EigenLayer to launch airdrop in May following the introduction of the Eigen Foundation
|- EigenLayer announced it would launch season one of its airdrop on May 10.
- EIGEN tokens would play a key role in the recently introduced "intersubjective forking."
- Some crypto community members have expressed dissatisfaction with the airdrop vesting schedule.
EigenLayer's phase one for the first season of its airdrop will go live on May 10. The newly launched EIGEN token would play a key role in securing EigenDA and actively validated services (AVS).
Also read: EigenLayer TVL crosses $15 billion despite potential yield crisis
Eigen Foundation unveils EIGEN airdrop
Ethereum restaking protocol Eigenlayer announced the airdrop of its native token EIGEN on Monday. After going live on April 9, rumors of a potential airdrop from the leading Ethereum restaking protocol reached the crypto community. The platform, which boasts nearly $16 billion in total value locked (TVL), said the airdrop or so-called "stakedrop" will go live in May. The Eigen Foundation, a newly created non-profit "dedicated to accelerating the growth of the EigenLayer ecosystem, made the airdrop announcement."
However, the token will face a brief lockup period before it is available for sale in the broader market. In the meantime, users will stake their tokens to secure the EigenDA data availability layer. The Eigen Foundation said other AVS will also participate in staking soon.
Read more: Restaking protocols continue their rise despite risk concerns
EIGEN's total supply at launch is 1.67 billion tokens, with 45% going to the community, 29.5% to investors, and 25.5% to early contributors. While the issuance will follow different vesting schedules and structures, EIGEN will operate as an inflationary token.
The airdrop, which would unfold in different seasons, would see 5% of the initial token supply going to restakers in this first season "based on a snapshot taken on March 15, 2024, at Ethereum block #19437000." Season 1 comprises two phases, with 90% released on May 10, while the other 10% in subsequent releases.
The launch of EIGEN follows a key introduction in EigenLayer known as "intersubjective forking."
The process involves punishing bad behavior that can't be objectively identified on-chain by allowing for the forking of the token itself "without forking Ethereum Mainnet consensus."
The Eigen Foundation noted that "Intersubjective forking is the key innovation behind the EIGEN token," and it would complement Ethereum restaking.
Also read: Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Since the airdrop announcement, some crypto community members have expressed disappointment concerning certain areas of the airdrop schedule, especially the initial lockup period. Some even went as far as accusing EigenLayer of providing insider information to key individuals.
On January 2, this wallet funded freshly from Binance deposited roughly 4,000 wbETH, or $13,000,000 into EigenLayer
— Blur (@BlurCrypto) April 29, 2024
Over the next 3 months, they amassed nearly 3,500,000 Eigen points
On March 16, one day following the snapshot, they withdrew it all
Criminal. pic.twitter.com/UBCyLVQxtU
On January 2, this wallet funded freshly from Binance deposited roughly 4,000 wbETH, or $13,000,000 into EigenLayer
— Blur (@BlurCrypto) April 29, 2024
Over the next 3 months, they amassed nearly 3,500,000 Eigen points
On March 16, one day following the snapshot, they withdrew it all
Criminal. pic.twitter.com/UBCyLVQxtU
It's important to note that the airdrop excludes users from key areas such as the US, Canada, and some parts of Africa and Asia. Several users also expressed dissatisfaction with the country segregation in the airdrop.
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