Binance announces Eigen layer (EIGEN) listing and reveals trading details

Binance announced it would list Eigen layer (EIGEN), a decentralized Ethereum staking protocol, on its exchange. 

The exchange revealed that spot trading for the asset will begin on October 1, 2024, at 05:00 UTC, offering EIGEN along with BTC, USDT, FDUSD, and TRY pairs. As expected, the announcement elicited a wave of optimism in Eigen’s community as other exchanges also outlined steps to list the token as well.

On September 30, Binance officially announced that EigenLayer had been listed. The exchange said that EIGEN tokens have been enabled for deposit to be used for trading. The announcement also noted that the withdrawal feature for EIGEN will be enabled on October 2, 2024, at 05:00 UTC.

Binance reportedly did not charge a listing fee in an apparent move to show that it grants opportunities to make asset listing on its platform easier. However, the exchange labeled EIGEN with a seed tag, a sign that tells investors that the token is still very unpredictable.

Coinbase and Bitmart also plan to list EIGEN

Coinbase confirmed its intention to list the Eigen layer project’s ERC-20 token. BitMart is also expected to start carrying the EIGEN/USDT trading pair starting from 1 October 2024. These listings will provide more trading options for users. BitMart will open withdrawals at 5:00 AM UTC on October 1 so that its users can easily make transactions.

EigenLayer is a DeFi protocol that allows Ethereum users to stake their ETH tokens to secure other networks and applications. 

Previously, tokens on Binance have experienced significant price rises. For instance, the Catizen (CATI) token rallied after the token debuted on Binance, and the REI Network (REI) increased by more than 20% after the platform listed its futures. These past performances have set the bar for EigenLayer.

Similarly, ZKsync (ZK) also followed the upward movement in its prices after it was listed on Coinbase. Considering these precedents, traders have high expectations for EIGEN because they understand that the cryptocurrency market always comes with some risk. 

However, not every listing has led to a surge of the coins. Recently, after Hamster Kombat was listed, the token dipped by 20%. According to an August post by crypto researcher Coin98 Analytics on X, of the 30 tokens listed by cryptocurrency exchange Binance in 2024, most faced steep losses. Coins like Aevo (AEVO) fell by over 90% after the listing.