Eigen Foundation Announces Details of EIGEN Token Airdrop
The Eigen Foundation, a supporter of the Ethereum restaking protocol EigenLayer, recently revealed information about its upcoming token airdrop.
Understanding Staking in Cryptocurrency
- Staking involves locking up crypto assets to aid in validating transactions and enhancing security on a blockchain.
- EigenLayer specializes in Ethereum restaking, allowing users to utilize a single stake across multiple blockchains.
Details of the Airdrop
- The EIGEN token airdrop is scheduled to take place between May 10 and September 7, spanning 120 days.
- 5% of the total token supply will be allocated to users who were engaged in staking activities as of March 15, based on a snapshot of eligible wallets taken the previous month.
Eligibility Criteria
- Individuals who staked directly with EigenLayer or through liquid restaking tokens (LRTs) are eligible for the airdrop.
- The initial drop, known as “Season 1,” comprises two phases, with the majority of tokens going to users who meet the initial criteria.
Airdrop Terms and Conditions
- Some regions, such as the United States, Canada, and China, are excluded from participating in the airdrop.
- Proxy and VPN detection mechanisms have been implemented to prevent unauthorized participation from restricted regions.
EIGEN Token Distribution
- Following the initial airdrop, 15% of the total token supply is set aside for future distributions.
- The foundation aims to support research and development on the EigenLayer protocol through funding grants and evaluations.
Hot Take: EigenLayer’s Innovative Approach to Token Distribution
The Eigen Foundation’s decision to conduct an airdrop of its EIGEN token showcases a unique approach to engaging with users and distributing tokens across various regions. By prioritizing individuals who actively participate in staking activities, the foundation fosters community growth and incentivizes continued engagement with the EigenLayer protocol.
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