EIGEN Token Launched by Eigenlayer Team, Non-Transferable until September

The Ethereum restaking protocol Eigenlayer has announced the start of its token-claim process, also known as an “airdrop,” for Season 1, Phase 1 rewards. This allows users to finally acquire the new EIGEN token after waiting for several weeks. It’s important to note that the EIGEN token is currently non-transferable, meaning users cannot sell it. The development team plans to make it transferable in the upcoming months, with a target date of September 30. The claim process will close on September 7, and anyone who fails to claim their tokens before that date will miss out.

It’s worth mentioning that the EIGEN token is not available to users in more than 30 jurisdictions, including the United States, Russia, China, and Canada. Many VPN server addresses are banned from claiming the token. The claims process has unlocked 6.05% of the total supply of EIGEN tokens so far, and an additional 0.7% will be unlocked in mid-June during “Phase 2.”

Starting in mid-June, users of certain apps such as Kelp, Pendle, Equilibrium, and others will be able to claim their tokens. The current airdrop is primarily limited to users who restaked Ether (ETH) or its liquid staking derivatives on Eigenlayer before March 15. Users of liquid restaking tokens (LRTs) can also claim their rewards now, as long as they are not categorized under “Phase 2.” Those who restaked on Eigenlayer between March 15 and April 29 can claim their 100 bonus tokens now, with the majority of their claims available in mid-June alongside other Phase 2 participants.

The EIGEN airdrop has faced some controversy within the decentralized finance community. Some critics argue that it may be the last “life-changing airdrop,” while others have raised concerns about the ban on VPN servers, the non-transferability of the token, and the short snapshot period used for the airdrop. Despite these criticisms, the Eigenlayer team is pressing ahead with the token-claim process, allowing eligible users to acquire their EIGEN tokens.

One thought on “EIGEN Token Launched by Eigenlayer Team, Non-Transferable until September

  1. This airdrop is such a disappointment. The non-transferability of the token is a major drawback!

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