EigenLayer publicizes token launch and airdrop for the group

• EigenLayer’s token EIGEN will launch in Could, with a complete provide of 1.67 billion tokens.
• The Eigen Basis has introduced an airdrop for the group, set for Could.

The Eigen Basis, the non-profit supporting the event of restaking protocol EigenLayer, has introduced the launch and distribution of the native token EIGEN.

Alongside the announcement for the token, the muse and the Eigen Labs crew unveiled the EigenLayer whitepaper. The venture, which attracted funding from Binance Labs and a16z early this yr, has seen large progress by way of staked Ether (ETH).

EIGEN token launch and airdrop

In accordance with at this time’s announcement, the Eigen Basis will launch the EIGEN token in Could. An airdrop for the group of stakers on EigenLayer can even go dwell.

The brand new token is ready at a complete provide of 1.67 billion, with 45% of the EIGEN tokens allotted to the group.

As we speak the @eigenfoundation introduces EIGEN, based mostly on analysis by @eigen_labs, alongside a Season 1 Stakedrop.

EIGEN is the Common Intersubjective Work Token, complementing ETH because the Common Goal Work Token in EigenLayer.

See the complete Eigen Basis announcement: https://t.co/ZxswOiwWyR

— EigenLayer (@eigenlayer) April 29, 2024

Per the small print in a weblog publish summarizing the distribution, 15% of provide will go to stakedrops, one other 15% put aside for group initiatives and the same quantity (15%) allotted to the EigenLayer ecosystem improvement.

The EIGEN airdrop Season 1 will see the group get an opportunity to seize a share of 5% of the token provide. This allocation goes to stakedrop contributors captured in a snapshot taken on March 15, 2024. Claims for this airdrop start on Could 10, with 90% of the tokens claimable for as much as 120 days.

The subsequent batch, which is the remaining 10%, will go dwell will 30 days after the primary section declare window ends.

In the meantime, the Eigen Basis has earmarked 29.5% of provide for traders and 25.5% for early contributors.

Allocations to traders and early contributors face a 3-year crypto vesting interval, with whole lockup in yr 1. The subsequent two years will embrace an unlock price of 4% per 30 days.