New York, Sunday, October 6, 2024 – Coinbase, the top U.S. cryptocurrency exchange, has added the yet-to-be-launched Ethereum (ETH) restaking project EigenLayer (EIGEN) to its listing roadmap. The announcement, made to increase transparency and prevent insider trading, signals the potential listing of EigenLayer on the platform.
EigenLayer allows Ethereum stakers to “restake” their ETH, enabling them to use their staked assets in other applications without sacrificing staking rewards. This process enhances capital efficiency by allowing users to leverage their assets for multiple purposes, promoting greater value for ETH holders.
The Ethereum development firm Consensys has noted that EigenLayer could improve Ethereum’s fee model by helping decentralized applications (DApps) contribute fees back to Ethereum, enhancing revenue flow and keeping value within the network.
According to Coinbase’s pre-launch data, EIGEN perpetual futures contracts are trading at $3.98, ahead of the token’s official transferability starting on September 30th, as announced by the Eigen Foundation.
EigenLayer’s restaking model has garnered significant attention, as it presents opportunities to bolster Ethereum’s security while maximizing returns for stakers. Coinbase’s addition of EigenLayer to its roadmap is expected to further boost interest in the project ahead of its launch.
