2024-05-11
Eigenlayer has initiated the claims process for its highly anticipated EIGEN token, but currently, it cannot be transferred to others until additional features are implemented.
According to a recent blog post from Eigenlayer's development team, the Ethereum restaking protocol has launched the token-claim process, also known as an "airdrop," for Season 1, Phase 1 rewards.
This process allows users who are entitled to the EIGEN token to finally obtain it after a prolonged wait. However, at present, EIGEN cannot be sold or transferred.
The blog post mentions that the transferability of EIGEN will be enabled once the team introduces new features, which is expected to occur by September 30.
It's important to note that the claim process will close on September 7, meaning users who fail to claim their tokens before that date will be unable to receive them.
Eigenlayer has specified that the token is not accessible to users in more than 30 jurisdictions, including the United States, Russia, China, and Canada.
Additionally, the use of most VPN server addresses for claiming the token is prohibited.
As per the post, 6.05% of the total EIGEN supply has been unlocked through the claims process, and an additional 0.7% will be unlocked during "Phase 2" starting in mid-June. From mid-June onwards, users of apps such as Kelp, Pendle, Equilibrium, and other similar platforms will be able to claim their tokens.
However, the current airdrop is primarily limited to users who restaked Ether or its liquid staking derivatives on Eigenlayer prior to March 15.
Users of liquid restaking tokens (LRTs) can also claim their rewards now, unless their activities fall under "Phase 2."
Additionally, users who restaked on Eigenlayer between March 15th and April 29th can claim their 100 bonus tokens now, with the majority of their claims becoming available in mid-June alongside other Phase 2 participants.
The EIGEN airdrop has sparked controversy within the decentralized finance community. Some have speculated that it may be one of the final "life-changing airdrops," as stated by Kuyen Labs co-founder Leandro Schlottchauer.
On the other hand, many Eigenlayer users have criticized the airdrop for its ban on VPN servers, distribution of a nontransferable token, and what they perceive as a limited snapshot period.
