Ethereum
Coinbase lists Ethereum takeover protocol ahead of launch at $12,200,000,000 valuation
Coinbase, the leading US cryptocurrency exchange, lists an Ethereum (ETH) draft recovery protocol for pre-launch exchanges.
In a new announcement, Coinbase said that EigenLayer (EIGEN) is now available to trade ahead of its official launch on the International Exchange and Coinbase Advanced platform for users in eligible jurisdictions outside of the US, UK and Canada.
Said 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 reinvest their tokens for use as “cryptoeconomic security” for protocols other than Ethereum, in exchange for protocol fees and rewards, according to EigenLayer. website.
Pre-launch trading on Coinbase is a newly added feature.
Said Coinbase,
“Pre-launch markets allow users to trade perpetual futures contracts on tokens that have not yet been launched. When the underlying token is launched on applicable spot exchanges, the instrument converts into a standard perpetual contract. Pre-launch markets on Coinbase allow users to participate in price discovery of upcoming projects on a reliable and secure platform.
Coinbase also warns that there are higher risks when trading digital assets before launch.
“Pre-release markets differ significantly from standard perpetual futures markets because they involve unique considerations and present high risks. It is essential 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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Featured image: Shutterstock/tsuneomp