invezz.com
In addition to releasing its whitepaper today describing the structure of the Eigen token, EigenLayer has revealed that the distribution of the native token, set to be launched in May, will include an airdrop for those staking on the platform.
In addition, the restaking protocol also revealed that the token distribution, including the token airdrop, will be overseen by the newly formed Eigen Foundation.
Eigen token airdrop for Stakers
The Eigen token’s distribution strategy encompasses various facets, with 45% of the tokens earmarked for the community with stakedrops getting 15%, community initiatives getting 15%, and ecosystem development getting 15%.
Additionally, 29.5% of Eigen tokens shall be allocated to investors, while early contributors will receive 25.5%, subject to a three-year lockup period. The tokens will be completely locked for the first year, followed by a gradual release of holdings at a rate of 4% per month over the next two years.
The token distiribution will be conducted in two phases. At the beginning of the first phase, the Eigen Foundation will distribute 5% of the token supply to users based on a snapshot of staking activities that was taken on March 15, 2024.
In addition, eligible restakers will be able to start claiming 90% of the tokens distributed in the first phase starting on May 10. The claim window will last for 120 days.
The remaining 10% of the token distributed in the first phase will be claimable one month later.
The distribution calculation will be linear, taking into account the amount of ether staked and the duration of the stake, with additional rewards for native restaking.
Initially, when the token claims start, the Eigen tokens will remain non-transferable to allow enough time for decentralisation while also allowing for community consensus on the token’s utility and governance. However, when the Eigen token is launched in May, users will be able to stake the token to secure the EigenDA layer.
Crypto-economic security system introduced by EigenLayer
In conjunction with the token airdrop, EigenLayer is introducing a novel crypto-economic security system called inter-subjective forking.
This innovative mechanism aims to address intersubjective faults, such as data withholding in oracles built on top of EigenLayer, which may not be immediately detectable on-chain.
Intersubjective forking will operate independently from EigenLayer’s original plan of slashing Ethereum (ETH) restakers for on-chain behaviour that’s objectively identifiable.
By implementing this system, EigenLayer aims to alleviate unnecessary burdens on Ethereum validators while enhancing the overall security and integrity of the ecosystem.
As the EigenLayer project continues to evolve, stakeholders can expect further advancements that prioritize decentralization, security, and the empowerment of its user base. The project’s commitment to innovation and community engagement is evident in its comprehensive approach to token distribution and the introduction of inter-subjective forking.
The post EigenLayer reveals it will airdrop Eigen tokens to stakers appeared first on Invezz