Coinbase has integrated EigenLayer (EIGEN) into its forthcoming listing strategy, a move that has been met with enthusiasm by cryptocurrency enthusiasts. This decision coincides with EigenLayer initiating the second phase of its airdrop known as the “stakedrop,” which was launched on September 16, 2024. The stakedrop represents the final stage before EIGEN tokens are officially listed on exchanges, heightening market expectations.
By incorporating EigenLayer (EIGEN) into its listing plan, Coinbase is aligning with its goal to expand the range of assets available to traders and investors. This also expands the selection of Ethereum-based assets offered by the exchange, with EigenLayer (EIGEN) being an Ethereum network (ERC-20) contract under the address 0xec53bF9167f50cDEB3Ae105f56099aaaB9061F83.
The addition of EigenLayer to Coinbase’s roadmap is part of a new listing review process that aims to provide investors with more transparent and timely information on upcoming listings, allowing for better decision-making. Previous instances have shown that assets added to the roadmap, such as Zetachain (ZETA) and Gravity (G), experienced price surges, fostering optimism for a potential rally once EIGEN becomes tradable.
As excitement builds around EIGEN’s impending listing, Coinbase has issued a cautionary note, advising customers against premature transfers and trading until the process is finalized to avoid any potential loss. Additionally, the labeling of new assets as “Experimental” signals the higher risk and volatility associated with these assets being relatively new to the market, potentially presenting opportunities for substantial rewards under the right market conditions.
Concurrently, EigenLayer’s ongoing second season stakedrop has garnered mixed reactions within the crypto community, with some expressing disappointment over the distribution of only 15% of the total EIGEN token supply through the airdrop. Despite this, EigenLayer remains a significant participant in the decentralized finance (DeFi) sector, boasting a Total Value Locked (TVL) of $11.9 billion, positioning it as a key player in the DeFi space.
Ahead of EIGEN’s impending trading debut, projections indicate a market capitalization of around $600 million, with approximately 87 million tokens distributed during the second airdrop season. While the pre-market price of EIGEN has faced fluctuations, market analysts are eagerly anticipating Coinbase’s listing to potentially trigger a price rally akin to previous assets added to the exchange’s roadmap.