Back to the list

BIT Exchange unveils the EigenLayer points program

source-logo  invezz.com 15 April 2024 13:25, UTC

BIT cryptocurrency exchange has launched the EigenLayer Points Program seeking to improve user interactions within the EigenLayer ecosystem.

This rewards program will include EigenLayer Points (ELP) trading on the spot market under the pair ELP/USDT.

BIT plans for this move to boost engagements with the ecosystem as the Token Generation Event nears.

BIT unveils EigenLayer points program

BIT is a cryptocurrency exchange platform that appeals to professional traders due to features such as Portfolio Margin and Unified Margin that offer advanced risk management and fund efficiency.

The exchange is now collaborating with the Ethereum-based protocol, EigenLayer, to give rewards to users.

EigenLayer has been amassing interest and is currently among the fastest-rising decentralized applications on Ethereum with more than $15 billion in Total Value Locked (TVL).

Interest in the protocol has been increasing due to its innovative approach when it comes to network security and restaking.

EigenLayer is also playing a crucial role in the growth of the Ethereum blockchain.

“We’re excited to give our users the opportunity to engage with new and innovative protocols like EigenLayer and participate in the early stages of a new and prominent DeFi application,” said the COO and co-founder of BIT, LAN.

Rewarding early adopters of Eigenlayer

BIT, which launched in August 2020 as an affiliate of Matrixport, is using the EigenLayer Points Program to reward early adopters on EigenLayer.

The rewards will go towards those engaging in activities like restaking liquid staking tokens (LSTs) on the EigenLayer ecosystem based on the quantity of the token staked and the duration of the staking period.

The reward points will also be used as eligibility criteria for the upcoming EigenLayer airdrop where holders will get to secure valuable rewards.

The BIT exchange will be the first centralized crypto exchange to create a market to purchase EigenLayer Points as the Token Generation Event nears.

Those holding EigenLayer points on BIT during the airdrop will receive the new token depending on the conversion rate.

According to LAN, this program presents a significant milestone for the BIT exchange and the entire cryptocurrency community.

EigenLayer has yet to announce the official date for the airdrop, but the event is expected to have garnered a lot of attention from the crypto community.

The post BIT Exchange unveils the EigenLayer points program appeared first on Invezz