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Controversial DeFi protocol EigenLayer opens EIGEN token airdrop, here’s how to claim

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on May 10, 2024
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  • EigenLayer, a DeFi project, initiated its EIGEN token airdrop on May 10, amidst controversy.
  • The tokens are initially non-transferable, the Ethereum-based protocol calls it a stake drop.
  • EigenLayer officials said that users who claim EIGEN tokens can transfer them at a later date in time.

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EigenLayer’s airdrop has been long awaited, the project has been hyped for its restaking program. The DeFi protocol has opened claims for its stake drop, the EIGEN token, that is available for users to stake and is currently non-transferable. 

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EigenLayer opened claims for its EIGEN token stake drop

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EigenLayer has opened claims for the airdrop of EIGEN tokens. While these tokens remain non-transferable, users can stake them to earn rewards. EigenLayer has been controversial for geo blocking users and speculators put the fully diluted value of EIGEN at $15 billion. 

The Ethereum based protocol first rose to fame for repurposing security borrowed from Ether’s chain. EigenLayer was pitched as a new development in DeFi, one that pushes boundaries on staking and maximizes potential rewards for users. 

The project has opened a window for eligible users to claim their stake drop of EIGEN tokens, though not freely tradeable, they can be staked. 

Most of EigenLayer’s key features are a work in progress and users have collected points for depositing assets to the project’s platform. Market participants collected points that helped keep score and determine whether they are eligible for the EIGEN token airdrop.

How to claim the airdrop?

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EigenLayer’s official blog post states that Season 1 of the stake drop starts on Friday and 6.05% of the initial supply is up for grabs. Season 1 Phase two will push it to 6.75% in mid-June and the in total, the project will distribute a total of 113 million EIGEN tokens. 

The DeFi protocol has set aside 15% of its initial token supply for community members across all the seasons of the airdrop. For claiming season 1 rewards, users should visit claims.eigenfoundation.org between May 10, 2024 and September 7, 2024. 

Users who directly restaked their Ether or liquid staking tokens on EigenLayer before March 15, will receive an additional 100 bonus tokens. 

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