EigenLayer announces the launch of native token EIGEN in May
Eigenlayer, the much-hyped and $16 billion-valued Ethereum blockchain, announced plans to launch a native token called EIGEN in May. The token will be distributed by the independent non-profit Egan Foundation, with a total supply of 1.67 billion tokens at launch.
TLDR
EigenLayer, a recycling protocol, is launching its native EIGEN in May, with a total of 1.67 billion tokens at launch. Egan Foundation allocates 45% of tokens to the community, through stakedrops (15%), community initiatives (15%) and ecosystem development (15%). Investors will receive 29.5% of the tokens, early contributors will receive 25.5%, both with a lock-up period of three years. During the initial “stakedrop” period, 5% of the token supply will be distributed to users based on a snapshot of staking activities on March 15, 2024. EigenLayer introduces “Intersubjective Forking”, a newly designed crypto-economic security system. To address malicious behavior that is not immediately available on-chain.
The foundation has allocated a significant portion of the tokens, around 45%, to the community. This allocation is further divided into three equal parts: stakedrops (15%), community initiatives (15%) and ecosystem development (15%).
The project, called the community climate, will distribute tokens to users who participate in the platform during different periods of stakedrop.
Today @eigenfoundation introduces EIGEN, based on @eigen_labs research, with Season 1 Stakedrop.
EIGEN is a universal interface working token that complements ETH as a general purpose working token in EigenLayer.
Watch the full Egan Foundation announcement:
— EigenLayer (@eigenlayer) April 29, 2024
In the first phase of the stakedrop, the foundation will distribute 5% of the token supply to users based on a snapshot of their stake activities taken on March 15, 2024. 90% of these tokens will be claimed by May 10. A window of 120 days, the remaining 10% will be claimed in the second phase of the first season scheduled after one month.
Investors and Early Contributors will also receive a larger token supply, with 29.5% allocated to Investors and 25.5% to Early Contributors.
However, both groups are subject to a three-year lock-up period, fully locked-in in the first year, and then gradually released at a rate of 4% per month for the next two years.
Alongside the token launch, EigenLayer is introducing a new crypto-economic security system called “Intersubjective Forking”.
This method is designed to address malicious behavior that cannot be immediately detected on-chain, such as data capture in oracles built on EigenLayer.
The interactive fork fulfills the project's original plan to properly identify ETH restorers for on-chain behavior, eliminating the need to install unnecessary Ethereum validators.
With the launch of the EIGEN token, it is expected that other Active Authentication Services (AVS) will soon follow to enable users to secure EigenLayer's Data Availability Layer, EigenDA.
The launch of the EIGEN token marks a significant milestone for EigenLayer, as it continues to grow and evolve in the rapidly expanding ecosystem.
