As a seasoned analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of listings and airdrops. The recent announcement by Coinbase to include EigenLayer (EIGEN) on its listing roadmap is an exciting development for both the exchange and the crypto community.
Coinbase has announced plans to list EigenLayer (EIGEN) in the future, a move that’s been met with excitement by crypto enthusiasts. Interestingly, this announcement coincides with the start of EigenLayer’s second airdrop phase, known as “stakedrop,” which began on September 16th, 2024. This airdrop is the final step before EIGEN tokens become available for trading on exchanges, raising market anticipation.
Coinbase Adds EigenLayer (EIGEN) To Listing Roadmap
Integrating EigenLayer (EIGEN) into Coinbase’s plans aligns with their strategy to broaden the selection of assets accessible to traders and investors. By incorporating EIGEN, Coinbase extends its collection of Ethereum-based assets. The Ethereum network contract address for EigenLayer is 0xec53bF9167f50cDEB3Ae105f56099aaaB9061F83.
Assets added to the roadmap today: EigenLayer (EIGEN)
— Coinbase Assets (@CoinbaseAssets) September 27, 2024
The change in the listing review process now presents a ‘roadmap’ instead of ‘assets under consideration.’ This update aims to provide investors with more consistent and regular updates about upcoming listings, empowering them to make well-informed and timely investment decisions.
Previously, when Coinbase announced its asset roadmap, prices of some cryptos like Zetachain (ZETA) and Gravity (G) have risen significantly – up to 20% for ZETA and a surge for G. This trend might repeat itself with EIGEN once it becomes tradeable, potentially sparking optimism for a price increase similar to Hamster Kombat, whose rally is also anticipated following Coinbase’s announcement of its support for the token.
Warnings on Premature Transfers and Trading
While there’s been a lot of curiosity about EIGEN, Coinbase has clarified that they won’t facilitate transfers or trading for this token until the listing process is fully completed. It’s recommended that investors hold off on depositing these tokens prematurely to avoid potential loss of the invested funds entirely.
The reminder encourages users to adhere to authorized updates before initiating any trades, waiting for confirmation from the Cryptocurrency exchange first.
Apart from providing a roadmap for new listings, the Cryptocurrency exchange has marked certain assets as “Experimental.” This tag typically indicates assets that come with increased risk and volatility due to their novelty in the market. Asset like EIGEN might fall under this category once trading begins, but there’s also potential for greater returns depending on market conditions.
EigenLayer Second Season Stakedrop
Right now, the “stakedrop” for EigenLayer’s second season is happening, enabling participants to collect tokens from September 16, 2024, up until March 16, 2025. This event has sparked varying opinions within the cryptocurrency community. One of the main criticisms is that only 15% of the entire EIGEN token pool is being distributed in this airdrop, which some community members find disappointing as they anticipated a more substantial distribution.
Despite these criticisms, EigenLayer remains a notable player in the decentralized finance (DeFi) space, with a Total Value Locked (TVL) of $11.9 billion, ranking third behind Lido and Aave.
$EIGEN will start trading in just 10 days on Sept 30.
With 12% of EIGEN in circulation, it will launch with a market cap of ~$600M and ~$5B FDV.
This will put EIGEN at 123rd in market cap, below $DYDX and above $NEXO.
Seems low? NFA!
Unfortunately, EIGEN has dropped from $10…
— Ignas | DeFi (@DefiIgnas) September 20, 2024
According to crypto expert Ignas, it’s projected that EIGEN’s market value will be roughly $600 million upon its launch, with nearly 87 million tokens given out during the second round of airdrops. This represents around 5.2% of the total number of tokens in circulation. Despite a downward trend in EIGEN’s pre-market pricing, there is keen interest among analysts to determine if its listing on Crypto exchange Coinbase might trigger a price surge akin to other assets that have been added to Coinbase’s roadmap.
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2024-09-28 02:30