EIGEN Price At Risk As Largest Holder Justin Sun Dumps Tokens

EigenLayer native token EIGEN price jumps nearly 15% on debut, making an all-time high of $4.53. Crypto exchanges Binance and Coinbase are expanding support for the token, but the largest holder Justin Sun has started dumping tokens he received in airdrops. Subsequently, the EIGEN bullish outlook has pulled back with the price exchanging hands at $3.75, a 0.86% surge from the intra-day low of $3.52.

Binance & Coinbase Adds EigenLayer (EIGEN) to Products

Ethereum liquid staking platform EigenLayer makes a spectacular debut on October 1, with the EIGEN price rising almost 15%. Crypto exchange Binance, Coinbase, and other crypto firms such as ether.fi expands support for the EIGEN token.

Binance has announced adding EIGEN on several products including Earn, Buy Crypto, Convert, Margin & Futures. The exchange has already added the token as a new borrowable asset on Cross and Isolated Margin, alongside listing EIGEN/USDT and EIGEN/FDUSD pairs.

The exchange will also launch the USD-M EIGEN perpetual contract with up to 75x leverage, with USDT as the settlement asset.

Meanwhile, Coinbase has begun to transition the EIGEN-PERP pre-launch market into a standard perpetual futures market. The conversion process is expected to take 4 hours to fully complete. It will be available for users before the US morning time.

In addition, liquid restaking platform ether.fi has launched eEIGEN to enable users to stake their EIGEN on the platform and earn yields.

EigenLayer’s Programmatic Incentives v1 Introduces Weekly Rewards

As a key component of the EIGEN ecosystem, EigenLayer has recently released its Programmatic Incentives v1. This program will disburse 66.95 million $EIGEN in the first year, which is 4% of the token’s total initial supply of 1.67 billion tokens. Of this, ETH and LST stakers and operators will receive 3%, and EIGEN stakers and operators will receive 1%.

To be eligible for these programmatic rewards, operators must be registered with at least one Active Validator Set (AVS) and stakers must delegate their tokens to an operator registered in an AVS. Rewards will be distributed weekly and can be claimed every Tuesday at 19:00 UTC.

In addition, rewards earned from August 15th will be available to see under “Lifetime Earned Rewards” starting from October 1st, and will be available for the claiming process from October 8th onwards.

Justin Sun Dumping Tokens

Tron founder Justin Sun has received over $38.74 million in EigenLayer airdrops in the Ethereum ReStaking track. Also, there are still Puffer, Zircult, Swell, Kelp to be settled, which may make him the biggest winner in this round of LRT narrative.

Spot On Chain reported that Justin Sun has already dumped all 5.24 million tokens to HTX. He made a profit of $21.5 million as the token got listed on a premium. This risks a fall in EIGEN price as whales are likely to join the selloff soon.

EIGEN price jumped 15% in the past 24 hours, with the price currently trading at $4.21. The 24-hour low and high are $3.52 and $4.53, respectively.

Meanwhile, Coinglass data indicates the total EigenLayer futures open interest has jumped 18% in a few hours, valued at $37.96 million.