EigenLayer’s Airdrop Strategy Sparks Discussions, Community Alleges Unfair Token Allocation
In Brief
EigenLayer community expressed concerns following the announcement of the upcoming launch of the EIGEN native token in May.
Ethereum restaking protocol EigenLayer community has been expressing concerns following the announcement by the project regarding the upcoming launch of the EIGEN native token in May. The launch will include a distribution method involving an airdrop for platform stakers.
As per the outlined plan, EigenLayer intends to distribute 15% of the EIGEN token through stake drops, with only 5% of the initial total supply allocated to staking users. Moreover, 90% of this allocation cannot be claimed until May 10th. This distribution strategy has led to considerable confusion and a decline in community enthusiasm, which was initially high with the token release announcement.
Moreover, this allocation stands in stark contrast to the 55% of tokens earmarked for the project’s investors and early contributors. The noticeable difference has prompted vocal criticism from segments of the community, highlighting a broader discussion surrounding fairness in token distributions.
Notably, according to the data analytics platform Dune, the largest independent depositor of EigenLayer and the address (0x17…a132) identified by blockchain analytics platform Arkham as belonging to cryptocurrency entrepreneur Justin Sun’s team received an airdrop totaling 2,087,868.186 EIGEN tokens. Given Aevo’s pre-market trading price of $10, Justin Sun’s team received an airdrop valued at over $20 million.
An X user going by the nickname Coinmamba remarked, “The EigenLayer team and investors claim 55% of the tokens, leaving stakers with only 5%, and initial transfers are not feasible. The self-interest of cryptocurrency developers and venture capitalists continues to be astonishing.” The sentiment was similar among other members of the community.
As noted by user DefiMoon, there has been an influx of over 5000 EigenLayer withdrawal requests following the announcement of the airdrop, according to Dune.
Keep track of cryptocurrency distributions in our Airdrops Calendar.
EigenLayer Introduces Native Token To Enhance Its Ecosystem
Since its introduction in 2023, EigenLayer has facilitated users in depositing and restaking Ethereum via different liquid staking tokens. Over time, it has ascended to become the second-largest decentralized finance (DeFi) protocol with a total value locked (TVL) of $15.952 billion, as per data sourced from DefiLlama.
To further bolster the EigenLayer ecosystem, the team has introduced a native token totaling 1.67 billion. The independent non-profit Eigen Foundation has allocated 45% of these tokens for community-centric endeavors, which encompass stakedrops, community initiatives, and ecosystem development.
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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.
