EigenLayer Protocol Opens Applications for Second Airdrop

On June 19, the second phase of the first season’s distribution by the liquid restaking protocol (LRT) EigenLayer commenced. Users can apply to claim EIGEN tokens. 

1/ We’re excited to announce that Phase 2 claims are now open! (Season 2 is coming)

Phase 2 marks the completion of Season 1, nearly 113 million EIGEN are now distributed.

Get started: https://t.co/ZjZJPW9JR4 pic.twitter.com/uGT7GDJdyY

— Eigen Foundation (@eigenfoundation) June 19, 2024

The Eigen Foundation has reserved distributions for each LRT protocol such as Kelp, Pendle, and Equilibrium based on their interaction with EigenLayer, using criteria from the first phase. 

Users who restaked their assets on such platforms before the March 15 snapshot are eligible for the new airdrop. The opportunity to claim the coins is available until September 7. 

“The specific distribution allocated for each individual address was determined by the respective LRT protocol. Each protocol creates its own list for end users,” the blog states.

Participants of the first phase who have already claimed EIGEN cannot receive additional coins. 

All users of EigenLayer’s first season airdrop will receive a bonus of 100 EIGEN, including wallets from the second phase. However, one address cannot claim the reward twice.

Project representatives noted that the protocol conducted a check for “sybils” in this distribution.

During the first “stakedrop”, developers unlocked 113 million EIGEN. However, any received coins cannot yet be transferred, but they can be staked or delegated to other network participants. 

According to the tokenomics, 15% of the total issuance of 1.67 billion EIGEN is allocated for all EigenLayer airdrops. The community reacted negatively to the distribution rules, including transfer restrictions and regional blocks. 

At the time of writing, on the premarket Aevo, the EIGEN token is valued at approximately $6.85.

In early June, the total value of assets locked in EigenLayer exceeded $20 billion. 

Despite the service’s high popularity, DEX 3Jane developer known as Chudnov warned of a potential yield crisis at EigenLayer.