Ethereum

2024

EigenLayer

Foundation

Read

<p class="is-style-lead">Ethereum restaking protocol EigenLayer revealed its plan to airdrop free tokens to users in two phases and introduce a new staking security system.&nbsp;</p> 
<p>The native token, dubbed EIGEN, will debut with a total supply of 1.67 billion, and the Eigen Foundation will manage the rollout scheduled for next month. According to an April 29 <a href="https://www.blog.eigenlayer.xyz/eigen/" target="_blank" rel="">blog post</a> from Eigen Labs, 45% of this supply is designated for distribution.&nbsp;</p> 
<h2 class="wp-block-heading" id="eigenlayer-distribution-plan">EigenLayer distribution plan</h2> 
<p>The first category, labeled stakedrops, carries a 15% allocation and will reward stakers for locking up Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>) on EigenLayer’s protocol. Per <a href="https://defillama.com/protocol/eigenlayer#information" target="_blank" rel="">DefiLlama</a>, users have stashed over $15.7 billion in the ETH restaking platform since its launch last June.&nbsp;</p> 
<p>Furthermore, the airdrop distribution will happen in two batches. The first batch, or season one, will share 5% of the total 15% stakedrop allocation based on a linear calculation factoring in the amount staked, time staked, and native restaking, to name a few.&nbsp;</p> 
<p>A <a href="https://twitter.com/eigenlayer/status/1785001011003920868" target="_blank" rel="">snapshot</a> for season one was taken on March 15, and eligible users can claim 90% of the airdrop by May 10. Season two will begin a month later, allowing stakers to collect the remaining 10% of the total 15% stakedrop allocation.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Today the <a href="https://twitter.com/eigenfoundation?ref_src=twsrc%5Etfw" target="_blank" rel="">@eigenfoundation</a> introduces EIGEN, based on research by <a href="https://twitter.com/eigen_labs?ref_src=twsrc%5Etfw" target="_blank" rel="">@eigen_labs</a>, alongside a Season 1 Stakedrop.<br><br>EIGEN is the Universal Intersubjective Work Token, complementing ETH as the Universal Objective Work Token in EigenLayer.<br><br>See the full Eigen Foundation announcement: <a href="https://t.co/ZxswOiwWyR" target="_blank" rel="">https://t.co/ZxswOiwWyR</a></p>— EigenLayer (@eigenlayer) <a href="https://twitter.com/eigenlayer/status/1785001011003920868?ref_src=twsrc%5Etfw" target="_blank" rel="">April 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> You might also like: <a href="https://crypto.news/eigenlayer-tvl-exceeds-15b-after-lifting-restrictions-on-pool-limits/" rel=""> EigenLayer TVL exceeds $15b after lifting restrictions on pool limits </a> </p> 
<p>Additionally, <a href="https://crypto.news/crypto-startup-eigenlayer-funding-vc-downturn/" target="_blank" rel="">EigenLayer</a> will allow a 120-day window for season one claimants. The EIGEN token will be non-transferable at launch to promote community participation in governance. Still, eligible users can stake a share to secure <a href="https://crypto.news/?s=Eigen" target="_blank" rel="">EigenDA</a>, a data availability solution released as a complementary layer to the restaking protocol.</p> 
<p>The two other user categories in the platform’s distribution plan included 15% allocations earmarked for community initiatives and ecosystem developments, respectively.&nbsp;</p> 
<p>Early contributors will receive 25.5% of EIGEN’s total supply, while investors have rights to 29.5%. Both parties will have a three-year vesting schedule, and 4% of the holdings will unlock monthly over the last two years.&nbsp;</p> 
<h2 class="wp-block-heading" id="introducing-inter-subjective-forking">Introducing inter-subjective forking</h2> 
<p>EigenLayer is also set to introduce inter-subjective forking to tackle patterns that may escape instant on-chain detection. The crypto-economic security concept will bolster ETH restaking and address subjective faults to simplify activity for validators dealing with restaking transactions. </p> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14269184"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Screenshot-428.png.webp"> 
  <img loading="lazy" decoding="async" width="990" height="526" src="https://crypto.news/app/uploads/2024/04/Screenshot-428.png" alt="EigenLayer"> 
 </picture> 
 <figcaption class="wp-element-caption">
  Inter-subjective forking scope | Source: EIGEN whitepaper
 </figcaption>
</figure> 
<p> Read more: <a href="https://crypto.news/eigenlayer-welcomes-google-cloud-as-a-mainnet-node-operator/" rel=""> EigenLayer welcomes Google Cloud as a mainnet node operator </a> </p>

EigenLayer stakers to receive 15% of token supply

Table of Contents

crypto.news

Other articles published on Apr 29, 2024

Cardano Secures $13.84B in Daily Transactions, Overpowers Bitcoin, Litecoin & Dogecoin

Hot New GambleFi Token Mega Dice Raises $600k In Second Week Of Presale

Forex crisis: EFCC to freeze 1,146 bank accounts suspected of illicit transactions following cour...

Tether’s Strategic $200 Million Investment in Biotech Firm Blackrock Neurotech

Unlocking the Potential: How to Make $250K with BEFE Coin!

ETH / BTC Ratio Signals Potential Altcoin Season Over SOL / BTC, Says Daan Crypto Trades

Join our free newsletter for daily crypto updates!