Ethereum

$EIGEN will start trading in just 10 days on Sept 30.

With 12% of EIGEN in circulation, it will launch with a market cap of ~$600M and ~$5B FDV.

This will put EIGEN at 123rd in market cap, below $DYDX and above $NEXO.

Unfortunately, EIGEN has dropped from $10 to $3 since the first stakedrop.

Token is down probably due to two major reasons:

• General bearish market
• Increasing number of competitors (Karak and Symbiotic)

Interestingly, Eigenlayer chose to bypass Season 3 and instead opted for "Programmatic Incentives."

The remaining 67M community tokens will be distributed in the first year.

Weekly distribution: 1.29M EIGEN tokens ($3.8M USD)

• 10% (~128K EIGEN) to operators

• 90% (~1.1M EIGEN) to stakers

According to @june023_eth (on X) calculations it will give 1.4% extra APR for ETH/LST, and 16% APR for EIGEN restakers.

Inflation really starts to kick in when unlocks for insiders (VCs, team...) begin.

55% of the total supply is allocated to them at 1-year cliff and a 2-year vesting.

Note that enabling tradability news comes from the EtherFi team, not Eigenlayer.

But back in May, Eigenlayer promised transferability by Sept 30, aligning with their decentralization goals.

The Eigenlayer Foundation has just shared updates on these plans.