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Ethereum (ETH) has revealed Eigen Layer will distribute the EIGEN airdrop. This comes alongside a new security update: Intersubjective Forking.
Public ledgers and all open protocols deploying on these platforms depend on the community to survive.
Without their participation, there would be validators, shillers, and supporters, and the protocol would “die” and be forgotten. And there are hard, depressing numbers to support this: Over 1,700 projects, once launched enthusiastically, are dead, and down with them, millions of dollars.
In 2020, Uniswap, facing a “vampire” attack from SushiSwap, had to launch its governance token, UNI, to incentivize its growing community.
After this launch, Uniswap thrived. SushiSwap, looking at its popularity and SUSHI’s market cap, fizzled out and could not take on the first successful DEX using the AMM model.
Ethereum Eigen Layer Launches EIGEN Airdrop – Here’s Everything to Know
Fast-forward to 2024: According to DeFiLlama, EigenLayer, a restaking protocol with over $15 billion in total value locked (TVL), plans to launch its token, EIGEN.
They first deployed without the token. Due to its innovation, it gained traction fast, drawing millions of ETH holders.
Now, Eigen Layer said they will launch EIGEN via airdrop and distribute a significant chunk of the token to early adopters as a reward. EIGEN is being released following thorough research by Eigen Labs.
In an announcement on Monday, the EigenLayer Foundation, a non-profit supporting the restaking protocol, said the total supply would be 1.67 billion EIGEN.
The community will receive 45%. This amount will be distributed three-way in equal proportions to stakedrops to facilitate future community initiatives and drive ecosystem development.
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How Do You Claim Your EIGEN Stakedrop?
Eigen Layer Foundation said 5% of the initial EIGEN supply will be distributed in “Season One.”
However, there’s a catch: only those who began restaking on March 15, 2024, at Ethereum block height #19437000, will qualify.
Therefore, if you were part of this cohort, you can claim free EIGEN from May 10, 2024. You will have four months before this window closes.
Bad news? Even with tokens received, you won’t transfer them.
The team claims this fosters community discussion on governance structure and token functionalities. Beyond this, the objective is to enable smooth decentralization.
Discussions on EIGEN’s functionalities via Eigen Layer are particularly crucial now that the platform is emerging as a security layer for networks other than Ethereum.
As expected, the amount received depends on the amount of ETH staked and the duration. Eigen Layer will distribute additional bonuses to those who choose native restaking.
Boosting Security: Introducing Intersubjective Forking on Ethereum
Beyond the stakedrop, which is undoubtedly the source of all buzz, the team is also introducing a new security system dubbed: “intersubjective forking.”
The objective is to address a technical challenge called “intersubjective faults.”
As a result, Eigen Layer validators will pick out malicious activities that are typically hard to detect on blockchains. For instance, they can be used to store data by oracles built on EigenLayer without burdening Ethereum validators.
Even more cool about this complementary security layer is that Eigen Layer validators can decide to fork for fairness. This is crucial, especially when it is known that an intersubjective fault has occurred, enabled by a rogue EigenLayer validator.
Fair forking allows the re-staking protocol to punish these malicious actors, slashing their EIGEN holdings.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital
