EigenLayer’s (EIGEN) addition to Coinbase’s listing roadmap has excited crypto enthusiasts. This move coincides with EigenLayer launching the second round of its airdrop, known as the “stakedrop,” on September 16th, 2024. The stakedrop is a crucial step before EIGEN tokens are traded on exchanges, heightening market expectations.
Coinbase’s decision to include EigenLayer in its roadmap aligns with its strategy to enhance the range of assets available to traders and investors. By incorporating EIGEN, the exchange expands its offering of Ethereum-based assets. The Ethereum network’s (ERC-20) contract address for EigenLayer (EIGEN) is 0xec53bF9167f50cDEB3Ae105f56099aaaB9061F83.
This listing update is part of Coinbase’s revised review process, transitioning from a categorization of ‘assets under consideration’ to a detailed ‘roadmap’ section. This shift aims to provide investors with more accessible and current information on upcoming listings, facilitating well-informed decision-making.
While the listing generates interest, Coinbase emphasizes that transfers and trading for EIGEN will only be enabled once the listing process is finalized. Hence, investors are cautioned against depositing tokens prematurely to prevent potential loss of invested funds. It is vital to await official announcements clearing the path for trading on the exchange.
Moreover, EigenLayer is engaged in its second season stakedrop, drawing mixed reactions from the crypto community due to the distribution of only 15% of the EIGEN token supply through the airdrop, disappointing some community members expecting a larger allocation. Despite criticisms, EigenLayer remains a significant player in decentralized finance (DeFi), boasting a Total Value Locked (TVL) of $11.9 billion, positioned third behind Lido and Aave.
As trading for EIGEN nears, crypto researcher Ignas estimates a market capitalization of approximately $600 million, with 87 million tokens distributed during this airdrop season, representing around 5.2% of the total supply. Analysists closely monitor if Coinbase’s listing could spark a price rally, akin to previous assets joining the platform’s roadmap.