Eigenlayer (EIGEN) has officially launched, and it’s making waves with a fully diluted valuation of about $6.56 billion. This comes after it was recently added to Coinbase, the leading crypto exchange in the U.S.

According to Coinbase, “Coinbase will add support for EigenLayer (EIGEN) on the Ethereum network (ERC-20 Token). Please do not send this asset over other networks, or you may lose your funds. Transfers for this asset are available on Coinbase in regions where trading is supported.”

So, what does Eigenlayer do? It allows users to reuse their staked ETH or other Liquid Staking Tokens (LSTs) to secure decentralized applications (DApps) within its ecosystem. This approach aims to maximize the utility of staked assets while enhancing the overall security of the Ethereum network.

After its launch and the Coinbase announcement, EIGEN saw a significant price jump. It rose from an all-time low of $3.61 to an all-time high of $4.47. That’s a whopping 23.8% increase in just three hours!

Blockchain reporter Colin Wu shared some interesting news. Justin Sun, the founder of the Tron (TRX) blockchain, transferred a large amount of EIGEN earlier today. This move boosted the asset’s fully diluted valuation (FDV).

Wu reported, “Justin Sun’s team has transferred 5.37 million EIGEN to Huobi HTX through six addresses, worth about $21.8 million. Based on the current price of 4.06 USDT, the EIGEN FDV is around $6.8 billion.”

As of now, Eigenlayer is trading at $4.02, showing a slight increase of 0.1% over the last 24 hours. Keep an eye on this one!