Coinbase has included EigenLayer (EIGEN) in its future listing plan, which has been welcomed by the crypto enthusiasts. This comes at the same time as EigenLayer is starting the second round of its airdrop, called the “stakedrop,” which was launched on September 16th, 2024. The airdrop is the last step before EIGEN tokens are listed on exchanges and therefore increase the market expectation.
Coinbase Adds EigenLayer (EIGEN) To Listing Roadmap
The addition of EigenLayer (EIGEN) into Coinbase’s roadmap is in line with the exchange’s plan to increase the number of assets available to traders and investors. When adopting EIGEN, the crypto exchange expands its series of the Ethereum-based assets that the company offers. The Ethereum network (ERC-20) contract address for EigenLayer (EIGEN) is 0xec53bF9167f50cDEB3Ae105f56099aaaB9061F83.
Assets added to the roadmap today: EigenLayer (EIGEN) https://t.co/rRB9d3hSr2
— Coinbase Assets
(@CoinbaseAssets) September 27, 2024
This is part of its new listing review process which has shifted from the previous ‘assets under consideration’ to a ‘roadmap’ section. This is to enable the investors to have better and frequent information on the new listing schedules in the market so that they can make better and informed decisions.
Crypto exchange Coinbase has had previous price increases after the announcement of assets roadmap. For instance, Zetachain (ZETA) gained over 20% after it was added to the roadmap. Likewise, Gravity (G) also experienced a price surge. As a result,once EIGEN becomes tradable it may exhibit similar trend which may lead to optimism of a rally. This expectation aligns with price recovery expectations of Hamster Kombat after the exchange disclosed support for the token.
Warnings on Premature Transfers and Trading
Although the listing has generated interest, Coinbase has informed its customers that it will not enable transfers and trading for EIGEN until the listing is complete. Investors are advised not to deposit these tokens early as this may result to total loss of the invested funds.
The warning reminds users of the need to follow official announcements and not to start trading until they receive the green light from the Crypto exchange.
Besides the roadmap listing, the Crypto exchange has added the label “Experimental” for new assets. This labeling usually relates to the assets that may be characterized with higher risks and volatility since they are relatively new to the market. EIGEN could well fit into this category especially once trading is underway, however, there is scope for even higher rewards based on market conditions.
EigenLayer Second Season Stakedrop
Concurrently, EigenLayer’s second season airdrop, or “stakedrop,” is currently underway, allowing participants to claim tokens between September 16, 2024, and March 16, 2025. However, the airdrop has received mixed reactions from the crypto community. One point of contention is that only 15% of the total EIGEN token supply is being distributed through the airdrop, leading to disappointment among some community members who expected a larger allocation.
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… pic.twitter.com/I5Dk66145E
— Ignas | DeFi (@DefiIgnas) September 20, 2024
Crypto researcher Ignas has estimated that EIGEN’s market capitalization will be around $600 million when trading begins, with approximately 87 million tokens distributed during the second airdrop season. This figure accounts for about 5.2% of the total supply. While the pre-market price of EIGEN has been declining, analysts are closely watching to see if Crypto exchange Coinbase’s listing could spark a price rally similar to previous assets that joined the platform’s roadmap.
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