Bitfinex, a leading digital asset trading platform, has announced that it will be among the first exchanges to list EIGEN, the native token of EigenLayer. EigenLayer is a decentralized restaking protocol designed to enhance security and innovation within blockchain networks, according to blog.bitfinex.com.

EigenLayer’s Rapid Growth and Innovation

EigenLayer’s platform has been growing rapidly, securing an additional $170 million in venture funding in February 2024. The total value locked (TVL) on EigenLayer has now surpassed $20 billion. By extending Ethereum’s existing security infrastructure, EigenLayer allows developers to create new services leveraging the protection of Ethereum’s staked assets. This offers immediate economic security for new services while enabling stakers to earn additional rewards by restaking their assets across multiple platforms.

The Role of EIGEN Token

The EIGEN token is integral to the EigenLayer ecosystem, complementing ETH restaking. It introduces a mechanism to address “intersubjective” faults—behaviors not identifiable on-chain but still requiring penalties. This mechanism allows EIGEN to manage these faults without forking the Ethereum mainnet, thus maintaining the network’s security and integrity.

Moreover, EIGEN enhances the potential for developing various applications on EigenLayer. These include transaction ordering, databases, storage services, oracles, and artificial intelligence processors. Investors also benefit from earning additional rewards by restaking their assets across multiple platforms, thereby driving security and innovation within the ecosystem.

Bitfinex’s Support for EIGEN

“We are excited to list EIGEN on Bitfinex and support EigenLayer’s pioneering approach to staking,” said Henry Child, Head of Tokens at Bitfinex. “EigenLayer’s mission to bolster blockchain protection while fostering innovation aligns perfectly with our commitment to supporting transformative projects in the digital asset space.”

Deposits for EIGEN are expected to open at 4:00 AM UTC on October 1, 2024, subject to network conditions. Trading is scheduled to begin at approximately 5:00 AM UTC on the same day, contingent on liquidity requirements. EIGEN will be tradable against US Dollars (EIGEN/USD) and Tether tokens (EIGEN/USDt).

About Bitfinex

Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. Bitfinex provides access to peer-to-peer financing, an OTC market, and margin trading for a wide selection of digital tokens. The platform focuses on supporting experienced traders and liquidity providers worldwide. For more details, visit www.bitfinex.com.

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