EigenLayer Introduces EIGEN Token and Airdrop Plan for Users

EigenLayer, a leading restaking protocol, has announced the launch of its token, EIGEN, in May, along with an airdrop mechanism for users staking on the platform.

EIGEN Token Details

EigenLayer will have an initial total supply of 1.67 billion tokens. The Eigen Foundation will oversee the deployment of this token, with 45% allocated to the community. Within this 45% allocation:

• 15% will be dedicated to Stakedrop activities,
• 15% will go towards community incentives,
• and another 15% will be reserved for ecosystem development.

Additionally, 29.5% of the tokens will be allocated to investors, and 25.5% will be given to early contributors to the project. Investors and early contributors will face a three-year lockup period, with the first year being a complete lock and the subsequent two years allowing for gradual unlocking at a rate of 4% per month.

Airdrop for the Community

For the community airdrop (Stakedrop), 15% of the total token supply will be distributed to users who have previously staked on the platform. This distribution will occur over multiple phases and programs.

During the first season, the Foundation will allocate 5% of the total supply to users based on a snapshot taken on March 15, 2024. Of this allocation, 90% of the tokens will be unlocked on May 10, with the remaining 10% claimable one month later.

Interestingly, the claimed tokens will be "non-transferable" initially, encouraging community members to participate in the network’s governance and contribution processes.

Furthermore, the EIGEN token can be staked to help manage the EigenDA network, which is EigenLayer’s data availability solution.

An additional 10% of the total supply will be set aside for future airdrop seasons to further incentivize community involvement.

Role of EIGEN in EigenLayer Ecosystem

"Inter-Subjective Forking" Concept

Alongside the EIGEN token, EigenLayer introduced a new economic concept called "inter-subjective forking" to enhance network security, complementing the existing Restaking Ether model.

This mechanism is designed to address internal network vulnerabilities and bad actors whose actions might not be immediately detectable on-chain. For instance, it can deal with cases of falsified data by Oracles built on the EigenLayer.

Inter-subjective Forking will operate independently of the existing slashing model for ETH Restakers, which was designed to handle on-chain misbehaviors. According to EigenLayer, this new model will alleviate unnecessary burdens on Ethereum Validators, ensuring a more robust and secure ecosystem.

EigenLayer’s innovative approach and the introduction of the EIGEN token aim to enhance network security, incentivize community engagement, and support the broader ecosystem’s growth. The restaking model continues to evolve, promising more dynamic and secure applications in the DeFi space.