EigenLayer unveils EIGEN token, eligible users can claim token airdrop on May 10

EIGEN token, associated with the EigenLayer protocol, represents a significant development in the realm of blockchain technology.

EigenLayer has introduced a restaking concept that allows Ethereum stakers to leverage their stake across multiple blockchains, enhancing the security and efficiency of these networks.

On Apr 29, 2024, EigenLayer released its whitepaper that introduce EIGEN token.

Introducing the Eigen Foundation, EIGEN token and Season 1 Stakedrop

EIGEN token is set to play a pivotal role in this ecosystem, serving as a universal intersubjective work token that introduces the concept of 'social consensus' to the on-chain economy.

This innovative approach allows for the validation of transactions that cannot be mathematically proven, relying instead on the collective agreement of participants within the network.

EIGEN token will be used by applications for intersubjective agreement such as prediction markets. While, staked ETH will be used for consensus mechanism and validation of transactions.

Users can also stake EIGEN tokens to secure EigenDA and AVSs. According to EigenLayer, an AVS is any system that requires its own distributed validation semantics for verification, such as sidechains, data availability layers, new virtual machines, keeper networks, oracle networks, bridges

EIGEN token will have initial total supply of 1.67 billion tokens.

The Eigen Foundation has announced that 45% of EIGEN token supply will be allocated to the community, supporting the decentralized ethos of the project.

From 45%, 15% allocate to stakedrops, 15% allocate to community initiatives, and the last 15% allocate to ecosystem development.

Investors and early contributors will also receive significant allocations. 29.5% of token supply allocate to investors. 25.5% allocate to early contributors.

Introducing the Eigen Foundation, EIGEN token and Season 1 Stakedrop

Investors and early contributors are subject to a structured lock-up for a period of 3 years to encourage long-term commitment and stability.

EIGEN tokens will gradually release to investors and early contributors every month at a rate of 4% over a period of 2-3 years.

The upcoming airdrop of EIGEN tokens, scheduled for May 10, is a much-anticipated event, particularly for those who have participated in staking in platform.

This airdrop represents the first 'stakedrop' and will distribute 5% of the total EIGEN supply to eligible users.

Eligible users can start claiming the airdrop on May 10 at https://claims.eigenfoundation.org/.

The introduction of the EIGEN token is expected to bring about a new era of 'verifiable and open common digital goods,' where failures requiring social consensus can be addressed alongside those that are objectively proven.

This dual system, utilizing both ETH and EIGEN tokens, aims to foster a more robust and flexible validation mechanism for the blockchain ecosystem.

As the landscape of digital currencies continues to evolve, the EIGEN token stands as a testament to the innovative spirit of the blockchain community.

With its unique features and potential for widespread adoption, the EIGEN token is poised to make a significant impact on the future of decentralized finance and blockchain technology as a whole.