EigenLayer, an Ethereum restaking protocol, has commenced its token-claiming procedure, often dubbed as an “airdrop,” for the rewards of Season 1, Phase 1.
As outlined in a recent update from the protocol’s development team, eligible users can now obtain the new EIGEN token via the claims process, following several weeks of eager anticipation.
It’s crucial to emphasize that EIGEN tokens are presently nontransferable, prohibiting users from selling or trading them.
EIGEN Token to Become Transferable in Future
The blog post also indicated that the EIGEN token is slated to become transferable once the development team rolls out new features in the forthcoming months. The tentative deadline for these implementations is September 30.
It’s imperative for users to secure their tokens before the claim process concludes on September 7, as any unclaimed tokens beyond that date will not be distributed.
EigenLayer’s documentation highlights that the EIGEN token is inaccessible to users in over 30 jurisdictions, including the United States, Russia, China, and Canada. Furthermore, most VPN server addresses are prohibited for token claims.
The ongoing claims process has unlocked 6.05% of the total EIGEN token supply, with an additional 0.7% slated for release in mid-June during “Phase 2.” During this phase, users of platforms like Kelp, Pendle, Equilibrium, and similar applications will become eligible to claim their tokens.
The ongoing airdrop primarily targets users who restaked Ether or its liquid staking derivatives on EigenLayer before March 15.
Users holding liquid restaking tokens (LRTs) can now claim their rewards, provided their activities don’t fall under “Phase 2.”
Moreover, users who restaked on EigenLayer between March 15 and April 29 qualify for an immediate claim of 100 bonus tokens. The majority of their claims will become available in mid-June, alongside other Phase 2 participants.
The EIGEN airdrop has ignited controversy within the decentralized finance (DeFi) community. Leandro Schlottchauer, co-founder of Kuyen Labs, suggested it might be one of the last “life-changing airdrops.”
However, many EigenLayer users have criticized the airdrop for its VPN server ban, distribution of nontransferable tokens, and perceived short snapshot period.
LayerZero Labs to Exclude Sybil Farmers From Airdrop
Amidst the ongoing frenzy of airdrops, LayerZero Labs, a prominent cross-chain interoperability protocol, has taken a proactive stance against the challenge of sybil farmers ahead of its eagerly awaited airdrop.
The initiative has committed to conducting an internal inquiry aimed at identifying and excluding sybil farmers from receiving allocations in its forthcoming token generation event.
Furthermore, the project intends to roll out a reward initiative, providing a 10% bonus of the designated token allocation to bounty hunters who successfully identify additional sybil users.
LayerZero Labs recently concluded the initial snapshot for its much-anticipated airdrop.
Back in December, the project unveiled its strategy to distribute tokens to early adopters within the first half of 2024.
