Eigenlayer, the Ethereum restaking protocol, has announced the launch of its token-claim process, also known as an “airdrop,” for Season 1, Phase 1 rewards. This news comes from a blog post by the Eigenlayer development team on May 10. After weeks of anticipation, users who are eligible for the new EIGEN token can finally acquire it through this claims process. However, it’s important to note that EIGEN is currently nontransferable, meaning users cannot sell it.
The blog post mentions that EIGEN will become transferable once the team introduces new features in the coming months. The team aims to implement these features by September 30. It’s crucial for users to claim their tokens before September 7, as the claim process will close after that date. Failure to claim before the deadline will result in users being unable to receive their tokens.
According to Eigenlayer documents, the token is not available for users in more than 30 jurisdictions, including the United States, Russia, China, and Canada. Additionally, most VPN server addresses are prohibited from being used for claiming the token.
Eigenlayer has imposed restrictions on claims made by VPN users. Source: Eigen Foundation
In terms of token supply, the claims process has unlocked 6.05% of the total EIGEN supply. An additional 0.7% will be unlocked from “Phase 2” starting in mid-June, as stated in the blog post. From mid-June onwards, users of Kelp, Pendle, Equilibrium, and other similar apps will be able to start claiming their tokens. However, it’s important to note that the current airdrop primarily caters to users who restaked Ether (ETH) or its liquid staking derivatives on Eigenlayer before March 15.
Users who hold liquid restaking tokens (LRTs) can also claim their rewards now, as long as their activities are not part of “Phase 2.” Additionally, users who restaked on Eigenlayer between March 15th and April 29th can claim their 100 bonus tokens now, while the majority of their claims will be available in mid-June alongside other Phase 2 participants.
The EIGEN airdrop has sparked controversy within the decentralized finance community. Leandro Schlottchauer, the co-founder of Kuyen Labs, stated that it could potentially be the last of its kind in terms of “life-changing airdrops.” On the other hand, many Eigenlayer users have criticized the airdrop for its ban on VPN servers, distribution of a nontransferable token, and the perceived short snapshot period.