Introduction
OKX has officially announced the integration of EIGEN (Eigen) into its spot trading marketplace, alongside the introduction of pre-market futures for the token. This development provides traders with expanded opportunities to engage with the EigenLayer ecosystem's native asset, leveraging both immediate and forward-looking trading instruments.
EigenLayer represents a significant innovation within the Ethereum ecosystem, introducing the concept of restaking. This allows participants who have staked ETH to further contribute to securing additional services on the network, effectively optimizing capital efficiency and enhancing overall protocol security.
Below, we break down the key dates, mechanics of the new futures product, and essential details every trader should know before participating.
Listing Schedule and Important Timings
To ensure a smooth trading experience, mark these critical timelines in your calendar. All times are in UTC.
- Deposit Opening: EIGEN deposits will be enabled starting at 12:15 pm on September 30, 2024.
- Withdrawal Opening: EIGEN withdrawals will become available between 5:00 am and 6:00 am on October 1, 2024.
- Spot Trading Launch: The EIGEN/USDT trading pair will go live for spot trading at 6:00 am on October 1, 2024.
- Pre-Market Futures Listing: Trading for EIGEN pre-market futures contracts will commence at 10:00 am on October 2, 2024.
It is crucial to monitor official OKX announcements for any potential changes to this schedule.
Understanding EIGEN and the EigenLayer Protocol
EIGEN is the native utility token of the EigenLayer protocol. EigenLayer is built on Ethereum and pioneers a novel mechanism known as restaking. This process enables users who have already staked their ETH to "restake" those same assets, opting into additional services like actively validated services (AVSs) and oracles. This provides pooled security and cryptoeconomic guarantees to a broader range of applications on the Ethereum network.
- Asset Name: Eigen
- Ticker: EIGEN
- Contract Address: 0xec53bf9167f50cdeb3ae105f56099aaab9061f83
By participating, users can earn additional rewards while contributing to the security and decentralization of the ecosystem. For a deeper dive into how such innovative assets are traded and secured, many traders find it helpful to explore advanced trading platforms.
A Guide to Pre-Market Futures for EIGEN
Pre-market futures allow traders to speculate on the price of an asset before its official spot trading begins. Here’s what you need to know about EIGEN’s pre-market futures on OKX.
Delivery Time and Mechanics
The pre-market futures contracts for EIGEN will be delivered 3 hours after the token is officially listed on the spot market. The final delivery price is calculated based on data from the 2 to 3 hours following the listing. Importantly, if the initial spot listing time is adjusted, the futures delivery time will also change accordingly.
Determining the Delivery Price
The delivery price is a critical component and is determined through a transparent process:
- Index Price: OKX compiles an index price using data from more than three mainstream exchanges to ensure fairness and mitigate manipulation.
- Final Calculation: The delivery price itself is the arithmetic average of the corresponding OKX index price, sampled over the hour immediately preceding the delivery time. OKX reserves the right to adjust the final price to a reasonable level if abnormal trading activity is detected in that final hour.
Important Post-Delivery Restrictions
To ensure market stability immediately after delivery, a temporary transfer restriction is applied:
- Users holding EIGENUSDT futures contract positions valued greater than $10,000 at the moment of delivery will be restricted from transferring assets out of their trading account for the first 30 minutes post-delivery.
- All transfer functions will return to normal after this 30-minute window. All order history and billing records remain accessible and can be downloaded from the Order Center on the OKX website for record-keeping.
Risk Management and Settlement
Given the potential for high volatility around a new listing, proactive risk management is essential.
- Settlement Fee: A standard settlement fee of 1% will be applied, though this is subject to change as per future announcements.
- Risk Advisory: OKX strongly advises traders to manage their risk exposure by reducing leverage or closing positions in advance of delivery to avoid potential over-losses.
- Loss Management: In the event of an overloss upon delivery, the platform's insurance fund will be used for reimbursement. Should the insurance fund prove insufficient, the system will automatically reduce the positions of users with the highest profit rates.
Trading Price Limits
To curb extreme volatility, pre-market futures for EIGEN will have dynamic price limits:
After Contract Generation:
- Maximum Buy Order Price = (1-hour Average Mid Price) × 1.15
- Minimum Sell Order Price = (1-hour Average Mid Price) × 0.85
Within 60 Minutes Before Delivery (stricter limits):
- Maximum Buy Order Price = (1-hour Average Mid Price) × 1.05
- Minimum Sell Order Price = (1-hour Average Mid Price) × 0.95
The mid-price is calculated as (Best Bid Price + Best Ask Price) / 2, and these limits are recalculated every minute.
How to Prepare for EIGEN Trading
To participate in either EIGEN/USDT spot trading or the pre-market futures, adequate preparation is key.
Ensure your trading account is funded with sufficient USDT to open positions. You can deposit USDT from an external wallet or purchase it directly on the platform. Having funds ready allows you to act quickly once trading goes live.
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Frequently Asked Questions (FAQ)
Q1: What is EigenLayer and what does EIGEN do?
A1: EigenLayer is a restaking protocol on Ethereum. It allows users who have staked ETH to restake it and opt-in to secure other services on the network, earning additional rewards. The EIGEN token is used within this ecosystem for governance and protocol-related functions.
Q2: When can I start trading EIGEN on OKX?
A2: EIGEN/USDT spot trading begins at 6:00 am UTC on October 1, 2024. Pre-market futures trading for EIGEN starts slightly later, at 10:00 am UTC on October 2, 2024.
Q3: What are the risks associated with pre-market futures?
A3: Pre-market futures are highly speculative and can be extremely volatile around the delivery time. Price limits are in place, but traders should use caution, employ low leverage, and be aware of the potential for rapid price movements and the associated settlement process.
Q4: What happens if the market is volatile at the moment of futures delivery?
A4: OKX uses a calculated index price from multiple exchanges to determine a fair delivery price. If traded prices are abnormal in the final hour, OKX may adjust the delivery price. The insurance fund covers losses, but it's best to manage risk beforehand.
Q5: Can I withdraw my EIGEN immediately after buying it?
A5: Withdrawals for EIGEN are scheduled to open between 5:00 am and 6:00 am UTC on October 1, 2024, which is after spot trading begins. Note the 30-minute transfer restriction for large futures holders post-delivery.
Q6: Where can I find the official contract address for EIGEN?
A6: The official Ethereum contract address for EIGEN is 0xec53bf9167f50cdeb3ae105f56099aaab9061f83. Always verify contract addresses from official sources to avoid scams.
Risk Warning
Trading digital assets, including cryptocurrencies like EIGEN, involves significant risk due to their highly speculative and volatile nature. Prices can fluctuate wildly, and assets may become illiquid, potentially leading to a total loss of your investment.
The information provided here is for educational and informational purposes only. It should not be construed as financial, investment, or any other form of advice. OKX does not guarantee the accuracy or completeness of this information, some of which may be sourced from third parties.
Always conduct your own thorough research (DYOR), carefully evaluate your personal financial situation and risk tolerance, and ensure you understand how these products work before trading. OKX is not liable for any trading losses incurred.