EigenLayer, the Ethereum restaking protocol, has responded to community backlash by announcing an expansion of its airdrop program. In an effort to address the criticism surrounding the initial airdrop plan, EigenLayer will distribute an additional 28 million EIGEN tokens to approximately 280,000 wallet addresses.
The Eigen Foundation made this decision public through a post on X, and further details were provided in a recent blog entry. The revised airdrop will include both the initial claimants from the first phase and new recipients who interacted with the protocol up to April 29.
These additional tokens hold significant value, considering the current trading price of $10 per EIGEN on the derivatives market. According to Aevo data, the total estimated worth of the airdrop amounts to around $280 million.
The distribution details and token non-transferability have also been outlined by EigenLayer in their blog post. Participants in Season 1 will receive a minimum of 110 EIGEN tokens each, while those in Season 2, who engaged with the platform between March 15 and April 29, will receive at least 100 EIGEN tokens.
Although the EIGEN tokens are not currently available on the market, their official distribution is scheduled for May 10. However, initially, the tokens will be non-transferable. EigenLayer has implemented this measure to ensure the stability of the protocol’s key features, such as payments and slashing parameters.
Further information regarding the conditions of non-transferability states that private investors and team members will face a one-year lock-up period once the tokens become transferable to the community. After this period, the tokens will unlock at a rate of 4% per month, concluding three years after the transferability date.
EigenLayer has also addressed the exclusions and future plans in response to the initial phases of the airdrop. Users were excluded due to strict geo-blocking and anti-VPN measures, affecting potential claimants from over 30 countries, including the United States, Canada, China, and Russia. In an effort to rectify this issue, EigenLayer has committed to revising its allocation processes and including more participants from its testnet phase.
The foundation has stated that adjustments to missed testnet user allocations will be included in Phase 2 of Season 1, with more details to be provided in the coming weeks. This update aims to rectify any oversights in the initial airdrop process and ensure broader inclusion.
EigenLayer has also provided a roadmap for the future unlock of investor tokens. According to their latest communications, these tokens will begin to vest following the start of token transferability, which is expected to occur after September 30, 2024, as new features are implemented on EigenLayer’s mainnet.
Tags: airdrop, cryptocurrency, EigenLayer, Ethereum
