Cross-Chain Protocol StakeLayer Launches STAKELAYER Token: All You Need to Know

Key Takeaways:

• The native token of the StakeLayer cross-chain restaking protocol launches on the MEXC exchange on October 9.
• The Cross-Chain Restaking Protocol will support staking across multiple blockchains, including Bitcoin, Ethereum, and Solana.
• This listing is coming on the heels of the successful launch of EigenLayer's EIGEN Token on October 1.

StakeLayer Realeases STAKELAYER Token for Multichain Staking Opportunities

The multichain staking and restaking platform StakeLayer has revealed the launch of its Cross-Chain Restaking Protocol through its new token STAKELAYER. This protocol is a solution that allows users to retake their assets across multiple blockchains, including Bitcoin, Ethereum, Solana, TON, and more.

According to a recent announcement from the Stakelayer team, their native token is set to launch on the MEXC cryptocurrency exchange on Wednesday, October 9, at 2 PM UTC. This listing will represent a significant achievement for StakeLayer and the wider DeFi community.

With a total supply of 5,000,000,000, the STAKELAYER token is based on the BNB Chain. Ahead of the official listing, the token has already been included in MEXC Kickstarter, a pre-listing event on the MEXC exchange initiated by project teams, allowing users to commit the MX token to support their preferred projects.

This launch marks a significant milestone for the StakeLayer ecosystem as the protocol continues its mission of revolutionizing cryptocurrency staking through the first cross-chain platform, seamlessly integrating Bitcoin, Ethereum, and Solana.

Interestingly, the project has also announced the burning of over 16.6% of the $STAKELAYER Total Supply, amounting to 830,000,000 tokens from the unsold presale allocation. As the ecosystem expands, this will create scarcity and enhance the value for $STAKELAYER holders.

🚨 JUST NOW: Over 16.6% of $STAKELAYER Total Supply was Burned🔥

We have burnt 830,000,000 STAKELAYER tokens from the unsold presale allocation: https://t.co/FItNApUFrN

🌟 These tokens will never be in circulation again, bringing more value to $STAKELAYER holders!

LFG! 🔥 pic.twitter.com/hpqkc9IQo9

— StakeLayer (@StakeLayerIO) October 8, 2024

Going forward, cryptocurrency enthusiasts can securely generate income from their inactive Bitcoin, Solana, and Ethereum assets while enabling users to stake their crypto holdings on multiple blockchain networks.

Following The Success of EigenLayer's EIGEN Token

This is coming after the successful October 1 launch of the EIGEN token by Eigenlayer, a leading protocol leveraging the Ethereum blockchain for restaking.

However, the $STAKELAYER token's main selling point is its innovation of Multichain Restaking across multiple blockchains rather than being restricted to Ethereum.

Since its debut, EigenLayer (EIGEN) has become one of the best-performing digital assets. It trades at $4.04, a 19.15% increase in the past 24 hours. Notably, the EIGEN token is currently ranked as the 86th largest coin by market capitalization, with a market capitalization of $755,416,931 at the time of writing.

Meanwhile, according to data, the token has only decreased by approximately 12% from its all-time high of $4.53 since its launch eight days ago.

This impressive performance and stability in the EigenLayer token price came despite a security incident involving “unapproved selling activity” on October 4. A specific wallet was found to have sold about 1.67 million EIGEN tokens, which are currently worth $6.54 million.

Community Update:

In an isolated incident this morning, an email thread involving one investor’s transfer of tokens into custody was compromised by a malicious attacker.

As a result, 1,673,645 EIGEN tokens were erroneously transferred to the attacker’s address. The attacker…

— EigenLayer (@eigenlayer) October 4, 2024

However, the team assured that the incident was isolated and would not affect the rest of their ecosystem, clarifying that a hacker was behind the suspicious activity. The exploiter was said to have compromised an email thread related to the investor's token transfer.

Related: Security Concerns Rise as Polygon Prepares for MATIC to POL Migration

As such, they could steal the investor's tokens, sell them on a decentralized swap platform, trade them for stablecoins, and later send them to centralized exchanges.