Binance Announces Listing of EigenLayer (EIGEN)

Binance announces the listing of the restaking solution EigenLayer (EIGEN) and will open trading for the following spot trading pairs at 05:00 (UTC) on 2024-10-01:

• EIGEN/BTC
• EIGEN/USDT
• EIGEN/FDUSD
• EIGEN/TRY

Users can start depositing EIGEN in preparation for trading. Withdrawals will be available at 05:00 (UTC) on 2024-10-02.

EIGEN Listing Fee: 0 BNB.
EIGEN Smart Contract Address (ERC20): 0xec53bF9167f50cDEB3Ae105f56099aaaB9061F83

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What is EigenLayer (EIGEN)?

EigenLayer is a pioneering project that introduces the restaking model, a solution to address the issue of layered security. Restaking is a smart contract that allows ETH stakers to reuse their staked ETH to enhance the security of other protocols.

EigenLayer acts as an intermediary layer, enabling stakers to grant additional execution rights to staked ETH, supporting restaking into other protocols to ensure security. Restaking provides benefits for both the protocol and the restaker:

• Benefit for the protocol: The security of Ethereum and the associated protocols is strengthened through staked assets.
• Benefit for the restaker: Earn rewards from staking ETH and from the secured protocols.

Restakers will receive additional rewards in exchange for securing other protocols, but they also face risks from the slashing conditions of these protocols.

Related: What is Restaking? Projects Benefiting After Ethereum ETF