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EigenLayer unveils the EIGEN token with an airdrop set for May 10th
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Reprogramming the EigenLayer protocol revealed its EIGEN token today, which will be distributed to users who have staked Ether (ETH) in its layer until March 15. Users who have staked Ether (ETH) in EigenLayer can start claiming their tokens on May 10, with 5% of EIGEN’s supply going to this first “stakedrop,” as labeled by the Eigen Foundation, the new entity dedicated to accelerating the growth of the EigenLayer ecosystem.
According to the announcement, EIGEN will serve as a universal intersubjective working token, which brings the concept of “social consensus” to the on-chain economy. This new type of consensus can be used when a failure cannot be proven mathematically and participation in the validation system occurs via staking the EIGEN token.
In the meantime, users can still reacquire ETH on EigenLayer, which in turn will offer validation power to secure Actively Validated Services (AVS). AVS are on-chain services that, instead of investing in their own set of validators, can use ETH power brought into play via EigenLayer to establish security.
Bruno Moniz, blockchain engineer at Brazilian digital bank Inter, shared on X that social consensus makes innovation viable on services like oracles, data availability levels, and integrating AI into smart contracts.
“While ETH is used to demonstrate objectively proven failures, EIGEN can be used to demonstrate failures that require social consensus. Together, they form the basis for “verifiable and open digital commons”.” Additionally, as is the case with Ether staking, validators can also have their EIGEN cut if a malicious move on their part is detected.
Initially, EIGEN tokens will be non-transferable and the only action available to users will be to stake their holdings. Despite only distributing 5% of EIGEN’s supply at the first stakedrop, the total revealed by the Eigen Foundation is 15%, meaning an additional 10% will be donated to the community in future campaigns.
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