EigenLayer's EIGEN Token Debuts at $6.51B FDV

• At press time, EIGEN is trading at $4.26, at an FDV of $7.16 billion.
• The token will be listed on Binance and other exchanges on Oct. 1.
• TVL on EigenLayer has dropped by 50% since June.

Restaking protocol EigenLayer's native token (EIGEN) is now transferrable and trading at a fully diluted value of $7.16 billion.

It will be listed on several centralized exchanges including Binance and MEXC on Oct. 1 at 05:00 UTC. The token debuted at $3.9 with a fully diluted value of $6.51 billion.

At press time, EIGEN was up over 13% at $4.26 .

1.67 billion tokens have entered the market including 86 million tokens that were airdropped to users that interacted with the protocol earlier this year.

Unlike commonly-issued governance tokens, EigenLayer's approach to EIGEN is different as it labels it the "Universal Intersubjective Work Token."

A blog post states that the token will solve challenges of "universality, isolation, metering and compensation," it will also use social consensus and forking to execute a variety of digital tasks.

EigenLayer has experienced outflows in recent months with its total value locked (TVL) dropping from $20 billion in June to around $10 billion. This is partly due to stakers exiting their positions after meeting the criteria to receive an airdrop.

The protocol is built on Ethereum, it accepts ether {{ETH}} deposits and gives users to ability to secure additional networks in return for additional yield.