn you extra rewards.

However, the total value locked (TVL) in the protocol has dropped by more than 50% since June. This decline is due to increased competition and a general slump in the restaking sector. Right now, the TVL is around $10 billion.

The total supply of the EIGEN token will be 1.6 billion. Out of this, 86 million tokens are set aside for early adopters. They will receive a new airdrop called the "stakedrop."

Expect some price volatility when the token launches. Currently, it’s priced at $4.11 on Aevo, which has seen a trading volume of $191,000 in the last 24 hours. The token's fully diluted value (FDV) remains at $6.8 billion.