Coinbase, a leading US cryptocurrency exchange, has added a new Ethereum restaking protocol project for pre-launch trading. EigenLayer (EIGEN) is now available for trading on Coinbase International Exchange and Coinbase Advanced in eligible jurisdictions outside of the US, UK, and Canada.
According to Coinbase, users can now trade EIGEN-PERP with up to 2x leverage. The initial price of EIGEN is $7.307 with an Implied FDV of $12.2 billion. EigenLayer allows ETH holders to restake their tokens for cryptoeconomic security on protocols other than Ethereum in exchange for protocol fees and rewards.
The addition of pre-launch trading on Coinbase is a new feature that allows users to trade perpetual futures contracts on tokens that have not yet launched. Once the underlying token is launched on spot exchanges, the instrument converts to a standard perpetual contract. However, Coinbase warns that trading pre-launch digital assets carries higher risks and unique considerations.
It is important for users to exercise caution and refrain from trading contracts they are unfamiliar with or do not fully understand the associated risks. To stay updated on the latest news and developments in the cryptocurrency market, subscribe to get email alerts from Coinbase.
Disclaimer: The opinions expressed in this article are not investment advice. It is recommended that investors conduct their own research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are at your own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl may participate in affiliate marketing.