EigenLayer will allow EIGEN token transfers starting September 30th

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EigenLayer will allow EIGEN token transfers starting September 30th
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EigenLayer has announced that the EIGEN token will be available for transfer starting September 30th. In other words, holders of the asset will be able to trade it freely for the first time from that date. EigenLayer announced the news on September 23rd, ending months of waiting on the part of users.

Currently, EIGEN is staking, that is, allocated for validating services. According to the foundation, more than 100.5 million EIGEN are currently staking in the protocol.

EigenLayer has gained notoriety in the decentralized finance (DeFi) ecosystem for pioneering the concept of “restaking” on Ethereum. The protocol allows ETH stakers to earn additional yields by securing third-party validated services (AVSs) while continuing to validate the Ethereum network.

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Since launching its mainnet in April, EigenLayer has quickly established itself as one of the leading DeFi protocols. Previously, users could deposit ETH and earn points on the protocol, but the mainnet launch allowed these users to stake AVS for the first time.

EigenLayer airdrop controversy

EigenLayer currently ranks third among the largest DeFi protocols, with a total value locked (TVL) of $12.3 billion, according to data from DeFi Llama. The protocol holds 4.66 million ETH, down 14.2% from its record 5.43 million ETH reached in June. EigenLayer represents 13.6% of the total ETH staked supply.

Despite rapid growth and a significant increase in TVL, EigenLayer faced public criticism after revealing the terms for the first season of the highly anticipated EIGEN token airdrop in April.

Among the main points of dissatisfaction were the impossibility of transferring tokens, the restriction of participation to users from seven jurisdictions, including the United States and Canada, and the linear distribution model, which resulted in few tokens for smaller users.

In response to the criticism, EigenLayer decided to increase the token allocation, adding 100 EIGEN to each of the 280,000 eligible users.

In September, the foundation announced the distribution of 86 million EIGEN, representing about 5% of the total supply of the token, to users in the second season of its stakedrop. Claims for this distribution began on September 17.

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Additionally, last week, EigenLayer began supporting tBTC, a Bitcoin-backed ERC-20 token, as an asset available for restaking. This move is part of the protocol’s move to expand the range of assets available for restaking, following an August update that allowed AVS operators to use any ERC-20 token for restaking.