Coinbase Adds Highly Anticipated Yet-To-Be-Launched Ethereum Restaking Altcoin to Listing Roadmap
Top US crypto exchange Coinbase has added a yet-to-be-launched Ethereum (ETH) restaking project to its roster of potential upcoming listings.
In an announcement, Coinbase says that it has added EigenLayer (EIGEN) to its listing roadmap, which the exchange uses for transparency and to prevent insider trading on coins prior to them being listed.
EigenLayer aims to provide restaking services for ETH stakers. Users that stake ETH can opt in to EigenLayer and rehypothecate their coins on its network to use for other applications.
The advent of restaking and other liquid staking derivatives allows users to stake their coins without forgoing other opportunities while doing so, increasing capital efficiency and value accrual to the token.
According to Ethereum development firm Consensys, EigenLayer has the potential to improve Ethereum’s fee model.
“In short, this model creates a flow of value that grows along with the network: Ethereum supplies security to all of the different DApps built on top of it, and in exchange, these DApps send fees back to Ethereum. The fundamental limiting factor of Ethereum’s model is that it is entirely exclusive to EVM (Ethereum Virtual Machine) compatibility. Enabling new protocols to participate here, rather than building their own pool of security, helps keep value flow locked within Ethereum and helps drive more revenue back to the network.”
According to Coinbase’s pre-launch market data, EIGEN perpetual futures contracts are trading at $3.98.
The Eigen Foundation, the organization behind EigenLayer, announced via the social media platform X that EIGEN tokens would become transferrable on September 30th.
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Author: Alex Richardson
