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The EigenLayer protocol will launch its native token in May, with distribution including airdrops for platform stakers. According to a statement, the independent nonprofit Eigen Foundation will be the entity issuing the token.
The total supply of Eigen tokens at issuance will be 1.67 billion. The foundation has allocated 45% of the tokens to its community, further subdivided into equity injections (15%), community initiatives (15%), and ecosystem development (15%). Additionally, 29.5% of the tokens have been allocated to investors, while early contributors will receive 25.5%. The allocation for investors and early contributors has a total lock-up period of three years, with the first year involving complete lock-up, followed by a gradual release of their total holdings at a rate of 4% per month over the next two years.
EigenLayer is a platform that allows users to deposit and "re-stake" Ether from various liquid staking tokens, aiming to distribute these funds to third-party networks or actively validating services. Since its launch in June of last year, it has seen $16 billion worth of Ether deposited into it.
The project also released a whitepaper today describing the structure of the Eigen token and how it will integrate into the EigenLayer ecosystem. EigenLayer refers to community airdrops as equity airdrops, as users can stake Eigen tokens to protect EigenDA and future AVS, with the community airdrop providing 15% of the token supply to participants on the platform. These tokens will be distributed over multiple seasons.
In the first season, the foundation will distribute 5% of the token supply to users based on a snapshot of staking activity on March 15, 2024. In the first season distribution, 90% of the tokens will be claimed by eligible re-stakers on May 10, with a claiming period of 120 days. The remaining 10% will be claimed in the second phase of the first season, one month later.
The allocation calculation is linear, based on the amount of staked Ether and the duration of staking, as well as other factors (such as local re-staking), to receive additional rewards. Initially, when claiming begins, the tokens will remain non-transferable to allow sufficient time for decentralization and to facilitate community consensus on the utility and governance of the tokens.
Nevertheless, when Eigen tokens are launched, users will be able to stake them to protect their data availability layer (called EigenDA). The project notes that other AVSs may soon follow suit.
An additional 10% of the supply is reserved for community use in future seasons. The qualification criteria for this portion of the airdrop have not yet been determined.
In conjunction with Eigen tokens, the project is introducing a new cryptographic economic security system called intersubjective forking, aimed at complementing Ethereum re-staking.
The mechanism aims to address intersubjective errors—malicious behavior that cannot be immediately detected on-chain, such as data withholding in oracles built on top of EigenLayer.
Intersubjective forking will be implemented separately from EigenLayer's initial plan, which aims to reduce objectively identifiable on-chain behavior by Ethereum validators. According to EigenLayer, this will eliminate unnecessary burdens on Ethereum validators. |
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Post time 10-5-2024 20:14:53
