EigenLayer (EIGEN)
Restaking pioneer with $5.8B TVL but 82% of tokens opening over 3 years creates extreme dilution headwind.
Ranked 106th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
EIGEN scores 107 of 250 across the 25-variable framework, which places it 106th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
The score rests on Treasury Runway 7/10, 11th of 251, TVL Trend 6/10, 19th of 251, Market Share 7/10, 20th of 251 and Social Mindshare 6/10, 23rd of 251.
Against the same universe, EIGEN sits in the bottom third on Supply Inflation 1/10, 249th of 251, Circulating / FDV Ratio 1/10, 249th of 251, Vesting Schedule 1/10, 244th of 251 and Insider Selling 2/10, 242nd of 251. These are the variables that would have to move for the verdict to change.
Only 40.5% of EIGEN's total supply is in circulation, so 2.47x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 59.5% of the fully diluted value sitting ahead of today's holders. That is a heavy overhang: most of the eventual supply has not reached the market yet.
EIGEN trades 96.8% below its all-time high of $5.65. Recovering that level is a 31.2x move, not a 96.8% one, which is the arithmetic most drawdown charts hide.
The framework score gained 19 points against the previous pass (88 to 107). Revisions of this size follow a change in the underlying variables, not a change in price.
$5.80B sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 3 | 117th of 251 | |
| P/S Multiple | 2 | 218th of 251 | |
| Real Staking Yield | 4 | 82nd of 251 |
Supply
| Supply Inflation | 1 | 249th of 251 | |
| Vesting Schedule | 1 | 244th of 251 | |
| Circulating / FDV Ratio | 1 | 249th of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 2 | 242nd of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 6 | 19th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 6 | 32nd of 251 |
Position
| Market Share | 7 | 20th of 251 | |
| Competitive Moat | 6 | 29th of 251 | |
| Institutional Adoption | 6 | 26th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 6 | 23rd of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 4 | 45th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 7 | 11th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
EIGEN slashing activation enabling real AVS security; programmatic incentives attracting AVS launch
Principal risk
Only 18% circ/FDV; massive insider and foundation vesting schedule; restaking narrative fading; minimal fee accrual to EIGEN token
Market and supply
| Price | $0.1801 |
| Market cap | $133.4Mrank 209 |
| All-time high | $5.6517 Dec 2024 |
| Circulating supply | 741,228,567 |
| Eventual supply (total supply) | 1,830,694,150 |
| Dilution to full supply | 2.47x |
| Total value locked | $5.80B |
| Listed on | Binance, OKX, Bybit, Kraken |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to EIGEN measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [DeFiLlama] EigenLayer TVL ~$5.8B as of May 2026 with 30+ AVS services live
- [EigenLayer Token Overview] EIGEN token has only 18% circulating supply with large foundation and investor releases ongoing through 2028
- [CoinGecko] EIGEN ATH $4.40 reached October 2024 shortly after TGE
Common questions
- What is the Early Thunder score for EigenLayer (EIGEN)?
- EIGEN scores 107 out of 250 on the 25-variable framework, ranking 106th of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are EIGEN's strongest fundamentals?
- EIGEN ranks highest on Treasury Runway 7/10, 11th of 251, TVL Trend 6/10, 19th of 251, Market Share 7/10, 20th of 251 and Social Mindshare 6/10, 23rd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the EIGEN thesis?
- EIGEN scores in the bottom third of the universe on Supply Inflation 1/10, 249th of 251, Circulating / FDV Ratio 1/10, 249th of 251, Vesting Schedule 1/10, 244th of 251 and Insider Selling 2/10, 242nd of 251. The single risk carried on the scorecard is: Only 18% circ/FDV; massive insider and foundation vesting schedule; restaking narrative fading; minimal fee accrual to EIGEN token
- How much EIGEN supply is still to enter circulation?
- 40.5% of eventual EIGEN supply is circulating today, leaving 2.47x the current float still to arrive. At a flat price per token that is 59.5% of fully diluted value ahead of current holders.
- How far is EIGEN from its all-time high?
- EIGEN trades 96.8% below its all-time high of $5.65. Returning to that high requires a 31.2x move from the level used in this scoring pass.
- Which tokens have a similar profile to EIGEN?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to EIGEN are W (92), PYTH (107), WLD (89) and SUI (146). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for EIGEN?
- EIGEN slashing activation enabling real AVS security; programmatic incentives attracting AVS launch
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.