The EigenLayer restaking protocol will launch the native EIGEN coin in May. 15% of the total issue will be distributed among those who have blocked assets on the platform.
Introducing the Eigen Foundation, EIGEN token, and Season 1 Stakedrop! pic.twitter.com/lxEVSbRfVB
— Eigen Foundation (@eigenfoundation) April 29, 2024According to the statement, the token will be issued by the independent non-profit organization Eigen Foundation.
At the time of launch, the total circulating volume of EIGEN will be 1.67 billion. The Fund has allocated 45% of tokens to the community, including:
on the "steakdrop" — 15%;public initiatives — 15%; ecosystem development — 15%.Project investors will receive 29.5% of EIGEN, and early participants will receive 25.5%. For the recipients of the asset, a three-year vesting is provided with a monthly unlock of 4% of the coins.
EigenLayer has also released a technical document describing the structure of the token and its integration into the ecosystem.
The distribution for the community, which the developers call a "steakdrop", will take place in several seasons. In the first case, the fund will distribute 5% of EIGEN based on the activity snapshot taken on March 15.
The branding will begin on May 10. The second stage starts a month later.
The reward is calculated on a linear basis based on the amount of blocked ETH and the duration of the block.
According to the Dune dashboard, the largest independent EigenLayer stake is marked as the address of the team of Tron founder Justin Sun. The wallet claims to receive more than 2 billion EIGEN.
Together with the token, the developers announced an intersubjective forking security system. The mechanism is designed to eliminate errors of malicious behavior that cannot be immediately detected on the network — for example, hiding data in oracles based on EigenLayer.
On April 9, the project team launched the main restaking platform and the beta version of the EigenDA data availability level on the Ethereum mainnet.
Earlier, experts studied the impact of restaking on Ethereum's on-chain metrics.
Recall that despite the high popularity of the service, the developer DEX 3Jane with the nickname Chudnov warned about a potential crisis in EigenLayer profitability.