EigenLayer Announce Unlock of $EIGEN Token

The Eigen Foundation has officially announced the unlocking of the $EIGEN token.

The $EIGEN token unlock enables developers, stakers, and ecosystem partners to engage with the shared security utility of $EIGEN. $EIGEN can now be freely transferred, traded, or staked, providing ecosystem participants with increased flexibility.

Developers can build Actively Validated Services (AVSs) that leverage $EIGEN staking, stakers can participate in securing these services, and ecosystem partners can integrate EigenLayer’s security framework to enhance their protocols.

Why is this important?

The $EIGEN unlock offers new opportunities for the community to engage and participate in the EigenLayer ecosystem. EigenLayer sees this as a catalyst for the economic expansion of their ecosystem, giving those who interact the opportunities to explore, build, scale, engage, and innovate.

The unlock enables the development of AVSs, with the aim to empower developers and community to actively be involved and shape the future of EigenLayer. $EIGEN’s transferability enhances opportunities for developers and early adopters, and encourages them to stake $EIGEN for rewards.

What’s next for EigenLayer?

EigenLayer’s next move is to introduce Programmatic Incentives. This is a protocol feature providing programmatic $EIGEN rewards to $EIGEN stakes and operates for their participation in supporting AVSs. In addition to that, EigenLayer will be working towards the launch of AVSs that leverage intersubjective slashing, a key concept introduced in the $EIGEN Whitepaper.

In recent days, EigenLayer have been in the headlines due to some isolated incidents, one of which being an unauthorised $EIGEN sale, where a wallet dumped over 1M+ tokens. They then faced another issue, as they reportedly fell victim to a social engineering scam, losing around $6M. This sequence of events has left many wondering what the future looks like for EigenLayer, only time will tell.

Disclaimer: The information provided in this article is NOT financial advice.