EigenLayer Unlocks Tokens at $6.7 Billion Valuation

EigenLayer Unlocks Tokens at $6.7 Billion Valuation

After months of waiting, EigenLayer’s EIGEN token is finally ready for trading, with the unlock set to take place today. The Ethereum restaking protocol has built up considerable hype, and now with a circulating supply of 200 million tokens, futures trading on platforms like Aevo have priced EIGEN at around $4.03, valuing the token at $6.7 billion. Binance will open trading in about 15 minutes.

EigenLayer’s unique approach allows users to stake across multiple blockchain networks, which has helped it gain traction. Right now, it has nearly $12 billion in total value locked, a number that’s sure to be watched closely as the token hits the open market. For those holding staked tokens, a 7-day withdrawal period still applies before they can begin trading.

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Polymarket Users Almost Lost Eigen Airdrop Bet by One Minute

Speaking of EigenLayer, Polymarket bettors faced a surprising twist over a wager tied to its token unlock. The EigenLayer airdrop bet has experienced significant volatility ahead of its final resolution. As of now, the "Yes" side of the wager, which speculates that the token would unlock by September 30th, spiked back up to 90%, following earlier sharp fluctuations in the odds.

Earlier, bettors who had taken the "Yes" side were caught off guard when it was revealed that the token unlock would occur at 9 p.m. PT (12 a.m. ET), technically one minute after the Polymarket deadline of 11:59 p.m. ET. This caused the odds for "Yes" to plummet to as low as 3%, as it appeared the time zone technicality would invalidate the "Yes" outcome.

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Pump.fun Sees $1.1 Million Revenue Amid Moo Deng Coin

Another cycle-defining project, Pump.fun, is riding high again, reaching daily revenues of $1.1 million on Saturday. Pump.fun, the meme token launchpad, has regained attention with its latest success fueled by the launch of MOODENG, a token inspired by the viral hippo from Khao Kheow Open Zoo in Thailand. As it stands, meme coins continue to attract speculators and risk enjoyers.

The market cap of $MOODENG has surged to $260 million, showcasing the explosive potential of the meme token sector. Pump.fun's consistent user engagement and token launches prove its product-market fit, even in a volatile environment. Despite the ephemeral nature of most meme coins, platforms like Pump.fun continue to thrive due to the high demand for such speculative products.

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Australia's ANZ to Explore Tokenized Real-World Assets

Finally, looking at some macro-level trends, ANZ, one of Australia’s largest banks, has partnered with Singapore’s Project Guardian to explore how tokenizing real-world assets (RWAs) could improve financial markets. ANZ Bank will work alongside Chainlink Labs and ADDX to test the movement of tokenized assets like commercial papers across blockchain networks.

Tokenizing RWAs has been seen as a way to boost liquidity, but one challenge is the lack of interoperability between blockchains. For this, ANZ plans to use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to address and make transactions smoother. Project Guardian is backed by the Monetary Authority of Singapore and major players like JPMorgan are also showing interest.

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Data of the Day

Q3's top coins saw SUI lead the pack with a remarkable 118.82% gain over three months, driven almost entirely by its surge in the last 2 weeks. Other notable gainers include Helium (HNT), which posted a 108.94% rise, and AAVE, which climbed 73.41% despite some recent pullbacks.

Meanwhile, MANTRA DAO (OM) and Nervos Network (CKB) both saw decent growth, rising 47.47% and 47.23%, respectively, over the quarter. Missing anything? Yes, there wasn't a single meme coin in the top 10 large-cap gainers. WIF came in at 14th place and SHIB at 26th just for context.

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More Breaking News

• World Liberty Financial, a DeFi project backed by the Trump family, has opened KYC verification on its website, restricting access to accredited US investors.
• Robinhood has dismissed rumors of launching a stablecoin, stating there are no "immediate plans," while Revolut's involvement remains uncertain for now.
• Crypto exchange Gemini will close all Canadian customer accounts by December 31, 2024, giving users 90 days to withdraw their assets.
• Paxos Gold has surpassed $500 million in total locked value, due to growing interest from traditional finance investors seeking exposure to gold-backed crypto.
• The Ethereum Foundation has sold over $10 million worth of ether this year, facing scrutiny from the community for large transfers.
• Bithumb is considering a Nasdaq listing as it explores options for an IPO in 2025, potentially moving away from South Korea’s Kosdaq due to regulatory hurdles.

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