EIGEN Token Is Now Transferable

• EIGEN becomes transferable.

• Vitalik proposes metrics for Ethereum alignment.

• Ethereal proposes a DEX on Ethena.

• Arbitrum One reaches a billion transactions.

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EIGEN, the native token of the EigenLayer protocol, is now transferable, with a total supply of 1.67 billion and an initial circulating supply of about 200 million EIGEN. EIGEN is a Universal Intersubjective Work Token that provides social consensus as a service and plays a role in protocol governance. It can also be staked to provide economic security for Actively Validated Services (AVSs). Following the unlock, EIGEN traded at an initial price of about $4 and a fully diluted valuation of around $7 billion, according to Coingecko data. EIGEN was initially launched as a non-transferable token on May 10, 2024. The unlock comes after the completion of key milestones, including the activation of AVS rewards on mainnet. Disclosure: ETH Daily received a retroactive airdrop as part of the podcasts category.

Ethereum creator Vitalik Buterin published a new post discussing how to make Ethereum alignment more transparent and measurable. He notes that client teams, researchers, and developers are all working toward their own visions of Ethereum, which can lead to fragmentation. Buterin outlined the concept of Ethereum alignment and proposed metrics to help unify the ecosystem. The alignment metrics encompass values, technology, and economic incentives. The measurable criteria include the use of open-source licenses, adhering to ERC standards, ensuring decentralization and security, and contributing positively to both Ethereum and the broader world.

Ethereal introduced a new Ethena governance proposal for the launch of an integrated decentralized exchange (DEX) for spot and perpetual futures on the upcoming Ethena Network, using USDe as the native asset. The proposal includes a commitment to allocate 15% of future Ethereal governance tokens to circulating ENA holders. The proposal requests that Ethereal be integrated into Ethena’s reserve management system from the start to facilitate spot and futures trading backed by USDe collateral. Ethereal will function as an L3 appchain settling on the Ethena Network. A testnet launch is anticipated in Q4 2024.

Arbitrum One surpassed 1 billion transactions on its Layer 2 network. The achievement comes just three years after the rollup launched to mainnet on August 31, 2021. Arbitrum One remains the leading rollup by total value locked, with over $14 billion in assets. Arbitrum One is currently a Stage One rollup with active fraud proofs but is not yet fully permissionless.

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