EigenLayer has launched the highly anticipated EIGEN token airdrop, marking a significant milestone for the project. However, these new tokens are currently non-negotiable, delaying their tradability. Rumors suggest that EIGEN’s fully diluted market cap could be around $15 billion. The Eigen Foundation, established by Eigen Labs, initiated the EIGEN token claims on May 10th, 2024, as part of Season 1, offering 6.05% of the initial supply, equivalent to about 113 million EIGEN tokens.
Users can claim their tokens by visiting claims.eigenfoundation.org, with the claim window remaining open until September 7, 2024. EigenLayer, a leading restaking provider on Ethereum, has attracted attention in the blockchain realm and is backed by over $100 million from Andreessen Horowitz. The platform’s pooled security system currently holds around $16 billion in user deposits, making it a popular choice in the crypto space.
Despite the excitement surrounding EIGEN tokens, they are currently non-transferable, leading to uncertainty about their actual trading price. Speculative pricing estimates value EIGEN at approximately $9 per token in perpetual futures markets like Aevo and Hyperliquid. The spot price is expected to be revealed once the tokens become transferable.
Julian Koh, CEO of Aevo, explained that futures markets serve as a reference price, similar to prediction market odds for forecasting real events. The decision to postpone transferability has sparked discussions, with some community members expressing the need for clarity on when trading will commence. Community Feedback and Adjustments: The community criticized Eigen’s early distribution strategy for excluding users in certain jurisdictions like the U.S., Canada, and China, despite no initial restrictions on deposits or points awards based on geographical location. Furthermore, the omission of third-party liquid restaking points in the first airdrop phase added to user frustration.
Responding to feedback, EigenLayer adjusted its distribution plan by adding extra tokens for different user groups in the Season 1 airdrop. The project promises to consider liquid restaking services more deeply in “Season 2” to address initial oversights. Next Steps and Future Plans: EigenLayer is implementing a phased token distribution process, with Season 1, Phase 2 set for mid-June, increasing the supply by up to 6.75%. The project allocates 15% of the total initial token supply for community distribution across all seasons to ensure broad participation and sustained community engagement.
Eligible users can claim EIGEN tokens by participating in various staking activities on EigenLayer. Users who staked ETH or liquid staking tokens (LSTs) before March 15th, 2024, receive additional bonuses. Participants engaged in DeFi activities on platforms like Kelp, Pendle, and Equilibrium also receive extra benefits. EigenLayer emphasizes the importance of the airdrop in fostering a culture of collaboration and decentralization, aiming to accelerate innovation and expand platform adoption through the distribution of EIGEN tokens.
