EigenLayer's EIGEN Token Slides 12% After Debuting at $6.51B FDV

• At press time, EIGEN is trading at $4.26 or an FDV of $7.16 billion.
• The token will be listed on Binance and other exchanges on Oct. 1.
• TVL on EigenLayer has dropped by 50% since June.

Restaking protocol EigenLayer's native token (EIGEN) is now transferrable and trading at a fully diluted value (FDV) of $6.37 billion.

It was listed on several centralized exchanges including Binance and MEXC on Oct. 1 at 05:00 UTC. The token debuted at $3.9 billion with an FDV of $6.51 billion.

EIGEN initially rose by over 13% to $4.26 but has since fallen back to $3.77.

The total supply of EIGEN is 1.68 billion tokens, with an initial circulating supply of 185 million, which includes 86 million tokens that were airdropped to users that interacted with the protocol earlier this year.

Unlike commonly-issued governance tokens, EigenLayer's approach to EIGEN is different as it labels it the "Universal Intersubjective Work Token."

A blog post states that the token will solve challenges of "universality, isolation, metering and compensation." It will also use social consensus and forking to execute a variety of digital tasks.

EigenLayer has experienced outflows in recent months with its total value locked (TVL) dropping from $20 billion in June to around the current $10 billion. This is partly due to stakers exiting their positions after meeting the criteria to receive an airdrop.

The protocol is built on Ethereum, it accepts ether ETH$3,038.93 deposits and gives users to ability to secure additional networks in return for additional yield.

UPDATE Oct. 1, 12:34 UTC: Updates pricing and add figures on circulating supply.

UPDATE Oct. 1, 13:10 UTC: Updates headline to reflect current price.