Bittime -Eigen Foundation, the governing body of restaking EigenLayer, has announced details surrounding the upcoming EIGEN token airdrop. This airdrop, designed to reward users who participate in staking, will begin on May 10, 2024 and last for 120 days.
EIGEN Token Airdrop: Eligibility and Distribution
The airdrop, which is categorized as a “stakedrop”, allocates 5% of the total supply of EIGEN tokens to users who were actively staking on the EigenLayer protocol before the March 15, 2024 snapshot. This includes individuals who staked directly on EigenLayer or used liquid restaking tokens (LRT) .
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The airdrop itself is divided into two phases in "Season 1". The first phase distributes 90% of the allocated tokens to users who meet the initial eligibility requirements. The remaining 10% is allocated to the second phase, which will be aimed at users interacting with EigenLayer through more complex DeFi functionality.
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Addressing DeFi Complexities in Phase Two
The second phase targets users who interact with EigenLayer via DeFi contracts in a way that makes identification of individual users difficult. These “unsettled (DeFi) contracts” include situations where LRT is split into multiple assets or derivative assets. Examples include deposits into Pendle, Equilibrium, Penpie, and similar protocols, along with the use of the Kelp project's rsETH token.
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The Eigen Foundation emphasizes that these outstanding contracts are not subject to penalties. Instead, they are treated collectively and will receive allocations equivalent to what individual users would receive. Specific allocation details for the second phase will be determined in collaboration with the respective LRT projects.
EIGEN Token Aiddrop: Important Regional Restrictions
It is important to note that EigenLayer's airdrop terms of service exclude certain regions due to international sanctions or “high risk” designations. This exception is enforced through IP address blocking and applies to users in the United States, Canada, China, Cuba, North Korea, Iran, and Venezuela. Additionally, EigenLayer uses proxy and VPN detection to prevent circumvention of these regional restrictions.
After the initial airdrop, 15% of the total supply of EIGEN tokens is reserved for future distribution events. The Eigen Foundation aims to use the newly launched token to support research and development efforts in the EigenLayer protocol through grants, third-party evaluation, and encouraging "continued progress towards greater decentralization."
EIGEN Token Functionality and Whitepaper Launch
The EIGEN token airdrop coincides with the launch of the EigenLayer whitepaper, which comprehensively details the structure and tokenomics of the Eigen ecosystem. Notably, the Eigen Foundation plans to make EIGEN tokens non-transferable and non-forkable during the initial phase. This approach is intended to support the long-term growth and maturity of the EigenLayer ecosystem. After this initial phase, the full functionality of the token, including transferability and forkability, will be enabled.
This comprehensive explanation clarifies EigenLayer's EIGEN token airdrop, its eligibility criteria, distribution phases, and the reasons behind the allocation of outstanding DeFi contracts. It also highlights geographic limitations and future plans for the EIGEN token within the EigenLayer ecosystem.
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