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Top US crypto exchange Coinbase is listing one Ethereum (ETH) restaking protocol project for pre-launch trading.
In a new announcement, Coinbase says that EigenLayer (EIGEN) is now available for trading ahead of its official launch on the platform’s International Exchange and Coinbase Advanced for users in eligible jurisdictions outside of the US, UK, and Canada.
Says Coinbase,
“You can now trade EIGEN-PERP with up to 2x leverage. EIGEN opens with a price of $7.307 and an Implied FDV (fully diluted valuation ) of $12.2 billion.”
EigenLayer allows ETH holders to re-stake their tokens for use as “cryptoeconomic security” for protocols other than Ethereum, in exchange for protocol fees and rewards, according to EigenLayer’s website.
Pre-launch trading on Coinbase is a newly added feature.
Says Coinbase,
“Pre-launch markets allow users to trade perpetual futures contracts on tokens that have not launched yet. When the underlying token is launched on applicable spot exchanges, the instrument converts to a standard perpetual contract. Pre-launch markets on Coinbase allow users to participate in price discovery for upcoming projects on a trusted and secure platform.”
Coinbase also warns there are higher risks when trading the pre-launch digital assets.
“Pre-launch markets significantly differ from standard perpetual futures markets, carrying unique considerations and posing elevated risks. It is crucial to exercise caution and refrain from trading contracts that you are unfamiliar with or do not fully understand the associated risks.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/tsuneomp
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