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Ethereum Restaking EigenLayer Goes Live On Coinbase, What’s Next?

Ethereum restaking protocol EigenLayer has launched in full trading mode on Coinbase International Exchange, marking a significant milestone in its adoption and market potential.
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Ethereum Restaking EigenLayer Goes Live On Coinbase, What’s Next?

Highlights

  • EigenLayer launched full trading on Coinbase, enabling various order types for investors.
  • The announcement comes soon after Coinbase has launched Eigen in post-only mode.
  • EigenLayer’s restaking protocol offers enhanced returns by leveraging Ether staking for Ethereum support.

Ethereum’s restaking protocol, EigenLayer, has officially launched in full trading mode on Coinbase International Exchange, sparking renewed interest in the cryptocurrency market. This move marks a significant milestone for EigenLayer, a protocol that enhances returns by leveraging Ether staking to support the Ethereum blockchain.

Notably, the launch has fueled optimism among investors, who see this as a potential catalyst for market growth.

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EigenLayer Goes Full Trading On Coinbase

Coinbase International Exchange’s recent announcement regarding EigenLayer has caught the attention of the crypto community. The leading crypto exchange has transitioned EigenLayer’s EIGEN-PERP pre-launch market into full trading mode, allowing for various order types, including limit, market, stop, and stop-limit orders.

Notably, this transition follows a brief period in post-only mode, where users could post and cancel limit orders without actual matches being made. Precisely, the move to full trading mode has generated excitement among investors, with the potential to boost market sentiment significantly.

Meanwhile, major exchanges like Coinbase, Binance, and others, often influence crypto markets through such positive announcements. The market’s focus has now shifted towards EigenLayer’s innovative features and its implications for Ethereum staking.

EigenLayer’s primary appeal lies in its restaking capability, which amplifies returns for investors by allowing them to deposit Ether coins in support of the Ethereum blockchain. This unique approach offers a new avenue for maximizing yields within the Ethereum ecosystem, making it attractive to investors looking to enhance their staking returns.

Also Read: Vitalik Buterin Lauds Relevance Of Community Notes, Here’s All

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The Project’s Controversy

EigenLayer’s recent developments have not been without controversy. The protocol’s highly anticipated token distribution through an airdrop faced backlash due to the exclusion of users from the United States and China.

Despite raising approximately $165 million from prominent backers like a16z Crypto, Eigen Labs’ decision to restrict access to residents of certain countries has raised regulatory concerns. Besides, it also sparked debates within the crypto community.

Meanwhile, this exclusion has overshadowed the airdrop program, despite its success among eligible participants. Notably, Tron Founder Justin Sun managed to secure over 3 million EIGEN tokens from the airdrop, valued at around $30 million. Such significant acquisitions highlight the potential value and impact of EigenLayer’s tokens in the broader market.

Notably, the controversy surrounding the exclusion of specific jurisdictions underscores the regulatory challenges faced by innovative decentralized finance (DeFi) projects like EigenLayer. However, the successful transition to full trading mode on a major exchange like Coinbase signifies a crucial step forward for EigenLayer, potentially paving the way for increased adoption and acceptance within the crypto community.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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