EigenLayer's $EIGEN Token Is Coming

The Eigen Foundation launched details of its $EIGEN token stakedrop for Season 1, opening claims on May 10, 2024.

The Deets

Stakedrop Introduction: Season 1 of the EIGEN stakedrop allocates 5% of EIGEN tokens to eligible restakers.
Non-transferable Phase: Initially, the EIGEN token will be non-transferable to foster community consensus on its unique staking features.
Intersubjective Forking: Designed to address intersubjective faults, enhancing protocol security.
Future Plans: Upcoming seasons will evaluate community engagement and contributions.

The Bulk

The Eigen Foundation aims to introduce a novel approach to staking with its $EIGEN token, emphasizing "intersubjective forking"—a mechanism to deal with non-objectively verifiable faults. This feature allows the EIGEN token to be forked within the EigenLayer without affecting Ethereum's mainnet consensus.

Initially, the token will not be transferable, focusing on building a robust community consensus around its novel features. This strategic move is part of the foundation's broader aim to enhance security and resilience within the EigenLayer ecosystem.

Despite being highly-anticipated, the community did not react super positively to the details surrounding EigenLayer's token distribution, mocking the company's preferable insider and VC terms.

🎤 Community Quotes

=Okay, the negative feedback I've gathered about the $EIGEN airdrop is - People don't like the non-transferability period - People don't like the geo-blocked claiming websiteDavid Hoffman, Bankless

📊 By the Numbers

5% of the initial EIGEN supply is designated for Season 1 of the stakedrop, targeting restakers who have supported the protocol's early stages.

🔜 What's Next?

Following the initial non-transferable phase, the Eigen Foundation plans to fully enable the token's functionalities, including its innovative forking capability, setting the stage for subsequent stakedrop seasons and increased community participation.

🎬 Take Action

Eligible participants in supported geographic regions should prepare to claim their $EIGEN tokens starting May 10, 2024, by visiting the official Eigen Foundation claims portal.

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Author Bio

Logan Hitchcock

NFT Analyst

Logan is a content lead at Lucky Trader and is best known for selling every good NFT far too early. He also maintains an irrational exuberance for clay-based NFTs.

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