Top US cryptocurrency exchange Coinbase has added an unlaunched Ethereum (ETH) restaking project to its list of potential listing candidates.
In its announcement, Coinbase said it has added EigenLayer (EIGEN) to its listing roadmap, which the exchange uses to ensure transparency and prevent insider trading of coins prior to listing.
EigenLayer aims to provide restaking services to ETH stakers. Users who stake ETH can opt-in to EigenLayer and rehypothesize their coins on its network to use for other applications.
The advent of re-staking and other liquid staking derivatives allows users to stake their coins without giving up other opportunities, increasing capital efficiency and the accrual value of tokens.
According to Ethereum developer ConsenSys, Eigenlayer has the potential to improve Ethereum’s pricing model.
“In short, this model creates a stream of value that grows with the network. Ethereum provides security to all the different DApps built on top of it, and in return, these DApps send fees back to Ethereum. A fundamental limiting factor of Ethereum's model is that it is completely exclusive to EVM (Ethereum Virtual Machine) compatibility, rather than building its own security pool. By allowing users to participate in Ethereum, we help lock the flow of value within Ethereum and return more revenue to the network.”
According to pre-launch market data from Coinbase, the EIGEN perpetual futures contract is trading at $3.98.
The Eigen Foundation, the organization behind EigenLayer, announced via social media platform X that EIGEN tokens will become transferable on September 30th.
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