Key Takeaways
- On October 15, 6.01% of the EigenLayer tokens in circulation were unlocked.
- EigenLayer tokens are being unlocked for the second time.
- There are 199.60 million EIGEN tokens in use at the moment.
As of October 15th, EigenLayer (EIGEN) has unlocked 11.22 million tokens.
This unlocking will release 6.01% of the circulating supply, which is worth about $40.28 million, according to Tokenomist.
This is EIGEN’s second significant token unlock. Following the initial airdrop phase, which distributed 199.60 million tokens valued at $716.58 million at the time, the first one took place on October 1st.
Investors Own the Most EigenLayer Tokens
On September 30th, EIGEN coins went live on cryptocurrency exchanges. Investors own 493.73 million EIGEN tokens, or 29.5% of the total supply, according to Tokenomist.
The second-largest stake is held by early contributors, who own 426.78 million EIGEN tokens, or 25.5%.
The futures community project, in third position, is in possession of 183.18 million tokens, or 10.9% of the total supply.
What Will Happen to the Price of Eigen Following Unlocking?
One common element of the economic model of a cryptocurrency project is the unlocking of tokens. Given that investors and airdrop participants first obtained EigenLayer’s token for free or at a reduced cost, the token is still relatively new and demand is gradually increasing.
When tokens start trading, the unlocking approach helps lessen the first sell pressure. But price swings can go either way. If demand increases, unlocking could result in growth, but it also could result in a decrease.
By Total Value Locked (TVL), EigenLayer is one of the best decentralized finance (DeFi) technologies. EigenLayer is ranked third by DeFiLlama with $11.732 billion in TVL, behind Aave (AAVE) and Lido (LDO).
