EigenLayer has seen more than 12,000 queue exits – how much will TVL fall?
EigenLayer – the largest ethereum recovery protocol – has received more than 12,412 withdrawal requests following widespread disappointment surrounding the planned EIGEN airdrop.
Mass withdrawal requests began on April 29, with EigenLayer seeing more than 4,336 withdrawals per day, rising to 6,496 on April 30, according to Dune data.
The reset protocol has collected more than 12,412 withdrawals in the past three days, which began on April 29 after EigenLayer released a white paper on its EIGEN token. However, several jurisdictions, including the United States, Canada, and several African and Asian countries, are exempt from airdrops.
EigenLayer has more than 107,000 unique deposits, according to Dune. In the last three days, 12,412 withdrawals indicate that 11.6% of special depositors have exited the protocol.
While individual exit rates are not yet known, an 11.6 percent withdrawal from the lineup would reduce EigenLayer's current $14.8 billion total market value (TVL) by more than $13 billion.
Since EigenLayer has a seven-day extraction process, the results of mass extraction will only be visible in the coming weeks.
The ban of the EigenLayer airdrop from key economic powers has caused widespread frustration that affects the protocol TVL, according to Andy Lean, blockchain expert and author of NFT: From Zero to Hero. He told Cointelegraph.
“Participants in these regions have contributed significantly to EigenLayer's TVL. Their exclusion can result in a decrease in overall TVL, especially if they are actively re-owning their property.
Related: EigenLayer on the brink of a productivity crisis
Airdrop farmers are looking for new resettlement protocols.
EigenLayer's TVL fell more than 4% last week, while Karak's TVL rose 20.5% to $439 million, making it the second-largest rebalancing protocol on Ethereum, Defilama said.
The rapid development of the new re-protocol has led to speculation that Karak has a “good chance” of becoming the next EigenLayer following the EIGEN weather loss.
Beyond the exciting airdrop, Karak will introduce technical benefits to users and offer more flexible recovery tokens, according to Leanne:
“Karak introduces unique technical features such as multi-asset reconstruction and a plug-and-play development environment. These may give Karak a good chance to attract developers and users looking for a more versatile reconstruction platform.”
Related: Crypto on Track to Hit 1B Users by End of 2025 – Analyst
