EigenLayer is a protocol built on Ethereum that introduces “restaking.” As the name suggests, restaking involves taking already staked assets and using it to secure other protocols to earn staking rewards. Basically, it allows Ethereum stakers to reuse their staked ETH to secure dApps and other protocols. The protocol is powered by its own token, EIGEN, which was launched in October 2024.

EigenLayer was created by Eigen Labs, a company founded by Sreeram Kannan in 2021.

• EIGEN token: The EIGEN token is essential to the working of the EigenLayer. Utilities include staking to incentivize network contributors and governance which allows token holders to vote on decisions about updates or changes to the protocol. 

• Restaking: EigenLayer allows Ethereum validators to restake their existing staked assets to secure additional services or protocols. 

• Incentive mechanisms: Validators and token holders who participate in staking or restaking are rewarded in EIGEN.

• Governance: Eigen token holders can participate in decision-making processes, including voting on protocol upgrades and changes.

EIGEN token has created a splash in the crypto market. Having launched only in October 2024, the token already made strong gains, ranking #102 among top cryptocurrencies by market cap, as per CoinMarketCap. EIGEN’s highest price so far is $4.53, registered on October 1, 2024. Given the nascent stage of the EIGEN token, it is difficult to predict the future trajectory of the EIGEN token, but it is important to note that technical experts are bullish on the crypto and anticipate the token to be priced at $10 by 2030. 

Download the CoinSwitch app to invest in EIGEN.

• EIGEN can be traded, bought, and sold from crypto exchanges like CoinSwitch.

• EIGEN holders can participate in the protocol’s governance.

• Validators and token holders who participate in staking or restaking are rewarded in EIGEN.

• EIGEN can be used as a medium of exchange with vendors that accept EIGEN crypto.

• The platform enables users to restake their assets without extra collateral.

• EigenLayer rewards validators and token holders who participate in staking or restaking in EIGEN.

• Validators can earn additional rewards by participating in securing multiple services on EigenLayer.

• Like all cryptos, EIGEN is subject to market volatility which may impact investor interest. 

• EIGEN being a very new crypto is more susceptible to extreme market movement. 

• Restaking can introduce new risks.

• To trade in EIGEN on CoinSwitch, download the app.

• You can start with as low as ₹100.

• Trade in EIGEN on an FIU-compliant and easy-to-use platform.

Given its nascent history, EigenLayer has not conducted an official Initial Coin Offering (ICO) yet. There are no official updates on whether the platform will hold an ICO, airdrop or other distribution methods.