Bittime - EigenLayer begins its long-awaited EIGEN token distribution plan. Despite the controversy, eligible users can claim the tokens. The token is not freely tradeable, but speculators in the market estimate a fully diluted value of around $15 billion.
EigenLayer has finally carried out the long-awaited EIGEN airdrop. However, users will have to wait some time before being able to trade their new tokens – as the project has made them non-transferable.
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The Eigen Foundation, a non-profit organization introduced last week by Eigen Labs, the team behind EigenLayer, opened its "claim" on EIGEN on Friday.
Officials have stated that the tokens will become transferable at an unspecified date later. The Eigen Foundation said in a Telegram message that it was targeting September 30.
Also read: Eigenlayer Airdrop: Check How to Get Free Eigenlayer Airdrop
Speculators on decentralized exchanges like Aevo and Hyperliquid currently value EIGEN at around $9. EIGEN's total supply at launch will be 1,673,646,668.28466 tokens, which would give the token a fully diluted value of $15 billion.
Both markets allow users to trade perpetual futures, or “perps,” which are futures contracts that have no expiration date. It is a typical crypto trading instrument that allows people to speculate on the future price of an asset without actually trading it.
“You can probably see it as people's expectations of what the spot price will trade at when the tokens can be transferred,” explained Julian Koh, CEO of Aevo, in a Telegram message.
"People use it as a price reference much like how people use prediction market odds as a reference for actual events."
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EigenLayer is Much in Demand
EigenLayer, a restaking service on Ethereum, is one of the most sought after blockchain startups to launch tokens. They managed to raise more than $100 million from Andreessen Horowitz, and attracted about $16 billion in user deposits into the “pooled security” system before launch.
Also read: EigenLayer Releases EIGEN Token Whitepaper, Here's Its Contents!
Although EigenLayer has emerged as one of the most talked about blockchain projects to date, its EIGEN token has generated significant controversy.
Since most of EigenLayer's key features are still a work in progress, the main incentive for depositing into the platform so far has been “points,” which is a score that crypto traders hope will be associated with future airdrops.
Last week, Eigen Labs, the team behind EigenLayer, revealed the details behind EIGEN, the so-called “Universal Intersubjective Work Token” that will help power the EigenLayer platform behind the scenes.
Direct Distribution Plan Comes Under Criticism
EIGEN's distribution plan immediately came under fire from recipients of EigenLayer points. In addition to the long non-transferable period, some took issue with the project's decision to ban users from some countries – such as the US, Canada, and China – from claiming tokens.
The complaints arise in part because the project does not place geographic restrictions on deposits or point awards.
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Others were disappointed that some points from third-party “liquid restaking services” would not be considered in the “Season 1” airdrop despite representing a large portion of overall deposits. (It remains to be seen how those points will factor into EigenLayer's upcoming "Season 2" airdrop).
EigenLayer revised its plans in response to feedback from the community, allocating additional funds to some users in its “Season 1” airdrop.
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Also read:
EigenLayer and EigenDA Officially Launched on Mainnet!
EigenLayer: Can It Meet Market Expectations?
EigenLayer's TVL Nearly Reaches $6 Billion
EigenLayer Airdrop: Interesting Facts You Should Know!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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