EigenLayer's native token is experiencing a puzzling disconnect that's catching traders off guard.

The token slipped another 0.2% today, settling at $0.599 — lagging behind the broader crypto market's 0.8% gain. More concerning? It's now nursing a brutal 36% decline over the past month, hovering dangerously close to its all-time lows.

Here's where things get weird: the protocol's Total Value Locked just smashed through to a fresh peak of $19.7 billion. You'd expect that kind of TVL explosion to lift the token, right? Instead, we're seeing the exact opposite.

This growing gap between protocol adoption and token performance is raising eyebrows across the restaking space. While validators and institutions keep piling capital into the platform, token holders are left wondering when (or if) this value will ever flow back to them. The market's clearly pricing in some serious concerns about the token's economics — whether it's unlock schedules, utility questions, or something else entirely.