Coinbase, the leading US cryptocurrency exchange, has added a new Ethereum restaking protocol project for pre-launch trading.

EigenLayer (EIGEN) is now available for trading on Coinbase’s International Exchange and Coinbase Advanced, ahead of its official launch. This opportunity is open to users in eligible jurisdictions outside of the US, UK, and Canada.

Traders can now engage in EIGEN-PERP trading with up to 2x leverage. The initial price of EIGEN is set at $7.307, with an Implied FDV of $12.2 billion.

EigenLayer offers ETH holders the chance to restake their tokens as “cryptoeconomic security” for protocols beyond Ethereum. In return, users can receive protocol fees and rewards, as detailed on EigenLayer’s website.

This pre-launch trading feature is a recent addition to Coinbase’s platform. It allows users to trade perpetual futures contracts for tokens that have not yet been officially launched. Once the underlying token is listed on appropriate spot exchanges, these contracts convert to standard perpetual contracts. This feature enables users to engage in price discovery for upcoming projects on a secure and reliable platform.

However, Coinbase emphasizes the higher risks involved in trading pre-launch digital assets. These markets differ significantly from standard perpetual futures markets and come with unique considerations and elevated risks. Traders are advised to exercise caution and avoid trading contracts they are unfamiliar with or do not fully understand the associated risks.

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Disclaimer: The opinions expressed on The Daily Hodl are not financial advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are done at the individual’s risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, and is not an investment advisor. Additionally, The Daily Hodl may participate in affiliate marketing.