Restaking protocol EigenLayer is gearing up for the anticipated removal of transfer restrictions on the EIGEN token on September 30.
With the upcoming activation of token transferability, stakeholders will soon be able to trade and transfer their share of EIGEN tokens, including the airdropped rewards. The project clarified that those holding staked tokens must observe a 7-day withdrawal period to unstake their EIGEN tokens.
This update follows the distribution of 86 million EIGEN tokens during the protocol’s second “stakedrop” season, which targeted active stakeholders from March 15 to August 15, 2024. The tokens issued in this and the previous stakedrop in April were initially non-transferable.
EigenLayer is a platform that allows users to deposit and stake ether — aiming to allocate those funds to secure third-party networks or actively validated services. The platform's total supply of 1.67 billion native tokens is expected to be utilized within a crypto-economic security system called inter-subjective forking.
Pre-market trading platforms such as Hyperliquid value derivatives of the EIGEN token at roughly $3.4, with a fully diluted valuation of $5.4 billion.
Despite an initial influx of substantial deposits during a phased rollout, EigenLayer has seen significant outflows recently, resulting in a drop in its total value locked from an all-time high of $20 billion in June to $12 billion.
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