EigenLayer snapshot, token information revealed and airdrop plan

EigenLayer will begin distributing EIGEN tokens on May 10, however will block VPNs for users in the US.

The Eigen Foundation, the organization behind Ethereum restaking protocol EigenLayer, announced details of its upcoming token airdrop on Monday.

Based on snapshots of eligible wallets taken last month, the Eigen Foundation said the EIGEN token airdrop will take place from May 10 to September 7, lasting 120 days. The "Stakedrop" initially allocates 5% of the total token supply to users engaged in staking activity as of March 15.

• Snapshot: 15/3
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Eligibility criteria for rewards include those who stake directly with EigenLayer or through liquid restaking tokens (LRT). The Eigen Foundation said the first airdrop "Season 1" consists of two phases, with 90% of the tokens going to users who meet the initial conditions and the rest to be distributed in a later phase.

Clarifications with respect to the Season 1, Phase 2 allocations of 10% (approximately 7.77M EIGEN), Pendle, and certain other unresolved (DeFi) contracts.

– Users of Pendle or any unresolved (DeFi) contract are not penalized in the distribution.
– 10% is an approximate...

— Eigen Foundation (@eigenfoundation) April 29, 2024

However, there are also limitations The EigenLayer airdrop clause states that certain regions will be excluded from participating in the airdrop through IP address blocking for areas that are slashing international sanctions or deemed high risk, including the United States, Canada, China, Cuba, North Korea, Iran and Venezuela.

After the initial EIGEN distribution, 15% of the total supply is earmarked for future follow-ups.

EigenLayer was founded in 2021, headed by former University of Washington data science professor Sreeram Kannan. In February, the total value locked (TVL) on EigenLayer surpassed 3 billion USD with 560 million USD deposited into EigenLayer being stETH (liquid staking token of Lido Finance).

The newly launched Eigen Foundation will support research and development protocol EigenLayer by providing funding, providing third-party assessments, and managing the process towards decentralization within the ecosystem.

The new EIGEN token introduces an additional mechanism designed to specifically address "intersubjective faults" — bugs that cannot be resolved through restaking ETH alone. Intersubjective faults are instances of misconduct that cannot be objectively identified on-chain, but rely on the precise observation of two authentic individuals with an agreed view that a slashing is worthy.

"In the early stages, EIGEN tokens will be non-transferable and non-branchable. Upon completion of this stage, the entire functionality of the token, including the possibility of separation and transferability, will be activated. We believe this approach will support best for the long-term maturity of the EigenLayer ecosystem."

EigenLayer said

The news of the stakedrop coincides with the issuance whitepaper from EigenLayer, which details the token structure and system of the Eigen ecosystem.

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