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EigenLayer prepares for EIGEN token transfer restrictions lift on Sept. 30

  • EigenLayer will lift EIGEN token transfer restrictions on September 30, 2024.
  • Stakeholders must observe a 7-day withdrawal period to unstake EIGEN tokens.
  • Pre-market values EIGEN tokens at $3.4, with TVL dropping from $20B to $12B.

EigenLayer, a prominent restaking protocol, is set to remove transfer restrictions on its native EIGEN token, enabling stakeholders to trade and transfer their tokens starting on September 30.

This significant update comes after months of anticipation, particularly following the protocol’s recent token distributions.

EIGEN token remain non-transferable

EigenLayer has been at the forefront of crypto innovation, allowing users to stake their ether (ETH) to secure third-party networks and other validated services. The platform’s native token, EIGEN, which was launched in April, plays a pivotal role in this ecosystem.

However, up until now, EIGEN tokens remain non-transferable due to restrictions in place following two major “stakedrop” events. The tokens remained locked, and stakeholders could not transfer or trade them.

With the lifting of these restrictions, EIGEN holders, including those who received airdropped rewards, will now have the ability to manage their assets freely.

For those who have staked their tokens, EigenLayer clarified that a mandatory 7-day withdrawal period must be observed for unstaking EIGEN. This adds a minor delay before tokens can be fully withdrawn and traded.

EigenLayer has experienced significant funds outflow

In pre-market trading, derivatives of the EIGEN token have been valued at approximately $3.4, with a fully diluted valuation of $5.4 billion.

However, despite the initial success, EigenLayer has experienced a significant outflow of funds in recent months, reducing its total value locked from $20 billion in June to $12 billion.

As the transferability date approaches, the platform’s future trajectory remains closely watched by the crypto community.

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Exodus donates $1.3 million to Stand With Crypto

  • Exodus donates $1.3 million to Stand With Crypto to help mobilise crypto holders to vote in November.
  • The Stand With Crypto advocacy group recently joined forces with a16z and OpenSea to launch a new creator legal fund.

Crypto wallet provider Exodus has announced it donated $1.3 million to Stand With Crypto, a bipartisan crypto advocacy group.

This brings the total amount in donations to the advocacy group to over $2.79 million.

According to an announcement on Sept. 24, Stand With Crypto will use these funds to promote community initiatives aimed at pushing more people to vote in the upcoming US election. The program targets more crypto holders, encouraging them to register and coming out to vote.

While voter mobilization is a major aspect, the broader goal is to push for clarity in crypto regulation in the country.The election of crypto-friendly legislators to Congress is one such step.

Stand With Crypto is also tracking crypto-related comments and plans by Donald Trump and – recently – Kamala Harris.

Earlier this month, Stand With Crypto teamed up with a16z and NFT marketplace OpenSea to launch a creator defense fund.

The legal fund followed the SEC’s Wells Notice against OpenSea, a regulatory approach highly criticized for its overreach and for alleging that digital collectibles are securities.

Crypto donations to PACs

The cryptocurrency sector has also been massively active in the US election campaign donations. Coinbase, Ripple and Gemini are some of the big donors, with funds going to political action committees.

One of the super PACs to receive a staggering amount of campaign donations is Fairshake.

Recent data shows the PAC has over $177 in crypto donations- money that Fairshake is utilizing as it looks to help bring crypto-friendly lawmakers to Congress.

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Bitwise CIO: More financial advisors are “allocating to crypto”

  • Only 10% to 20% of financial advisors admitted to owning crypto in their portfolios
  • Now, roughly, 70% indicated they did
  • The approval of Bitcoin ETFs and the Fed’s rate cut are bullish signals that may have changed that

In a client memo, Bitwise’s CIO said that a “wave of the most powerful people in finance are finally allocating to crypto.”

Matt Hougan was reflecting on a keynote speech he’d given at the Barron’s Advisor 100 Summit, where the top financial advisors in the US meet, in Palm Beach, Florida.

Despite Hougan having spoken at the event twice before, he states this was the first time he’d taken to the main stage thanks to the approval of Bitcoin exchange-traded funds (ETFs) earlier this year.

To better understand his audience, Hougan asked them to raise their hands if they owned Bitcoin or another crypto asset in their portfolio. At the last two events, Hougan states that around 10% to 20% of the people in the room raised their hands.

“This year, nearly every hand in the room went up,” he wrote. “I don’t have an exact count, but I’d estimate at least 70% of the advisors in the room raised their hands.”

Following this, he asked if any of them had Bitcoin in client portfolios, with very few raising their hands. According to Hougan, this is expected as many advisors work for broker-dealers that don’t “allow them to buy Bitcoin ETFs yet.”

In Hougan’s opinion, financial advisors always allocate first in their portfolios and “client allocations typically follow six to 12 months later.”

Bullish trends

A change in how financial advisors view crypto can be pointed to several factors, according to Hougan.

These include the US Federal Reserve’s decision to cut interest rates by 50 basis points, spot Bitcoin ETFs being approved by Morgan Stanley, and the US Securities and Exchange Commission’s (SEC) options approval of Blackrock’s Bitcoin ETF.

However, despite bullish trends, Hougan argues that the “show of hands in Palm Beach was one of the most powerful signs of the times.”

“A wave of the most powerful people in finance are finally allocating to crypto,” he said. “When it spreads from them to their clients, things could get interesting quickly.”

Productive year

Hougan’s memo comes after a busy year for Bitwise. Following the approval of Bitcoin ETFs, Bitwise and VanEck promised to donate 10% of their profits to Bitcoin’s development.

In March, the asset management company, filed an S-1 form with the SEC, applying for an Ethereum ETF, which was approved in July.

In June, Hougan stated that Ethereum ETFs would attract $15 billion in net flows in their first 18 months. With so many moving pieces this year, aiming to help advance the crypto space, it’s no wonder an increasing number of financial advisors admitted to owning crypto.

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