In this article, we explore the latest announcement from EigenLayer about its upcoming token airdrop. This significant development includes a substantial allocation to those actively participating within its ecosystem. Let’s dive into the details of the distribution and the features of this new token.
Token Distribution Plan
EigenLayer, known for its innovative restaking protocol, is set to introduce its native token in May. The independent Eigen Foundation, a non-profit entity, will oversee the release of these tokens. With a total supply set at 1.67 billion tokens, the foundation has earmarked a considerable portion for the community and other stakeholders.
Of the total supply, 45% is allocated to various community-focused initiatives:
- Stakedrops: 15% will be given to users through a mechanism known as stakedrops, rewarding those who stake their tokens on the platform.
- Community Initiatives: Another 15% supports various community-led projects.
- Ecosystem Development: The remaining 15% aims to foster broader ecosystem growth.
Investors and early contributors to EigenLayer are also recognized, receiving 29.5% and 25.5% of the tokens, respectively. These allocations come with a three-year lockup period, including a complete lock during the first year, followed by a gradual monthly release of 4% over the next two years.
Airdrop Details and Eligibility
The community airdrop, playfully termed a 'stakedrop', is designed to distribute 15% of the token supply across several seasons to those engaged on the platform. The initial 5% will be based on a snapshot of staking activities as of March 15, 2024. Most of these tokens (90%) will become claimable on May 10 for eligible participants, with a claim window lasting 120 days. The remaining 10% will be available in a subsequent phase.
Restaking and Token Utility
EigenLayer enables users to deposit and restake ether from various liquid staking tokens. Since its inception, a staggering $16 billion in ether has been staked on the platform. The tokens, initially non-transferable post-claim, will later be stakable to secure EigenLayer’s data availability layer, EigenDA, and potentially other Autonomous Validation Services (AVSs) in the future.
Introducing Intersubjective Forking
In addition to the token release, EigenLayer is pioneering a new concept called intersubjective forking. This mechanism addresses hidden malicious behaviors, such as data withholding, which are hard to detect immediately on-chain. It represents a shift in strategy from the conventional slashing penalties imposed for identifiable on-chain faults, aiming to reduce the burden on Ethereum validators.
The introduction of EigenLayer’s native token and its innovative intersubjective forking concept marks a significant step forward in the evolution of crypto-economic security systems. With its community-first approach and robust ecosystem participation incentives, EigenLayer is setting a new standard in the blockchain space.
