Following criticism from its community, the EigenLayer restaking protocol has finally revised the allocation system for its EIGEN token airdrop. What changes are planned?
EigenLayer revises its EIGEN token airdrop distribution system
We told you about it a few days ago, EigenLayer, the 2nd largest decentralized finance (DeFi) protocol in terms of total locked value (TVL), has made official the upcoming launch of its EIGEN token via an airdrop.
However, many people have voiced their dissatisfaction on social networks. Indeed, the Ethereum restaking protocol had announced that 15% of the total supply of EIGEN tokens would be paid out to its community, even though some people discovered that they were only eligible for a few dozen tokens.
Updates on the EIGEN Stakedrop pic.twitter.com/1cwSForJnx
– Eigen Foundation (@eigenfoundation) May 2, 2024
The announced tokenomics have not been changed in any way, but EigenLayer announced today that, following various feedbacks, the initial allocation of EIGEN tokens has been revised upwards.
According to the press release, an additional 100 EIGEN tokens will be paid out to around 280,000 airdrop-eligible addresses.
“We’ve heard from many users around the world who have had to pay high gas fees to participate in the protocol. We want to make sure that users large and small have equal access. Prior to this, we had already booked a significant portion of a future season specifically to reach a wider distribution. Following feedback from the community, we are accelerating this part for Season 1!”
Specifically, Season 1 and Season 2 airdrop-eligible users will receive a minimum of 110 EIGEN tokens during distribution.
Given that EIGEN tokens are traded on pre-market platforms such as Aevo and Whales Market for between $8 and $10 each, this equates to an additional charge of around $800 to $1,000 per eligible address
Furthermore, EigenLayer has also clarified the issues surrounding the timing of token transferability. Indeed, tokens can only be exchanged once EigenLayer has delivered certain functionalities. These should be online by September 30, 2024, according to the press release. Until then, EIGEN tokens can be staked.
Finally, users eligible for an airdrop of EIGEN tokens for their participation in the EigenLayer testnet will be rewarded as part of Phase 2 of Season 1.