EigenLayer, a popular restaking protocol, is preparing to lift restrictions on the transferability of its EIGEN token on September 30. This significant development will allow stakeholders to trade and transfer their EIGEN tokens, including the airdropped rewards.
Following the successful completion of its second “stakedrop” season, EigenLayer distributed 86 million EIGEN tokens to active stakeholders. However, these tokens were initially non-transferable. The upcoming removal of restrictions will provide greater flexibility for token holders.
It’s important to note that those who have staked their EIGEN tokens will need to observe a 7-day withdrawal period before they can unstake their tokens. This measure is designed to maintain the security and stability of the protocol.
EigenLayer, a platform that enables users to stake ether and participate in securing third-party networks, has a total supply of 1.67 billion native tokens. These tokens play a crucial role in the platform’s crypto-economic security system.
Pre-market trading platforms have valued derivatives of the EIGEN token at approximately $3.4, giving the project a fully diluted valuation of $5.4 billion.
While EigenLayer experienced a surge in deposits during its initial rollout, it has recently seen a decline in its total value locked. This decrease, from an all-time high of $20 billion in June to $12 billion, can be attributed to various factors, including market conditions and user behavior.
