EigenLayer announces the launch of the native EIGEN token in May

EigenLayer, the restake protocol that has garnered a lot of attention and $16 billion in staked ether, unveiled its plan to launch a native token called EIGEN in May. The token will be distributed by the independent non-profit Eigen Foundation, with a total supply of 1.67 billion tokens at launch.

TLDR

• EigenLayer, a restake protocol, will launch its native EIGEN token in May, with a total supply of 1.67 billion tokens at launch.
• The Eigen Foundation will allocate 45% of the tokens to the community, divided into stakedrop (15%), community initiatives (15%) and ecosystem development (15%).
• Investors will receive 29.5% of the tokens, while early contributors will receive 25.5%, both subject to a three-year lockup period.
• In the first “stakedrop” season, 5% of the token supply will be distributed to users based on a snapshot of staking activity taken on March 15, 2024.
• EigenLayer introduces “intersubjective forking,” a new cryptoeconomic security system designed to address malicious behavior not immediately detectable on-chain.

The foundation allocated a significant portion of the tokens, 45%, to its community. This allocation is further divided into three equal parts: stakedrop (15%), community initiatives (15%), and ecosystem development (15%).

The stakedrop, which the project refers to as a community airdrop, will distribute tokens to users who participate in the platform across multiple seasons.

In the first staking season, the foundation will distribute 5% of the token supply to users based on a snapshot of their staking activity taken on March 15, 2024. 90% of these tokens will be claimable on May 10, with a request 120 day window, while the remaining 10% will be claimable in a second phase of the first season, scheduled a month later.

Investors and early contributors will also receive a significant portion of the token supply, with 29.5% allocated to investors and 25.5% to early contributors.

However, both groups are subject to a three-year lock-up period, with a full lock-up in the first year, followed by a gradual release of their total holdings at a rate of 4% per month over the next two years.

In addition to the token launch, EigenLayer is introducing a new cryptoeconomic security system called “intersubjective bifurcation”.

This mechanism is designed to address malicious behavior that is not immediately detectable on the chain, such as data withholding in EigenLayer-based oracles.

The intersubjective fork will complete the project’s original plan to dramatically reduce ETH restakers for objectively identifiable on-chain behavior, eliminating the need to unnecessarily burden Ethereum validators.

With the launch of the EIGEN token, users will be able to stake it to secure the data availability layer of EigenLayer, EigenDA, with other Actively Validated Services (AVS) expected to follow suit soon.

The launch of the EIGEN token marks a significant milestone for EigenLayer, as it continues to grow and evolve within the rapidly expanding retaking ecosystem.

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