$EIGEN is the leader in Ethereum re-staking, supporting additional staking yields for already staked ETH (or LST), while ensuring ecological security.
Fundamentals: TVL of $19.237 billion, current market cap of $400 million, TVL / market cap ratio of about 48 times, far exceeding the industry average of 5-20 times; total financing of $234 million, backed by A16z and Coinbase, relying on the upward trend in ETH staking rates.
There is room for valuation recovery;
Long-term unlock has led to weak market conditions, and subsequent unlocks may reduce or alleviate selling pressure, with market makers accumulating sufficient holdings, and large investors increasing their positions by $70 million;
Benchmarking against LDO (market cap of $1.2-1.6 billion) has 3-4 times potential;
Currently at the bottom of a weekly consolidation;
ETH ETF approval may catalyze (timing uncertain).
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