EigenLayer, an Ethereum restaking protocol, has surprised the crypto community with a significant expansion of its token airdrop program.
The protocol announced that it would distribute an additional 28 million EIGEN tokens to over 280,000 wallets just days after its initial airdrop announcement.
EigenLayer initially earmarked 15% of its total token supply for the community. However, following criticism from the community, the protocol decided to include more participants in the airdrop.
In a follow-up blog post, the restaking protocol shared that tokens will be distributed to users who interacted with the protocol before April 29, including those who already claimed tokens in the first airdrop.
“Season 1” claimants will receive a minimum of 110 EIGEN, while “Season 2” claimants, who engaged with the protocol between March 15 and April 29, will receive a minimum of 100 EIGEN, the protocol wrote in the follow-up blog post.
Although the tokens have not yet been released to the market, EIGEN perpetual futures contracts are currently trading for $10 on the derivatives market, suggesting that the additional airdrop could be valued at around $280 million, per Aevo data.
Recipients will be able to claim their tokens starting May 10, but they will not be able to transfer or sell them until a later and undisclosed date. This decision was made to ensure that key features of the protocol, such as payments and slashing parameters, are fully established before tokens become transferable.
Private investors and team members will be subject to a one-year lock-up period after tokens become transferable. Their tokens will unlock at a rate of 4% per month over three years. This measure is intended to ensure that community members have transfer powers before core contributors.
“After that, they will unlock at 4% per month and finish fully unlocking three years after transferability. This ensures that the users of the protocol get transfer powers well before any core contributors can,”
according to the updated blog post.
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