crypto.news
Ethereum restaking protocol EigenLayer revealed its plan to airdrop free tokens to users in two phases and introduce a new staking security system.
The native token, dubbed EIGEN, will debut with a total supply of 1.67 billion, and the Eigen Foundation will manage the rollout scheduled for next month. According to an April 29 blog post from Eigen Labs, 45% of this supply is designated for distribution.
EigenLayer distribution plan
The first category, labeled stakedrops, carries a 15% allocation and will reward stakers for locking up Ethereum (ETH) on EigenLayer’s protocol. Per DefiLlama, users have stashed over $15.7 billion in the ETH restaking platform since its launch last June.
Furthermore, the airdrop distribution will happen in two batches. The first batch, or season one, will share 5% of the total 15% stakedrop allocation based on a linear calculation factoring in the amount staked, time staked, and native restaking, to name a few.
A snapshot for season one was taken on March 15, and eligible users can claim 90% of the airdrop by May 10. Season two will begin a month later, allowing stakers to collect the remaining 10% of the total 15% stakedrop allocation.
Today the @eigenfoundation introduces EIGEN, based on research by @eigen_labs, alongside a Season 1 Stakedrop.
— EigenLayer (@eigenlayer) April 29, 2024
EIGEN is the Universal Intersubjective Work Token, complementing ETH as the Universal Objective Work Token in EigenLayer.
See the full Eigen Foundation announcement: https://t.co/ZxswOiwWyR
Additionally, EigenLayer will allow a 120-day window for season one claimants. The EIGEN token will be non-transferable at launch to promote community participation in governance. Still, eligible users can stake a share to secure EigenDA, a data availability solution released as a complementary layer to the restaking protocol.
The two other user categories in the platform’s distribution plan included 15% allocations earmarked for community initiatives and ecosystem developments, respectively.
Early contributors will receive 25.5% of EIGEN’s total supply, while investors have rights to 29.5%. Both parties will have a three-year vesting schedule, and 4% of the holdings will unlock monthly over the last two years.
Introducing inter-subjective forking
EigenLayer is also set to introduce inter-subjective forking to tackle patterns that may escape instant on-chain detection. The crypto-economic security concept will bolster ETH restaking and address subjective faults to simplify activity for validators dealing with restaking transactions.
