Coinbase Lists Pre-Launch Ethereum Restaking Protocol at $12.2 Billion Valuation
Top US crypto exchange Coinbase has announced a new listing, this time for one Ethereum (ETH) restaking protocol project before its official launch.
Coinbase Lists EigenLayer (EIGEN) for Pre-Launch Trading
In a recent announcement, Coinbase stated that EigenLayer (EIGEN) is now available for trading ahead of its official launch. You can trade it on the platform's International Exchange and Coinbase Advanced if you're in eligible regions outside of the US, UK, and Canada.
Initial Trading Details
Starting with a price of $7.307 and an Implied FDV (fully diluted valuation) of $12.2 billion, here are a few key points:
- You can trade EIGEN-PERP with up to 2x leverage.
- Pre-launch trading is a new feature on Coinbase.
What is EigenLayer?
EigenLayer allows Ethereum holders to re-stake their tokens. Basically, it means using their ETH for other protocols as "cryptoeconomic security". In return, they earn protocol fees and rewards.
Understanding Pre-Launch Trading
Coinbase explains that pre-launch markets let users trade perpetual futures contracts on tokens that haven't launched yet. Once the token is launched on spot exchanges, it converts to a standard perpetual contract.
- Pre-launch markets on Coinbase help users engage in price discovery for upcoming projects.
- It offers a trusted and secure platform for this purpose.
Caution Advised
Coinbase has warned that trading pre-launch digital assets carries higher risks:
- Unique considerations and elevated risks are involved.
- It's essential to be cautious if you're unfamiliar with the contracts or do not understand the risks entirely.
Disclaimer
Opinions expressed at The Daily Hodl are not investment advice. Please conduct your own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Your trades are at your own risk, and any losses you incur are your responsibility. The Daily Hodl doesn't recommend buying or selling any cryptocurrencies or digital assets and is not an investment advisor.
