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EigenLayer to Distribute 86M Tokens to Stakers, Node Operators
The tokens equate to around 5% of EIGEN's total supply.
Updated Sep 5, 2024, 12:13 p.m. Published Sep 5, 2024, 12:11 p.m.
- EigenLayer will distribute around 5% EIGEN's total supply as a part of "season 2 stakedrop."
- The majority of the tokens will go to stakers and node operators.
- TVL on EigenLayer has waned to $11.3 billion in recent months.
Restaking protocol EigenLayer will distribute 86 million EIGEN tokens to users that have interacted with the platform as a part of "season 2 stakedrop," it said in a blog post.
Stakers and node operators will receive 70 million tokens, while ecosystem partners and the EigenLayer community will receive 10 million and 6 million respectively, with distribution due to start on Sep. 17. The tokens equate to around 5% of EIGEN's total supply, which will be 1.67 billion tokens at launch.
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EigenLayer initially announced its token in April after the protocol had received around $15.7 billion in deposits. Since then total value locked (TVL) has dropped to $11.3 billion, DefiLlama data shows.
EigenLayer is a protocol built atop Ethereum, it lets users stake ether , which can be repurposed to secure additional networks or protocols in return for additional yield.
Several restaking protocols have experienced a reduction in TVL over the past month. Renzo's total has dropped by 22% to $1 billion and Karak's has fallen 14.6% to $688 million. This is partly due to dwindling asset prices as ether trades at $2,388 compared to July's high of $3,536, and also results from outflows following the conclusion of several airdrop campaigns.
Airdrop farming was a common strategy for crypto investors earlier this year. It involved staking assets on a protocol in the hope that would increase their share of an airdrop should a native token be released.
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Foundation behind restaking protocol EigenLayer plans bigger rewards for active users
An Incentives Committee would direct programmatic token emissions, focusing allocations on participants that secure AVSs and contribute to the EigenCloud ecosystem.
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- The Eigen Foundation has unveiled a governance proposal aimed at ushering in new incentives for its EIGEN token, shifting the protocol’s reward strategy to prioritize productive network activity and fee generation.
- Under the plan, a newly formed Incentives Committee would manage token emissions, prioritizing participants who secure Actively Validated Services and expand the EigenCloud ecosystem.
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