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

full version at coingape

Ethereum restaking EigenLayer EIGEN Coinbase Exchange

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.

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

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.

Also Read:

The post Ethereum Restaking EigenLayer Goes Live On Coinbase, What’s Next? appeared first on CoinGape.