{"id":446090,"date":"2024-10-01T16:59:44","date_gmt":"2024-10-01T15:59:44","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=446090"},"modified":"2024-10-01T16:59:44","modified_gmt":"2024-10-01T15:59:44","slug":"eigenlayers-native-token-debut-sees-high-stakes-activity-from-crypto-whales","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/eigenlayers-native-token-debut-sees-high-stakes-activity-from-crypto-whales\/","title":{"rendered":"EigenLayer&#8217;s native token  debut sees high stakes activity from crypto whales"},"content":{"rendered":"<p>The <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a>-based restaking protocol EigenLayer has launched its native token, EIGEN, which is now actively trading on various exchanges.<\/p>\n<p>Unlike other tokens, EIGEN is positioned as a &#8220;Universal Intersubjective Work Token&#8221; that addresses challenges related to &#8220;universality, isolation, metering, and compensation.&#8221;<\/p>\n<p>EIGEN has a total supply of 1.67 billion tokens, with around 186 million currently in circulation, and has been listed on major exchanges like Binance. The token initially surged to $4.44 following its trading debut before dropping slightly to $3.90 as of press time.<\/p>\n<p>At current prices, the token has a fully diluted valuation of $6.5 billion.<\/p>\n<p>EigenLayer is a <a href=\"https:\/\/cryptoslate.com\/ethereum-edges-near-4000-as-eigenlayer-becomes-second-largest-defi-protocol\/\">prominent restaking platform<\/a> that allows users to lock their ETH to provide security for third-party networks. The platform currently holds over $12 billion in total value locked (TVL), down almost 50% from its $20 billion <a href=\"https:\/\/cryptoslate.com\/ethereum-restaking-protocol-eigenlayer-tvl-surges-amid-rising-eth-staking\/\">peak<\/a> earlier this year, based on DeFillama data.<\/p>\n<h2>Whales activity<\/h2>\n<p>On-chain data shows large holders, or whales, are selling their EIGEN tokens.<\/p>\n<p>Blockchain platform SpotOnChain <a href=\"https:\/\/x.com\/spotonchain\/status\/1840994920653603072\">revealed<\/a> that <a href=\"https:\/\/cryptoslate.com\/people\/justin-sun\/\">Justin Sun<\/a>, the founder of <a href=\"https:\/\/cryptoslate.com\/coins\/tron\/\">TRON<\/a>, withdrew 5.24 million EIGEN tokens from the EigenLayer liquid restaking protocol using five addresses and transferred them to the HTX exchange.<\/p>\n<p>SpotOnChain also <a href=\"https:\/\/x.com\/spotonchain\/status\/1841063485138223573\">noted<\/a> that two significant traders made large deposits to <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance<\/a>. HashKey Capital transferred 496,013 EIGEN (worth $2.05 million), and another wallet, &#8220;0x2fe,&#8221; possibly linked to trader @GiganticRebirth, deposited 253,947 EIGEN (valued at $1.06 million).<\/p>\n<p>Typically, transfers to exchanges are seen as bearish signals and often indicate an intent to sell.\u00a0However, while some whales seem to be offloading their holdings, others are accumulating.<\/p>\n<p>Onchain analysis platform Lookonchain <a href=\"https:\/\/x.com\/lookonchain\/status\/1841037257668772077\">reported<\/a> that two whales purchased a total of 702,324 EIGEN tokens, valued at $2.86 million.<\/p>\n<p><span style=\"color: #333333; font-size: 22px; font-weight: bold;\">EIGEN unlock<\/span><\/p>\n<p>On Oct. 1, the EIGEN Foundation <a href=\"https:\/\/x.com\/eigenfoundation\/status\/1840965914486882379\">announced<\/a> that the token is now unlocked. This change allows the token to be traded, transferred, or staked, giving users more flexibility.<\/p>\n<p>The firm stated that developers can now create Actively Validated Services (AVSs) using EIGEN staking. Stakers contribute directly to the security of these services, while partners can leverage EigenLayer's security framework to enhance their protocols.<\/p>\n<p>It also furthered that the token unlock marks a significant moment, fostering greater engagement within the ecosystem. It is expected to drive economic growth, improve governance, and facilitate protocol development, strengthening the broader decentralized network.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ethereum-based restaking protocol EigenLayer has launched its native token, EIGEN, which is now actively trading on various exchanges. Unlike other tokens, EIGEN is positioned as a &#8220;Universal Intersubjective Work Token&#8221; that addresses challenges related to &#8220;universality, isolation, metering, and compensation.&#8221; EIGEN has a total supply of 1.67 billion tokens, with around 186 million currently [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":446105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,79312,76736],"tags":[79798,79294,72190],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EigenLayer&#039;s native token debut sees high stakes activity from crypto whales<\/title>\n<meta name=\"description\" content=\"EigenLayer&#039;s native EIGEN token launch sparks mixed reactions among whales.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/eigenlayers-native-token-debut-sees-high-stakes-activity-from-crypto-whales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EigenLayer&#039;s native token debut sees high stakes activity from crypto whales\" \/>\n<meta property=\"og:description\" content=\"EigenLayer&#039;s native EIGEN token launch sparks mixed reactions among whales.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/eigenlayers-native-token-debut-sees-high-stakes-activity-from-crypto-whales\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-01T15:59:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/10\/eigenlayer-token-unlock.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/eigenlayers-native-token-debut-sees-high-stakes-activity-from-crypto-whales\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/eigenlayers-native-token-debut-sees-high-stakes-activity-from-crypto-whales\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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