EigenLayer has introduced its native token, which will be distributed by the newly formed Eigen Foundation. Developers have published the Whitepaper of the EIGEN token on Github. The cryptocurrency project will allocate 15% of Eigen tokens to stakers over multiple seasons.
The airdrop that cryptocurrency airdrop hunters have been waiting for is coming!
Restaking protocol EigenLayer is launching a native token in May. The cryptocurrency project is planning an airdrop for the platform’s stakers. According to the statement, the newly established and independent non-profit Eigen Foundation will be the organization that launches the token. The EIGEN token will have a total supply of 1.67 billion tokens at launch. The foundation allocated 45% of the tokens to its community. This is subdivided into stakedrops (15%), community initiatives (15%) and ecosystem development (15%).
Additionally, the cryptocurrency project will allocate 29.5% of the tokens to investors. Early contributors will receive 25.5% of the tokens. Investors and early contributors are subject to a total lock-in period of three years for their allocations. The first year will be a complete lockdown. The project will gradually release its total assets at a rate of 4% per month over the next two years.
The project team published the Whitepaper
EigenLayer is a platform that allows users to deposit and “re-stake” ETH from a variety of liquid staking tokens and allocates these funds to secure third-party networks or actively validated services. cryptokoin.comAs you follow from , it was launched last June. Since then, stakers have deposited $16 billion worth of ETH. The project also published a Whitepaper today explaining the structure of the Eigen token and how it will fit into the EigenLayer ecosystem.
EigenLayer community airdrop
The community airdrop, which EigenLayer calls stakedrop, will distribute 15% of the token supply to those who stake using the platform. The cryptocurrency project will distribute these tokens over multiple seasons. In the first season, the foundation will distribute 5% of the token supply to users based on a snapshot of staking activities taken on March 15, 2024. 90% of this first season allocation will be available on May 10 with a 120-day demand window. The project will distribute the last 10% in the second phase of the first season, which will take place a month later.
The distribution calculation will be linear depending on the amount of ETH deposited and the length of time deposited. Additionally, other factors such as local re-staking will receive an additional reward increase. Initially, once claims begin, tokens will remain non-transferable to allow sufficient time for decentralization and promote community consensus on the utility and governance of the token. However, once the EIGEN token is launched, users will be able to stake it on EigenDA. The cryptocurrency project stated that other AVSs will soon follow suit. The other 10% of the supply that the project will distribute to the community will be set aside for future seasons.
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