OpenEden’s newly listed project token, EDEN, crashed by over -76.3% to $0.3331 since reaching $1.40, post-listing.
The EDEN token was listed on leading centralized exchanges including Binance, Bitget and Gate.io on September 30th and saw its market price quickly climb to $1.40 in the first hour of trading.
The token has since lost over -76% of its gains and now trades at $63 million market capitalization.
OpenEden, launched in early 2023, seeks to unlock trillions of dollars in value by bridging traditional finance (TradFi) and decentralised finance (DeFi), making regulated, real-asset yields accessible to blockchain users.
OpenEden enables 24/7 on-chain access to tokenized U.S. Treasury securities through its flagship product, TBILL and USDO (OpenEden OpenDollar), a rebasing yield-bearing stablecoin issued by the Bermuda-licensed digital asset business.
OpenEden Digital Limited is currently the 16th largest tokenized real world assets (RWAs) issuer with over $247.97 million in tokenized assets value, excluding stablecoins, according to data from RWA.xyz.
The OpenEden OpenDollar has a $274 million market capitalization, bringing OpenEden’s total tokenized value to over half a billion dollars.
The EDEN token, believed to be OpenEden’s governance token, has performed poorly despite the success of the tokenization platform. According to the official documentation, the EDEN token holders may be given certain influence over token emission schedule and discussion on future product roadmap, through governance voting from the community using EDEN, in order to build alignment between token holders and the tokenized real world assets issuer.
While noted to be subjected to legal review, OpenEden also noted a potential future use case where a portion of the project’s treasury or revenue is allocated to buying back EDEN tokens from the open market and burning them.
EDEN token’s price performance suggests a lack of confidence from investors in the long-term relevance of the project’s token even with expanding tokenization business, as OpenEden recently announced strategic partnerships with Gate Ventures, STBL and Plasma.
OpenEden’s token price is speculated to remain bearish given weak confidence post-listing and expected major cliff unlock of over 237.33 million tokens on October 15, worth more than EDEN’s current market capitalization, according to data from Coinmarketcap.com.