$EIGEN has been consolidating in this giant triangle after the initial impulse up from the big $ETH bounce.
This has come down to much more attractive valuation levels (~$400M circulating market cap with ~$2B FDV) compared to when it launched.
I do believe that if ETH continues higher into price discovery somewhere this year, that EIGEN will at some point catch up and act as a solid ETH beta again.
There were quite a few larger unlocks earlier this year but now those are out of the way the linear unlocks are much slower and supply barely increases until the end of the year. This should help a lot compared to before.
TVL still sits near all time highs at a massive $20B. Not an indication of price but it does show that this is still a giant protocol and people have kind of forgotten about it.
I have bought some spot with the view that we hopefully trade higher at the end of the year.
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