The Eigen Foundation, developer of the Ethereum (ETH) restaking protocol EigenLayer, has revealed plans for an upcoming token airdrop.
The Eigen Foundation, developer of the Ethereum (ETH) restaking protocol EigenLayer, has revealed plans for an upcoming token airdrop. The announcement was made on Monday, providing details of the airdrop scheduled to take place between May 10 and September 7, spanning a period of 120 days.
EigenLayer, founded in 2021, enables Ethereum "restaking," which allows users to utilize a single stake across multiple blockchains. It is led by former University of Washington data science professor Sreeram Kannan, and has gained significant traction in the DeFi space. The protocol has surpassed $16 billion in total value locked (TVL), with a notable portion of the deposits being staked in the form of stETH, the liquid staking token created by Lido Finance.
The airdrop distribution will be based on a snapshot of eligible wallets taken in the previous month. The Eigen Foundation has allocated 5% of the total token supply for the initial "stakedrop," rewarding users who engaged in staking activities as of March 15. Eligibility for the airdrop includes users who staked directly with EigenLayer or through liquid restaking tokens (LRTs). The first phase of the airdrop, known as "Season 1," will allocate 90% of the tokens to users who meet the initial eligibility requirements. The remaining allocation will be distributed in a subsequent phase.
However, there are certain restrictions in place. The terms of service for the EigenLayer airdrop state that specific regions, including the United States, Canada, China, Cuba, North Korea, Iran, and Venezuela, will be excluded from participating. The organization has implemented measures such as IP address blocks and proxy and VPN detection to prevent circumvention of these restrictions.
Following the initial drop, 15% of the total token supply will be reserved for future airdrops. The Eigen Foundation aims to support research and development on the EigenLayer protocol through funding grants, third-party evaluations, and efforts to promote decentralization.
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