Just today, Binance announced that EigenLayer (EIGEN )would be listed on the exchange. The withdrawals will open at 5:00 (UTC). The coin will be listed with a seed tag. It means the coin will be monitored for 90 days.
Important Info About EIGEN Listing
EIGEN will be listed with a seed tag. A Seed Tag is a means to distinguish cryptocurrencies while they are still in their early phases of development. Most of the time, these projects don’t have a working product or a large group of users, so their prices and financial risk are higher than those of more established tokens.
Within the first twenty-four hours after the previously mentioned token is listed on the spot, trading bots and spot copy trading will be available within the platform. Pairs can be added to the portfolios of users currently using spot copy trading by enabling them in the Personal Pair Preference section of the settings for spot copy trading.
Here’s more about the listing:
- New Spot Trading Pairs: EIGEN/BTC, EIGEN/USDT, EIGEN/FDUSD, and EIGEN/TRY.
- Users can now start depositing EIGEN in preparation for trading.
- Withdrawals will open at 2024-10-02 05:00 (UTC).
- EIGEN Listing Fee: 0 BNB.
- EIGEN Smart Contract Address (ERC20) : 0xec53bF9167f50cDEB3Ae105f56099aaaB9061F83
This is great news for the liquid staking protocols as EigenLayer allows Ethereum validators to make their staked ETH more useful by committing to secure protocols or services other than the Ethereum network. And finally, Binance has announced its listing. This will pave the path for other staking protocols in the future.
About EigenLayer (EIGEN)
Restaking is a new primitive in cryptoeconomic security that EigenLayer, an Ethereum-based system, uses. By using this primitive, ETH can be reused on the consensus layer. If you stake Ethereum natively or with a liquid staking token (LST), you can restate your ETH or LST and expand cryptoeconomic security to other applications on the network. You can earn additional rewards by opting into EigenLayer smart contracts.
Ethereum stakers can participate in the pooled security of multiple services simultaneously with EigenLayer by restaking their staked ETH and opting into multiple services simultaneously. ETH can be reused to provide security across numerous services. It reduces a staker’s costs to participate and increases trust guarantees to individual services. The security of Ethereum decentralized services is fragmented since each new service builder is required to bootstrap their trust network. EigenLayer provides a solution to this issue by facilitating permissionless innovation and free-market governance by allowing any service, independent of its composition (e.g., EVM compatibility), to access the pooled security of Ethereum’s stakeholders.
