Binance to List EigenLayer (EIGEN) Token Following Coinbase’s Announcement

Binance, one of the world’s leading cryptocurrency exchanges, has officially announced its plans to list the ERC-20 token EigenLayer (EIGEN) on its platform. 

This development comes shortly after Coinbase, another major player in the crypto exchange market included EigenLayer in its listing roadmap. The listing on Binance, set to take place on October 1, 2023, is seen as a significant milestone for the decentralized Ethereum restaking protocol.

According to an announcement made by Binance on September 30, the exchange will offer spot trading for EigenLayer (EIGEN) beginning October 1 at 05:00 UTC. The trading pairs available upon launch will be EIGEN/BTC, EIGEN/USDT, EIGEN/FDUSD, and EIGEN/TRY. 

Ahead of this launch, Binance has already opened its platform for deposits of the EIGEN token, allowing users to prepare for the upcoming trading session.

Withdrawals for EigenLayer will commence shortly after, on October 2 at 05:00 UTC. Notably, Binance has set the listing fee for this asset at 0BNB, which simplifies the listing process for traders. However, the exchange has also applied a seed tag to the token, indicating a warning of high volatility and risk associated with this new listing.

CoinBase Supports EIGEN Listing, Boosts Market Sentiment

Prior to Binance’s announcement, Coinbase revealed its plans to list the EIGEN token on its platform. This move from two major cryptocurrency exchanges has generated significant interest and optimism within the market.

Given the high level of attention it has attracted, analysts are closely watching whether these listings will positively impact the price and adoption of the EIGEN token.

Binance’s application of the seed tag, though a cautionary measure, is not uncommon for new or highly volatile tokens. It informs traders of the risks while presenting an opportunity for market participants to engage with a new asset with growth potential.

Market Reactions to Past Token Listings

Historically, listings on major exchanges like Binance and Coinbase have often resulted in positive price movements for the tokens involved. For example, REI Network (REI) saw a notable price surge after its futures listing on Binance, gaining over 20%. 

Following the listing on Coinbase ZKsync (ZK) noted a jump in its price. These events have promoted further conjecture that EigenLayer’s listings might occur in a comparable fashion although market factors and asset performance may change considerably.

Current crypto market observers closely analyze the situation to evaluate EigenLayer’s prospects for price changes and trading activity related to Binance and Coinbase’s joint entry.