Coinbase has announced that EigenLayer (EIGEN) is now part of its upcoming listings, a move that has delighted cryptocurrency enthusiasts. This coincides with EigenLayer initiating the second round of its airdrop known as the “stakedrop,” which commenced on September 16, 2024. The stakedrop is the final step before EIGEN tokens are traded on exchanges, building anticipation within the market.
Incorporating EigenLayer (EIGEN) into its listings aligns with Coinbase’s strategy to expand the range of assets offered to traders and investors. By including EIGEN, the exchange broadens its selection of Ethereum-based assets. The Ethereum network (ERC-20) contract address for EigenLayer (EIGEN) is 0xec53bF9167f50cDEB3Ae105f56099aaaB9061F83.
With the recent shift in their listing review process to a designated “roadmap” section, Coinbase aims to provide investors with enhanced and timely information on upcoming listings to facilitate informed decision-making.
While the announcement of EIGEN’s addition to the roadmap has sparked interest, Coinbase has cautioned customers against making premature transfers or trades involving EIGEN before the listing is finalized. It is crucial for investors to follow official announcements and await confirmation from the exchange to avoid potential loss of funds.
Additionally, EigenLayer’s ongoing “stakedrop” has generated mixed reactions from the crypto community due to the limited distribution of only 15% of the total EIGEN token supply, resulting in some disappointment among participants. Despite this, EigenLayer remains a prominent player in the decentralized finance (DeFi) space, boasting a Total Value Locked (TVL) of $11.9 billion, ranking third after Lido and Aave.
As EIGEN gears up for trading on September 30, with 12% of its tokens already in circulation, estimated to start with a market capitalization of around $600 million, analysts are closely monitoring whether Coinbase’s listing will trigger a similar price rally as observed with previous assets joining the exchange’s roadmap.