About EigenCloud (prev. EigenLayer) (EIGEN)

What is EigenCloud (EIGEN), really?

EigenCloud is the broader version of EigenLayer, built on Ethereum and centered on restaking. At the base level, it lets ETH and liquid staking tokens secure external services called AVSs. The name change matters because it’s no longer just about restaking—it now folds data availability, off-chain compute, and verification into a single, modular crypto stack.

So why does the EIGEN token exist?

EIGEN isn’t a fee token and it’s not used for gas. Its job is governance and slashing, specifically for “intersubjective” faults—things validators can do wrong that aren’t cleanly provable on-chain. Instead of touching Ethereum consensus, EigenCloud can economically fork EIGEN. It’s a narrow use, but a deliberate one.

How much EIGEN is there, and does supply grow?

The protocol launched with 1,673,646,668 EIGEN as its initial supply. On top of that, there’s a 4% annual inflation rate, paid out to stakers and operators through ongoing incentives. All allocation percentages refer to the initial supply only. Inflation isn’t an accident here—it’s how participation stays funded long term.

How is that supply split up?

Investors hold 29.5% and early contributors 25.5% of the initial supply. The rest is spread across ecosystem development, stakedrops, community initiatives, and future community programs. It’s not one big “community bucket.” Some portions are already distributed, others sit under governance control for future use.

What does vesting look like in practice?

Investor and contributor tokens had a one-year cliff after October 2024, followed by linear unlocks over two years. Right now, roughly 12% of each tranche is unlocked. Monthly releases land around 36–37M EIGEN combined, though the exact amount varies. Community stakedrops and initiatives are already fully unlocked.

Who actually funded EigenCloud?

Across all stages, the project raised $234.4M. That includes a seed round, Series A, a large 2024 funding round, and a 2025 OTC token deal tied to EigenCloud’s expansion. Backers include Blockchain Capital, Polychain, Electric Capital, Coinbase Ventures, and Andreessen Horowitz, which showed up more than once.

Was there an airdrop, or was it all VC?

There were two stakedrop seasons aimed at ETH and LST restakers active before the March 2024 snapshot. Those tokens are fully unlocked now. Before that, EigenLayer ran long restaking and point systems that rewarded early participation. Today, most rewards come from inflationary incentives rather than one-off drops.

Where does EIGEN trade, and what kind of market is it?

EIGEN trades on major spot exchanges like Binance, Coinbase, Gate, and HTX, mainly against usdt and usd. That said, derivatives dominate. Perpetual futures on Binance, Bybit, OKX, MEXC, and others drive most volume, often with high leverage. That setup makes unlock periods especially noisy.

What are the main risks worth watching?

Unlock pressure is the obvious one, with large tranches vesting through 2026. There’s also execution risk—EigenCloud’s data, compute, and verification layers are ambitious and not trivial to ship. And governance matters: sizable allocations remain under foundation control, which can cut both ways depending on coordination.