EIGEN token unlock goes live with debut of more than $6.5b FDV

According to EigenLayer’s X post, developers can also build Actively Validated Services using EIGEN staking.

“Stakers play a direct role in securing these services and diversifying use cases, while partners integrate EigenLayer’s security to enhance their protocols,” stated the account @eigenfoundation. The protocol also plans to introduce a programmatic incentives reward for stakers and operators supporting AVSs.

The EIGEN token was described as a “universal intersubjective work token” on the protocol’s website.

According to the blog post, the aim of the token is to solve challenges of “universality, isolation, metering and compensation”. It will also use social consensus and forking to execute a variety of digital tasks.

The protocol is built on Ethereum and accepts ETH deposits, providing users the ability to secure additional networks in return for additional yield.

In recent years, EigenLayer has become one of the biggest players in the crypto industry that offer staking solutions. According to data on DeFi Llama, Eigenlayer has become the third-biggest player in the DeFi industry with over $10.9 billion in total value locked.

The protocol employs staking technology that lets Ethereum stakers reuse their tokens on other protocols. In addition from EigenLayer, other popular liquid staking solutions in the crypto industry include Symbiotic, Puffer Finance, and Lido.