Coinbase, the premier US crypto exchange, has recently expanded its roster of prospective impending listings to include an Ethereum (ETH) restaking project that has not yet been launched.
Coinbase adds EigenLayer (EIGEN) to listing plan, which helps with transparency and prevents insider trading on currencies before they’re published, according to a statement.
EigenLayer’s objective is to offer restaking services to ETH stakeholders. EigenLayer allows users to rehypothecate their currencies on its network for use in other applications by opting in by staking ETH.
The emergence of restaking and other liquid staking derivatives has enabled users to stake their coins without depriving them of other opportunities, thereby enhancing the token’s value accrual and capital efficiency.
EigenLayer has the potential to enhance Ethereum’s fee model, as per Ethereum development firm Consensys.
“In summary, this model generates a value transfer that expands in tandem with the network: Ethereum provides security to the various DApps that are constructed on its platform, and in return, these DApps remit fees to Ethereum. The primary constraint of Ethereum’s design is that it is exclusively compatible with EVM (Ethereum Virtual Machine). By allowing new protocols to participate in this reservoir of security, rather than constructing their own, it is possible to maintain the value transfer within Ethereum and to drive additional revenue back into the network.”
In accordance with the pre-launch market data of Coinbase, EIGEN perpetual futures contracts are currently trading at $3.98.
The Eigen Foundation, the organization responsible for EigenLayer, announced on the social media platform X that EIGEN tokens would be transferable on September 30th.
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