Eigenlayer, the Ethereum restaking protocol, has initiated the token claim process, or "airdrop," for the initial phase of Season 1 rewards, as per a blog post by the protocol's development team on May 10. This process enables users who possess the new EIGEN token to finally acquire it after a period of anticipation. However, EIGEN is presently non-transferable, precluding users from selling it.
As outlined in the post, EIGEN will transition to a transferable status once the team introduces new features in the forthcoming months. The anticipated timeframe for these implementations is by September 30. Notably, the claim process is set to conclude on September 7, and users who fail to claim before this deadline will forfeit their tokens.
According to Eigenlayer documentation, the token is inaccessible to users in over 30 jurisdictions, including the United States, Russia, China, and Canada. Additionally, most VPN server addresses are prohibited from participating in the claim process. The post reveals that 6.05% of the total EIGEN supply has been unlocked through the current claims process, with an additional 0.7% set to be unlocked in the subsequent "second phase" commencing in mid-June.
Starting from mid-June, users of applications like Kelp, Pendle, Equilibrium, and others categorized as "similar" will be eligible to commence claiming their tokens. However, the ongoing airdrop is primarily restricted to users who restake their Ethereum or its liquid staking derivatives on Eigenlayer until March 15th. Furthermore, users of Liquidity Re-staking Tokens (LRT) are now eligible to claim rewards, provided their activity does not fall under "Phase 2."
Moreover, users who engaged in restaking on Eigenlayer "between March 15 and April 29" are entitled to claim 100 bonus tokens, with the bulk of their claim scheduled for mid-June, coinciding with other Phase 2 participants. The EIGEN airdrop has sparked controversy within the decentralized finance community, with opinions divided. While some view it as a potential "life-changing airdrop," others have criticized its restrictions on VPN servers, distribution of non-transferable tokens, and the perceived brevity of the snapshot cycle.
