Key Takeaways
- EigenLayer states that token vesting will commence after token transferability begins, expected post-September 30, 2024
- Season 1 participants will get at least 110 EIGEN, while Season 2 (Mar 15-Apr 29) will get 100 EIGEN minimum.
Ethereum restaking protocol, EigenLayer, has responded to user backlash by expanding its airdrop program. The protocol will now distribute an additional 28 million EIGEN tokens to around 280,000 wallet addresses, following concerns raised by users regarding the initial airdrop plan’s limitations and lack of inclusivity. As per the official post on X(formerly Twitter), the updated airdrop will include both the initial claimants from the first phase and newly eligible recipients who interacted with the protocol until April 29.
The added tokens hold substantial value, considering the current trading price of $10 per EIGEN on the derivatives market, amounting to an estimated total worth of $280 million, as per Aevo data. Participants from Season 1 are guaranteed a minimum of 110 EIGEN each, while Season 2 participants, who engaged with the platform between March 15 and April 29, will receive a minimum of 100 EIGEN.
Despite the tokens’ official distribution scheduled for May 10, they will initially be non-transferable. EigenLayer states that non-transferability is needed to maintain the stability of critical protocol features like payments and slashing parameters. In its blog post, the protocol has also outlined a lock-up period for private investors and team members, extending for one year after the tokens become transferable to the community.
Following this, token unlocking will occur gradually at a rate of 4% per month, concluding three years post the transferability date. The initial phases of the airdrop drew criticism due to stringent geo-blocking and anti-VPN measures, which excluded potential claimants from over 30 countries, including the United States, Canada, China, and Russia. In response to the criticism, EigenLayer has committed to revising its allocation processes to include more participants from its testnet phase.
The protocol noted that private investors and team members would be subject to a full one-year lock-up after the token became transferable to the community.
“After that, they will unlock at 4% per month and finish fully unlocking three years after transferability. This ensures that the users of the protocol get transfer powers well before any core contributors can.” Further, it stressed that adjustments to missed testnet user allocations will be addressed in Phase 2 of Season 1, with detailed plans expected to be released in the coming weeks.
Additionally, EigenLayer has also outlined a roadmap for unlocking investor tokens, hinting that token vesting will start after token transferability begins, expected post-September 30, 2024, coinciding with new features’ implementation on EigenLayer’s mainnet. EigenLayer’s upcoming airdrop collection is scheduled on May 10th, along with the listing of EigenLayer’s token $EIGEN on BingX Exchange.
