81 "Incidents" of Begging for EigenLayer's Airdrop Token EIGEN

A series of controversies surround EigenLayer's contentious announcement of the EIGEN airdrop, sparking debate among project enthusiasts who are fewer in number compared to those facing numerous "incidents."

81 "Incidents" of Begging for EigenLayer's Airdrop Token EIGEN. Photo: Unchained Crypto

As reported by Coin68 late on April 30, the restaking protocol EigenLayer introduced the EIGEN token and an airdrop plan for users in May.

However, the crypto community has begun to debate relentlessly over EIGEN's tokenomics and its accompanying "unusual" mechanisms.

The whitepaper was announced but lacks tokenomics
In yesterday's announcement, the project released a whitepaper for EIGEN to provide an overview of the project, its utility, and the token's purpose.

The 43-page whitepaper offers a detailed look at the technical technologies surrounding EigenLayer. However, there is not a single page dedicated to EIGEN's tokenomics.

Tokenomics is an essential element for any token project. It provides information on allocation, total supply, current supply, upcoming unlock schedules, etc. This information allows potential investors to evaluate the token's potential and decide whether to buy at the current time.

EigenLayer's nearly 50-page whitepaper lacks this crucial information. This is a point that the crypto community cannot comprehend.

The first information about EIGEN's tokenomics came from The Block—a third-party site—rather than from the project itself.

It seems EigenLayer prefers the community to "self-organize." Fortunately, The Block provided token allocation ratios, enabling some users to visualize these tokenomics—a task that the project should have initially provided in its whitepaper. As a side note, a recent project, Renzo, faced criticism for its opaque token allocation distribution charts.

EigenLayer subsequently disclosed additional information through a post from the Eigen Foundation, the community management organization of EigenLayer, regarding the EIGEN token.

2/ Only interact through these official links:

EIGEN Summary Blog Post: https://t.co/zqPOFDZo7S
EIGEN Whitepaper: https://t.co/WjcC08JwUr
Stakedrop: https://t.co/iWtGaywYoV
FAQ: https://t.co/wqv8hGyLrI
Blog: https://t.co/LYby3rtAie
X: @eigenfoundation
Website:…

— Eigen Foundation (@eigenfoundation) April 29, 2024

Ambiguous stages of airdrop
After navigating through the "search for tokenomics," the community faces an allocation of airdrop tokens with several questionable points.

EigenLayer will have a total supply of 1.67 billion tokens at the initial release, with 15% allocated for the airdrop. Within this, only 5% is a reward for users who have been "farming airdrops" to date, collectively known as Season 1. Season 1 was snapshot on March 15, 2024.

However, Season 1 is further divided into two phases: Phase 1 and Phase 2.

Phase 1: 4.54% TGE

For "end users," those who directly interact with EigenLayer's smart contract:

directly through the protocol;
indirectly through other LRT protocols;
In general, this is the case where most airdrop farmers fall. These tokens will unlock on May 10.

Phase 2: 0.46% TGE

In contrast to Phase 1 focusing on end users, Phase 2 is for users from indirectly restaking protocols.

The project explains that restaking involves a "cross-stacking" relationship where many projects stake restaked tokens with each other, then restake them in another project,... In general, this liquidity "ponzi framework" cannot define direct usage by EigenLayer users.

Therefore, users staking through the restaking group project above will fall into Phase 2. According to EigenLayer, protocols have already deposited into Pendle, Equilibrium, Penpie,... or used rsETH tokens from Kelp DAO included in this type.

This "discrimination" method is criticized by the community. It's clear that liquid restaking is a derivative of the EigenLayer formation, the project has long to also encouraged this that, " points, points?" users Instead, themselves,?

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