Binance, the world's largest crypto exchange by trading volume, is set to list EigenLayer (EIGEN), enhancing trading options for users amid the growing popularity of liquid restaking. The EIGEN token is the native asset of the EigenLayer ecosystem, a leading restaking protocol built on the Ethereum blockchain.
Starting Tuesday, October 1, at 05:00 UTC, users can trade EIGEN against popular cryptocurrencies such as BTC, USDT, FDUSD, and TRY. Prior to trading, EIGEN holders are encouraged to deposit their tokens, with withdrawals commencing the following Wednesday.
In a bid to attract more trading activity, Binance will implement zero trading fees for EIGEN. This strategy is commonly adopted by exchanges to stimulate user engagement. However, users should be aware that EIGEN, being a relatively new token, carries higher risks and may face significant price fluctuations. To ensure transparency, Binance will assign a special seed tag to EIGEN, distinguishing it from other tokens.
This listing reflects Binance's commitment to offering a variety of trading options while solidifying its role in the liquid staking space. Liquid staking tokens allow holders to earn yields on their underlying assets while participating in decentralized finance (DeFi) activities, including lending and borrowing. They also contribute to the security of the blockchain through staking.
EigenLayer continues to lead in the Ethereum restaking arena. A recent report from CoinGecko highlighted EigenLayer's significant contributions to the Ethereum ecosystem's performance in Q1 2024. Since September 7, the total value locked (TVL) in EigenLayer has surged by over $1.5 million, indicating increased user deposits, which are vital for the project's liquidity and success. Currently, the TVL on EigenLayer stands at $11.982 billion.
Other exchanges, including Bybit, MEXC, Gate.io, and Kraken, are also expected to list EIGEN soon, with some already offering pre-market trading. Industry experts, such as Tanaka from Hashflow, believe this listing could positively impact associated projects.