Eigen Foundation Plans To Distribute Additional 100 EIGEN Tokens To Users After Community Criticism
In Brief
Eigen Foundation plans to distribute additional EIGEN tokens to the community and address concerns regarding previous token distribution plan.
Independent entity dedicated to accelerating the growth of the EigenLayer ecosystem Eigen Foundation released a document that outlines plans for the distribution of additional EIGEN tokens to the community. It also addresses concerns regarding lock-up countdowns, timelines, and user engagement in testnet.
The Eigen Foundation intends to distribute approximately $1,000 worth of EIGEN tokens to over 280,000 wallet holders.
As per the outlined strategy, users engaging with EigenLayer before April 29th will receive an extra 100 EIGEN tokens. The distribution of this additional airdrop will be accounted for in allocations processed after May 10th.
Moreover, following a basic Sybil filtering process, all Season 1 participants will be granted a minimum of 110 EIGEN tokens consisting of the base of 10 EIGEN plus an additional 100 EIGEN. Season 2 participants who commence staking activities between March 15th and April 29th will also receive no less than 100 EIGEN tokens. However, users who pledged their support after April 29th are excluded from this distribution.
EigenLayer also provided clarity regarding the vesting schedule for investor tokens, specifying that vesting will commence upon token transferability initiation. Token unlocking is expected to occur sometime after September 30th coinciding with the introduction of new features on EigenLayer’s mainnet. The developers of EigenLayer also addressed concerns raised by cryptocurrency traders, expressing their commitment to improving the situation for eligible individuals who were omitted from the airdrop.
According to the Eigen Foundation, missed allocations for testnet users will be updated during Phase 2 of Season 1, with further details set to be announced in the forthcoming weeks.
Keep track of cryptocurrency distributions in our Airdrops Calendar.
EigenLayer Faces Criticism Over EIGEN Token Distribution Plan
Since its inception in 2023, EigenLayer has enabled users to deposit and restake Ethereum using liquid staking tokens. Over time, it has grown to become the second-largest decentralized finance (DeFi) protocol, boasting a total value locked (TVL) of $15.952 billion, as reported by DefiLlama.
After the announcement of the EIGEN token distribution plan earlier this week, EigenLayer encountered a surge of community feedback, including criticism. Among the raised concerns, some users highlighted the perceived unfairness in token distribution, noting the disparity between the portion for the community and the 55% of tokens designated for investors and early contributors.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
