Quick take:
- The launch allows early adopters to engage with the EigenLayer ecosystem ahead of the Token Generation Event.
- EigenLayer rewards early adopters with one ELP every hour for every 1ETH restaked.
- The restaking protocol is currently averaging more than 107 million daily points emissions and has allocated over 3.9 billion staking points to date.
BIT Exchange has launched the EigenLayer Points Program, a market that allows users to trade EigenLayer Points (ELP) against selected cryptocurrencies like the USDT. BIT now becomes the first centralised exchange (CEX) platform to offer spot trading for EigenLayer Points ELP/USDT.
According to a press release shared with NFTgators, the ELP/USDT spot trading marketplace allows the early adopters — those who deposit (restake ETH) in exchange for EigenLayer points to engage with the EigenLayer ecosystem ahead of the Token Generation Event.
The early adopters are rewarded with one ELP every hour for every 1ETH restaked. According to a Dune Analytics dashboard by hahahash, EigenLayer is currently averaging more than 107 million daily points emissions and has allocated over 3.9 billion staking points to 107,915 depositors to date.
The points will be used as eligibility criteria for the highly anticipated EigenLayer Airdrop, where holders will stand a chance to receive valuable rewards.
Decentralised exchange platform Whales Market, which already supports ELP trades states that the tradable points are not a tokenised version of EigenLayer points, but rather the rights to EigenLayer points when they launch. Kelp DAO, which launched at the end of February is offering Kelp Earned Points token, KEP, which is a tokenised representation of EigenLayer points.
This announcement comes at a time when EigenLayer is dominating headlines amid its emergence as a leading player in crypto restaking on Ethereum. Last week, the platform crossed the $15 billion TVL (total value locked) following its mainnet launch.
BIT said that when EigenLayer releases its Airdrop, ELP holders on its platform will receive the new token based on the official conversion rate.
Commenting on the announcement, LAN, Co-founder & COO of BIT said in a statement: “The launch of the EigenLayer Points Program represents a significant milestone for BIT and the broader crypto community. We’re excited to give our users the opportunity to engage with new and innovative protocols like EigenLayer and participate in the early stages of a new and prominent DeFi application.”
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