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The Eigen Foundation, which supports the Ethereum restake protocol EigenLayer, has published details on its next token airdrop on Monday.
In cryptocurrency, episode refers to the blocking of cryptographic holdings to support the security, integrity, and efficiency of a blockchain by helping to validate transactions. Autostratus facilitates Ethereum (ETH) “restaking,” which is the ability to use a single stake across multiple blockchains.
Based on a snapshot of eligible wallets taken last month, the Eigen Foundation said the airdrop of EIGEN tokens will take place between May 10 and September 7, over a period of 120 days. The initial “stakedrop” awards 5% of the total token supply to users who have staked activity since March 15th.
Eligibility the drop includes people who have staked directly with EigenLayer or via liquid restake tokens (LRT). The first “Season 1” airdrop, the Eigen Foundation said, consists of two phases, with 90% of the tokens going to users who meet the initial eligibility requirements and the remaining allocation distributed in a later phase.
“The remaining 10% are intended for people who interacted with EigenLayer in more complex ways, where determining the appropriate EigenLayer end user was not possible or required an opinionated decision,” the group wrote, later posting additional details on Twitter.
However, there are also restrictions. The EigenLayer airdrop terms of service reveal that some regions will be excluded from participating in the purge, enforced through IP address blocks for regions under international sanctions or “deemed high risk,” including the United States, Canada, China, Cuba, North Korea, Iran and Venezuela .
“To prevent circumvention of our geolocation controls, the organization has implemented proxy and VPN detection and blocking controls, designed to prevent Eigen claims from any detected person using VPN and similar proxy technologies,” EigenLayer wrote .
After EIGEN’s initial drop, 15% of the total supply is reserved for future launches, the foundation explained.
The Eigen Foundation did not immediately respond Decipher them request for comment.
EigenLayer was founded in 2021, led by former University of Washington data science professor Sreeram Kannan. In February, the total value locked (TVL) on EigenLayer exceeded 3 billion dollars. $560 million of the deposits on EigenLayer were stETH, the liquid staking token created by Lido Finance.
The newly launched Eigen Foundation will support research and development on the EigenLayer protocol by funding grants, providing third-party evaluations, and “managing continued progress towards greater decentralization.”
“The new EIGEN token introduces a complementary mechanism designed to specifically address ‘intersubjective’ flaws – flaws that cannot be addressed via ETH reset alone,” the foundation said. “Intersubjective defects are instances of misbehavior that cannot be objectively identified on the chain, yet two reasonable observers would agree that a penalty is deserved.”
The stakedrop news coincides with the release of EigenLayer White paper which details the structure and tokenomics of the Eigen ecosystem.
“In the initial phase, the EIGEN token will be non-transferable and non-divisible,” the Eigen Foundation said. “We believe this approach will best support the long-term growth and maturity of the EigenLayer ecosystem
“At the end of this phase, the full functionality of the token will be enabled, including branching and transferability,” he continued.
By Ryan Ozawa.
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