- EigenLayer will lift EIGEN token transfer restrictions on September 30, 2024.
- Stakeholders must adhere to a 7-day withdrawal period to unstake EIGEN tokens.
- Pre-market valuation values the EIGEN token at $3.4 while TVL falls from $20 billion to $12 billion.
EigenLayer, a prominent re-staking protocol, will remove transfer restrictions for the native EIGEN token, allowing stakeholders to trade and transfer tokens starting September 30th.
This significant update comes after months of anticipation, especially following the protocol’s recent token distribution.
EIGEN tokens are non-transferable.
EigenLayer has been at the forefront of crypto innovation, allowing users to stake Ether (ETH) to secure third-party networks and other verified services. EIGEN, the platform’s native token, launched last April, plays a pivotal role in this ecosystem.
However, to date, EIGEN tokens remain non-transferable due to restrictions imposed by two major “stakedrop” events. Tokens remain locked and stakeholders cannot transfer or trade them.
With these restrictions lifted, EIGEN holders, including those who received airdrop rewards, will now be able to freely manage their assets.
For those who have staked their tokens, EigenLayer has specified that a mandatory 7-day withdrawal period must be observed to unlock EIGEN stakes. This adds a slight delay before tokens are fully withdrawn and traded.
EigenLayer has experienced significant outflow of funds.
In pre-market trading, the derivatives value of EIGEN tokens was valued at approximately $3.4 billion, with a fully diluted value of $5.4 billion.
However, despite its initial success, EigenLayer has experienced significant outflows in recent months, with its total fixed value (TVL) falling from $20 billion in June to $12 billion.
As the transferable date approaches, the future trajectory of the platform is being closely watched by the cryptocurrency community.