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 18 Sept 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 52.4% of EIGEN's total supply is in circulation, so 1.91x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 47.6% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
EIGEN trades 95.9% below its all-time high of $5.65. Recovering that level is a 24.4x move, not a 95.9% 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.
EIGEN is strong on Market Share, and those are variables the market demonstrably pays for across the rated universe. Most of that quality is already in the price. Its weaknesses sit in P/S Multiple, Supply Inflation, Vesting Schedule, Buyback and Burn and Insider Selling, none of which the market is currently punishing. A risk nobody is charging for is still a risk.
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 | $0.2334 |
| Market cap | $226.1Mrank 173 |
| All-time high | $5.6516 Dec 2024 |
| Circulating supply | 969,024,551 |
| Eventual supply (total supply) | 1,849,563,621 |
| Dilution to full supply | 1.91x |
| Total value locked | $5.80B |
| Listed on | Binance, OKX, Bybit, Kraken |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 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.
EIGEN compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
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?
- 52.4% of eventual EIGEN supply is circulating today, leaving 1.91x the current float still to arrive. At a flat price per token that is 47.6% of fully diluted value ahead of current holders.
- How far is EIGEN from its all-time high?
- EIGEN trades 95.9% below its all-time high of $5.65. Returning to that high requires a 24.4x 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.