In a latest growth, Coinbase has listed the Ethereum (ETH) restaking protocol venture, EigenLayer (EIGEN), for pre-launch buying and selling. Coinbase’s announcement on X confirmed that EIGEN is now open for buying and selling forward of its official launch on Coinbase’s Worldwide Alternate and Coinbase Superior. That is particularly for customers in eligible jurisdictions outdoors of the US, UK, and Canada.
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The trade defined, “You can now trade EIGEN-PERP with up to 2x leverage. EIGEN opens with a price of $7.307 and an Implied FDV of $12.2 B.” EigenLayer allows ETH holders to re-stake their tokens to be used as “cryptoeconomic security” for protocols apart from Ethereum, in return for protocol charges and rewards. An instance: for those who staked $100 of ETH for 10 years at a fee of 5%, you’ll have $127. Nonetheless, for those who restaked the unique ETH only one time for a complete of $100 staked throughout 2 protocols for 10 years at a fee of 5%, you’ll have $154.
The pre-launch buying and selling characteristic on Coinbase is a novel addition. It permits customers to commerce perpetual futures contracts on tokens which can be but to be launched. As soon as the underlying token is launched on related spot exchanges, the instrument transitions to a typical perpetual contract. Its accepted collateral/margins have been listed as USDC, BTC, and ETH with a minimal order dimension of 10 USDC.
Nonetheless, Coinbase has additionally issued a warning to customers concerning the elevated dangers related to buying and selling pre-launch digital belongings. The trade emphasised the necessity for customers to totally perceive the dangers concerned earlier than buying and selling contracts.
The itemizing of EigenLayer’s restaking protocol on Coinbase for pre-launch buying and selling marks a big step within the evolution of the cryptocurrency market. This transfer not solely offers merchants with a possibility to have interaction in futures contracts on tokens which can be but to be launched, however it additionally displays the rising acceptance and integration of Ethereum-based protocols within the broader digital asset ecosystem.
Moreover, the introduction of pre-launch buying and selling on Coinbase may doubtlessly pave the way in which for different exchanges to comply with go well with, thereby increasing the vary of buying and selling choices out there to cryptocurrency traders. Nonetheless, it’s essential for merchants to heed Coinbase’s warning and absolutely perceive the dangers related to pre-launch buying and selling.
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This text Coinbase Lists Pre-Launch Ethereum Restaking Protocol at $12.2 Billion Valuation initially appeared on Benzinga.com
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