Polychain-linked addresses redeem 122M EIGEN, 16.5% of the circulating supply

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EIGEN

$0.2344-0.59%

Summary

Crypto news: Addresses linked to Polychain have redeemed 122 million EIGEN tokens from EigenCloud staking contracts, valued at approximately $23.88 million—representing 16.5% of the circulating supply. The tokens remain held in the addresses and have not been transferred. Analysts trace the tokens to a 2024 investment allocation, with Polychain among EigenCloud’s early lead investors. Cryptocurrency news outlets such as Odaily reported the activity.

Odaily Planet Daily reports, according to crypto analyst Ember@EmberCN, approximately seven hours ago, a group of addresses suspected to belong to Polychain unlocked and redeemed 122 million EIGEN tokens from the EigenCloud (formerly EigenLayer) staking contract, worth approximately $23.88 million, accounting for 16.5% of EIGEN’s current circulating supply.

The related EIGEN tokens are still held within the address and have not been further transferred. Yujin noted that these tokens originated from the 2024 investment allocation, with Polychain being one of the early lead investors in EigenCloud.

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