Why EigenLayer gave away more tokens after widespread criticism of its Stakedrop

Sreeram Kannan, founder of EigenLayer, and Robert Drost of the Eigen Foundation explain all about the recently announced EIGEN token and how they are responding to critics who say the stakedrop favored whales.

Published May 3, 2024 at 9:00 AM EST.

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EigenLayer made headlines this week after announcing its “stakedrop,” in which it will distribute EIGEN tokens to early adopters of the retaking platform.

Sreeram Kannan, founder and CEO of EigenLayer, and Robert Drost, CEO and executive director of the Eigen Foundation, discuss the launch of the token, a “universal intersubjective working token” and how it helps reduce or penalize externally observable flaws, such as l unavailability of data. The Eigen Foundation, a non-profit entity based in the Cayman Islands, was also recently established to grow the protocol and assist in the creation of a decentralized community.

They also address criticisms of the token’s launch, including geoblocking and initial non-transferability of community stakedrops, and explain why they decided to allocate an additional 100 EIGEN tokens for all stakedrop participants. Additionally, they reveal an expected date by which a decision on the token unlock date should be made.

Show highlights:

• • The buzz around the Universal Intersubjective Work Token and why it was created
  • What constitutes the digital commons and its two main characteristics
  • Like the EIGEN token it is designed to prevent the need to fork an entire blockchain
  • If dapps should evolve into AVS and EigenLayer’s complementary role to Ethereum, don’t replace it
  • Why the Eigen Foundation was founded and how it differs from Eigen Labs
  • Robert’s response to criticism regarding the exclusion of certain countries
  • Because EIGEN will be distributed linearly, despite potentially benefiting whales
  • EigenLayer announcing an updated stakedrop, after listening to community feedback
  • The critique of the vesting schedule and Robert’s explanation of when the lock-up period actually begins
  • Why Sreeram believes that transfer restrictions are beneficial and empower users
  • What are the next steps for EigenLayer
    

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TRANSCRIPT OF THE EPISODE

Guests

• Sreeram Kannanfounder of EigenLayer
  • Previous appearances on Unchained:
• Roberto DrostCEO and executive director of the Eigen Foundation

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