BingX Introduces Eigenlayer Token Spot Trading Amid Growing Popularity of Ethereum Restaking Ecosystem

Eigenlayer, the star project in Ethereum Restaking, is set to open its airdrop for collection on May 10th. BingX Exchange will promptly list Eigenlayer’s token $EIGEN, allowing users to trade it right away.

Eigenlayer stands out as the largest Restaking project on Ethereum in 2024. Although Bitcoin price is down recently, the listing of $EIGEN will benefit Ethereum price. Unlike other Restaking projects, Eigenlayer offers higher security and better compatibility, enabling various public chains to share Ethereum’s secure nodes. The benefits include:

1. New public chain projects can share security without the need to incur substantial costs in setting up nodes.
2. Users wishing to mine by setting up nodes do not need the 32 ETH requirement but can participate with a smaller amount of ETH.
3. Liquidity of Ethereum staked in nodes can be released for use in other project developments.

Currently, Eigenlayer supports Restaking for tokens from 12 Ethereum projects. Tokens staked on these 12 projects can be used by other users. For example, staking ETH on the Renzo Protocol to earn RzETH allows users to stake RzETH on other chains or trade with it. The exchange rate between RzETH and ETH is 1:1.

The airdrop distribution for Eigenlayer is based on points earned by staking on these 12 projects. The off-exchange trading price for points of EigenLayer is currently $0.165 per point. An estimated 4.5 billion Eigenlayer tokens will be distributed in the airdrop, equivalent to $740 million in $EIGEN tokens. According to BingX’s Eigenlayer Price estimation and analysis, there is a high likelihood of price pressure on the Eigenlayer token after listing. Investors who did not participate in the Eigenlayer airdrop can refer to Eigenlayer Valuation to determine the optimal entry price on BingX.

About BingX

Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became Chelsea FC’s principal partner, marking an exciting debut in the world of sports.