EigenLayer Plans Second Airdrop After Initial Backlash
EigenLayer, a restaking protocol, has decided to distribute an additional 100 EIGEN tokens to 280,000 eligible wallet addresses following criticism of its first airdrop. The project had previously announced that it would allocate 15% of its total supply to the community, but some users found certain aspects of the airdrop program to be restrictive.
To address these concerns, Eigen Foundation revealed that users who had interacted with the protocol prior to April 29 would receive an extra airdrop, along with those who had already claimed their tokens. In a blog post, Eigen clarified that “season 1” claimants would receive a minimum of 110 EIGEN tokens, while “season 2” claimants, who had interacted with the protocol between March 15 and April 29, would receive a minimum of 100 EIGEN tokens.
The decision to set the April 29 cut-off date was an attempt to prevent Sybil farms from exploiting the protocol, thus safeguarding the community from fake accounts that could potentially influence or disrupt it.
The backlash against EigenLayer’s initial airdrop stemmed from users feeling excluded from the “stakedrop” program, which allowed them to stake the airdropped tokens for secure data availability storage (EigenDA) and future Actively Validated Services (AVAs). The main points of contention were the non-transferable nature of the EIGEN tokens, a smaller than expected community allocation of 15%, and strict geo-blocking and anti-VPN measures that prevented users from 30 countries, including the United States, Canada, China, and Russia, from participating in the airdrop.
EigenLayer acknowledged the concerns and stated that it would make an effort to include more of its test net users who may have been inadvertently omitted from the airdrop.
The tokens from the first airdrop, initially scheduled to be claimable on May 10, are non-transferable until a later undisclosed date. EigenLayer implemented this measure to ensure that key features, such as payments and slashing parameters, were well-established before the tokens could be transferred among users. Private investors and team members will also be subject to a one-year lock-up period after the tokens become transferable to the community.
Another issue of concern is EigenLayer’s tokenomics, as only 45% of the total token supply is distributed to the community, with 15% being made available through airdrops. This has led to some users feeling disincentivized, as they receive minimal returns on their Eigen stakes compared to their Ethereum investments. EigenLayer has acknowledged this intentional design choice but understands that it may be a cause for concern among users.
Despite these concerns, the value of EIGEN tokens is already being traded at $10 on the derivatives market for perpetual futures contracts, according to Aevo data. This indicates a valuation of $280 million for the latest airdrop. However, it is important to note that the price of EIGEN tokens may fluctuate significantly before the official distribution event on May 10.
