Ethereum-based restaking protocol EigenLayer has ignited excitement in the cryptosphere with the release of its whitepaper for the native EIGEN token. This move cements EigenLayer’s position as a major player in the industry this year, and the upcoming airdrop is generating significant anticipation.
According to the whitepaper, EIGEN will be the lifeblood of the EigenLayer ecosystem. With a total supply of only 1.67 billion tokens, EIGEN will serve multiple purposes within the network. The token distribution plan allocates 15% each to staking airdrops, community programs, and ecosystem development. Recognizing the instrumental role of venture capital, EigenLayer has assigned 29.5% of the tokens to investors.
EIGENLayer Early Contributor Rewards and Lockup Periods
Early contributors haven’t been forgotten, receiving a 25.5% share of the total token supply. Similar to other airdrops, investors and early adopters will face a three-year lockup period on their allocated tokens. This lockup period includes a complete one-year lock, followed by a gradual release of 4% per month over the remaining two years.
The highly anticipated EIGEN airdrop is set to launch on May 10th, with a dedicated collection page going live. Given EigenLayer’s prominence within the Ethereum ecosystem, speculation suggests the airdrop could surpass previous allocations like StarkNet and Blur in terms of value.
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Independent Foundation Oversees Token Distribution
To ensure transparency and responsible distribution, EigenLayer plans to establish an independent non-profit foundation specifically for managing the EIGEN token. Additionally, Eigen Labs has announced the removal of all Liquid Staking Token (LST) caps and the resumption of restaking deposits on its protocol. These developments mark the culmination of EigenLayer’s phased rollout.
By eliminating LST caps and implementing the airdrop alongside other upgrades, EigenLayer aims to solidify its position as a leading project on the Ethereum network. These strategic moves set the stage for a robust and thriving EigenLayer ecosystem in the months to come.
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