Coinbase, a popular crypto exchange in the U.S., has officially announced the upcoming listing of EigenLayer (EIGEN), an Ethereum-based altcoin. The listing is set to take place on October 1, 2024, at 09:00 PT, as revealed in the exchange’s latest listing roadmap update. Moreover, Binance also confirmed listing the token on its platform on the same date with the “Seed” tag applied.
Coinbase Adds Support for EigenLayer
In a post on X, the exchange confirmed that the ERC-20 token on Ethereum, EigenLayer, will be listed on its platform . The crypto exchange has emphasized the importance of caution, alerting users to the specific contract number to prevent transactions involving fraudulent tokens.
The exchange stated, “Coinbase will support EigenLayer (EIGEN) on the Ethereum network (ERC-20 Token). Do not send this asset through other networks, or you risk losing your funds.” It added, “Transfers for this asset are available on Coinbase & Coinbase International Exchange in the regions where trading is supported.”
Coinbase will add support for EigenLayer (EIGEN) on the Ethereum network (ERC-20 Token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) September 30, 2024
Currently trading at approximately $4.10, the EIGEN price is expected to experience significant fluctuations following its mass listing. The latest announcement aligns with a recent trend among centralized exchanges, many of which have been making similar listings.
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As the market anticipates EigenLayer’s introduction, traders are keenly observing liquidity conditions, which are essential for the effective commencement of trading. Once sufficient supply is established, trading of EIGEN-USD will begin gradually.
EIGEN Stakedrop Details
The listing also coincides with EigenLayer’s ongoing second phase of airdrops, termed the “stakedrop,” launched on September 16, 2024. This distribution will categorize EIGEN tokens among three key groups:
- Stakers & Operators: Participants who actively staked during Season 2 will receive a share.
- Ecosystem Partners: This category includes AVSs, LRTs, Rollups, RaaS providers, and other crucial contributors to the EigenLayer ecosystem.
- Community Members: Early advocates, contributors, developers, and content creators involved with EigenLayer will also benefit from the distribution.
The imminent listing of EigenLayer on Binance and Coinbase is generating excitement. However, the community is also raising questions about the token’s long-term viability and market impact. Generally, the altcoins listed on top exchanges perform well after launch.
However, despite its promising debut, support for EIGEN may face restrictions in certain jurisdictions, a factor that potential investors should consider. Also, since the second season of stakedrop commenced, scammers are trying to lure users with fake airdrop claims. Also the hype around token listing has been misused by these fraudsters, which could dampen the community support for EIGEN.
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