EigenLayer Launches EIGEN Token Airdrop, Tokens Remain Non-Transferable
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Ethereum restaking protocol EigenLayer has initiated its token claim process, commonly referred to as an “airdrop,” for Season 1 Phase 1 rewards.
According to a recent blog post from the protocol’s development team, users who are entitled to the new EIGEN token can now acquire it via the claim process after a few weeks of anticipation.
However, it is important to note that EIGEN tokens are currently non-transferable, meaning users cannot sell or trade them.
EIGEN tokens will become transferable in the future
The blog post also mentions that the EIGEN token will become transferable once the development team implements new features in the coming months.
The tentative target date for these implementations is September 30th.
According to EigenLayer’s documentation, the EIGEN token is unavailable to users in over 30 countries, including the United States, Russia, China, and Canada.
In addition, most VPN server addresses are not allowed to be used for token claims.
The current claim process has unlocked 6.05% of the total EIGEN token supply, and another 0.7% will be unlocked in mid-June during “Phase 2.”
At that time, users of applications such as Kelp, Pendle, Equilibrium, and similar apps will be able to claim their tokens.
The ongoing airdrop is primarily aimed at users who re-staked Ether or its liquid staking derivatives on EigenLayer before March 15.
Users who hold liquid restaking tokens (LRTs) can also claim their rewards now, as long as their activity does not fall under “Phase 2.”
Additionally, users who made new stakes on EigenLayer between March 15 and April 29 will be able to claim 100 bonus tokens immediately, with the majority of their claims becoming available in mid-June alongside other Phase 2 participants.
The EIGEN airdrop has caused controversy in the decentralized finance (DeFi) community, with Kuyen Labs co-founder Leandro Schlottchauer stating that this could be one of the last “life-changing airdrops.”
Conversely, many EigenLayer users have criticized the airdrop for its ban on VPN servers, distribution of non-transferable tokens, and its perceived short snapshot period.
LayerZero Labs Excludes Sybil Farmers From Airdrop
With airdrop season in full swing, LayerZero Labs, a renowned cross-chain interoperability protocol, has vowed to address the issue of Sybil farmers ahead of its highly anticipated airdrop.
The project has stated that it will conduct an internal investigation to identify Sybil farmers and exclude them from allocation in its future token generation event.
In addition, the project plans to launch a rewards program that will offer bounty hunters who identify additional Sybil users a bonus of 10% of the intended token allocation.
LayerZero Labs recently completed the first snapshot for its highly anticipated airdrop.
In December, the project announced its plans to distribute tokens to early adopters in the first half of 2024.
