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Here’s how to take part in the Eigen Token Airdrop
Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
Ethereum (ETH) has revealed that Eigen Layer will deploy the EIGEN airdrop. This comes with a new security update: Intersubjective Forking.
Public ledgers and all open protocols implemented on these platforms depend on the community to survive.
Without their participation, there would be validators, scammers and supporters, and the protocol would “die” and be forgotten. And there are hard, depressing numbers to back it up: Over 1,700 projectsonce launched with enthusiasm, they died, and with them, millions of dollars.
In 2020, Uniswap, faced with a “vampire” attack from SushiSwap, had to launch its governance token, UNI, to incentivize its growing community.
After this launch, Uniswap prospered. SushiSwap, considering its popularity and SUSHI’s market capitalization, failed and failed to tackle the first successful DEX using the AMM model.
Ethereum Eigen Layer launches EIGEN Airdrop: here’s everything you need to know
Fast forward to 2024: second DeFiLlamaEigenLayer, a restake protocol with over $15 billion in total value locked (TVL), plans to launch its own token, EIGEN.
They initially deployed without the token. Due to its innovation, it quickly gained popularity, attracting millions of ETH holders.
Now, Eigen Layer has stated that it will launch EIGEN via airdrop and distribute a significant portion of the token to early adopters as a reward. EIGEN is released following extensive research conducted by Eigen Labs.
In a announcement On Monday, the EigenLayer Foundation, a nonprofit that supports the restaging protocol, said the total supply would be 1.67 billion EIGEN.
The community will receive 45%. This amount will be distributed three ways in equal proportions to participation fees to facilitate future community initiatives and drive ecosystem development.
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How do you request your EIGEN stakedrop?
The Eigen Layer Foundation said that 5% of EIGEN’s initial supply will be distributed in “Season One.”
However, there is a problem: only those who started restakeing on March 15, 2024, at Ethereum block no. 19437000, will qualify.
Therefore, if you were part of this group, you will be able to apply for EIGEN for free from 10 May 2024. You will have four months before this window closes.
Bad news? Even with the tokens received, you will not transfer them.
The team says this fosters community discussion about the governance structure and functionality of the tokens. Beyond that, the goal is to enable smooth decentralization.
Discussions about EIGEN capabilities via Eigen Layer are especially crucial now that the platform is emerging as a security layer for networks other than Ethereum.
As expected, the amount received depends on the amount of ETH staked and the duration. Eigen Layer will distribute additional bonuses to those who choose native restaging.
Increasing security: introducing the intersubjective fork on Ethereum
In addition to stakedrop, which is undoubtedly the source of all the rumors, the team is also introducing a new security system called: “intersubjective forking”.
The goal is to address a technical challenge called “intersubjective defects.”
As a result, Eigen Layer validators will spot malicious activity that is typically difficult to detect on blockchains. For example, they can be used to store data from EigenLayer-based oracles without burdening Ethereum validators.
Even more interesting than this complementary security layer is that Eigen Layer validators can decide to fork for fairness reasons. This is crucial, especially when an intersubjective error is known to have occurred, enabled by a rogue EigenLayer validator.
The fair fork allows the re-staking protocol to punish these malicious actors by dramatically reducing their holdings in EIGEN.
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Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital