EigenLayer, the Ethereum restaking protocol, has initiated an airdrop of approximately 28 million native EIGEN tokens to over 280,000 wallets. This move comes just days following the initial announcement of the airdrop. Initially, EigenLayer had declared that 15% of its total token supply would be allocated to the community. However, some users perceived certain aspects of the airdrop program as overly restrictive.
In a recent announcement on May 2, the Eigen Foundation revealed plans to distribute additional EIGEN tokens to users who engaged with the protocol prior to April 29, inclusive of those who claimed tokens during the initial airdrop. According to a subsequent blog post by the Eigen Foundation, first-quarter claimants are slated to receive a minimum of 110 EIGEN tokens, while second-quarter claimants, referring to those who interacted with the protocol between March 15 and April 29, will receive a minimum of 100 EIGEN tokens.
Taking into account the supplementary tokens from the added bonus airdrop, Season 1 claimants are set to receive at least 110 EIGEN tokens, while Season 2 claimants will receive a minimum of 100 EIGEN tokens. The announcement of the “Rehypothecation Protocol” was made in a follow-up blog post. Although EIGEN tokens have yet to be officially introduced to the market, the EIGEN perpetual futures contract is currently trading at $10 on the derivatives market, suggesting that the latest airdrop is valued at approximately $280 million.
However, it's worth noting that the price of EIGEN may experience fluctuations before the official token distribution event scheduled for May 10. Following the announcement of the “staking” plan on April 30, certain users who felt excluded from the initial airdrop expressed discontent with the restaking protocol.
Critics have particularly highlighted concerns about EIGEN's non-transferable token structure, the relatively low 15% community allocation, and what they perceive as “aggressive” geo-blocking measures. These measures have led to users from 30 countries, including the United States, Canada, China, and Russia, being barred from claiming EIGEN tokens.
EigenLayer has expressed intentions to include more testnet users who may have been inadvertently overlooked in the initial airdrop. The protocol aims to address missed testnet user allocations in the second phase of Season 1, with further details to be provided in the forthcoming weeks. Additionally, EigenLayer has implemented controls to prevent token transfers or sales until specific dates to ensure that key functionalities, such as payment and slashing parameters, are perfected before EIGEN can be exchanged between users. Furthermore, EigenLayer has outlined plans for the gradual unlocking of tokens for private investors and team members, with full unlocking occurring three years after the tokens become transferable, thus ensuring a gradual distribution of transfer power to protocol users.
