On May 10, the Eigen Foundation officially announced the commencement of Season 1 of the EIGEN Stakepost through a blog post. It is a significant milestone in the EigenLayer ecosystem.
EigenLayer, an Ethereum staking protocol and the Eigen Foundation have officially announced the commencement of Season 1 of the Eigen stakedrop, marking a significant milestone for the EigenLayer ecosystem. With 6.05% of the initial supply available for claiming starting from May 10, 2024.
1/ EIGEN stakedrop claims are open! ♾️∑
— Eigen Foundation (@eigenfoundation) May 10, 2024
We're thrilled to announce that claims for EIGEN are now open for Phase 1 of Season 1!
The EIGEN token accelerates @eigenlayer & Ethereum toward a shared mission of open innovation. ♾️
Get started: https://t.co/AS9lkY9vHp pic.twitter.com/JtihuGHF5Z
Participants can secure their share of approximately 113 Million EIGEN tokens. Moreover, anticipation is building for Season 1 Phase 2, set to increase rewards to 6.75% by mid-June.
What are the important characteristics described by the Foundation?
The foundation emphasizes community inclusivity, setting aside 15% of the initial token supply across all seasons for the community’s benefit. To claim tokens, participants are suggested to visit the official website to access the open window from May 10, 2024 to September 7, 2024.
Eligibility Criteria To Claim Tokens
The eligibility for a claim is contingent upon various factors, including direct staking of ETH or LSTs on EigenLayer before March 15th, with an additional 100 bonus tokens allocated.
Similarly, former LRT users before March 15th qualify for the bonus, unless their activities align with Phase 2 in mid-June. Additionally, participants who restaked between March 15th and April 29th can claim their 100 bonus tokens now, with further rewards available in Season 2.
Phase 2
Phase 2 introduces bonuses for DeFi adventures that engaged with platforms like Kelp, Pendle, and Equilibrium before March 15, highlighting Eigen Foundation’s commitment to engage diverse communities.
Staking of EIGEN tokens not only offers rewards but also contributes to the security and functionality of EigenDA, a data availability system supporting Ethereum rollups. Stakeholders have the flexibility to stake and choose an operator at their convenience, underscoring Eigen Foundation’s commitment to accessibility.
Source: blog.eigenfoundation.org
However, participants should be mindful of the 24-day waiting period for unstaking EIGEN tokens, which is crucial for upholding ecosystem security. Despite the current feature of non-transferability, plans are already there to unlock EIGEN after developing new features and decentralization milestones targeted for the mainnet by September 30, 2024.
Background For The Release Of EIGEN
Eigen Foundation prioritizes community integrity, implementing measures to disincentivize Sybiling activities and ensure fair distribution. Future per-address EIGEN bonuses are off the table to maintain equity and prevent exploitation.
The release of EIGEN symbolizes EigenLayer’s transition into a new era of collaboration, decentralization and open innovation. Eigen Foundation envisions a future where prosperity is shared and the community thrives through increased coordination. With community support, this vision will be realized, driving the EigenLayer ecosystem forward.
Eigen Foundation’s launch of Season 1 of the EIGEN Stakedrop marks a significant step towards community engagement and decentralized growth. With generous token allocations and a commitment to inclusivity, the Eigen Foundation sets the stage for a vibrant and collaborative ecosystem.
The participants claim their rewards and contribute to staking. EigenLayer moves closer to its vision of a prosperous and decentralized future.
