EigenLayer officially announced airdrop! But Pendle users were backstabbed...

shushu

24-04-30 08:54

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Finally, EigenLayer is going to airdrop. Since the Bitcoin halving, the entire market has been waiting for a sufficiently stimulating news to drive market sentiment, and EigenLayer's coin issuance is undoubtedly the one with high expectations.

In the early morning of April 30, EigenLayer officially released a white paper on GitHub and introduced the structure of the EIGEN token. The total supply of EigenLayer tokens at the time of release is 1.67 billion. The foundation has allocated 45% of the tokens to its community, further broken down into pledge airdrops (15%), community programs (15%), and ecosystem development (15%).

In addition, 29.5% of the tokens have been allocated to investors, while early contributors will receive 25.5%. The total lock-up period for investors and early contributors is three years. The first year involves a full lock-up, followed by a gradual release of their total holdings at a rate of 4% per month over the next two years.

EigenLayer calls the community airdrop a "staking airdrop", where users can stake tokens to secure EigenDA and future AVSs, and will distribute 15% of the token supply to users participating in the platform.

But this distribution plan is still criticized by the community.

The first thing that was criticized was still the proportion of the project party. After the official release of the 43-page airdrop white paper, the community still had an EIGEN token distribution pie chart comparable to the Renzo pie chart, of which 15% was used to airdrop to users in batches, and the airdrop on May 10 only accounted for 5%. And 55% of the shares were attributed to the team and investors.

But the most unacceptable thing for users is that EigenLayer stated in the white paper that EIGEN was not transferable at the beginning. The official explanation is that it is due to a lack of liquidity, but from the user's side, this is definitely "playing rogue".

"Liquidity is extremely scarce, and the transferability of your Eigens will be significantly restricted. The transfer restrictions on your Eigens will remain in place for a long time. Even if an open market does eventually exist, you may not be able to freely sell or transfer your Eigens. If you can freely sell your tokens on the open market after a period of time, the depth and trading volume of that market may not be sufficient for you to sell without a significant price discount."

Ethena, which just conducted an airdrop some time ago, said bluntly, "The tokens are transferable, we love you", which is full of irony.

The second most criticized aspect of the EigenLayer airdrop by the community is the large-scale IP restrictions and VPN blocking. The airdrop does not include the United States, Canada, half of Africa and Asia, and VPN users. Some community users said that "it would be great if EigenLayer used strict VPN restrictions/geo-blocking before launching deposits, rather than only implementing it when claiming tokens", which is helpless.

But the most unexpected thing is that Pendle plummeted after EigenLayer released the airdrop.

It should be noted that a large part of Pendle’s strong performance this year is due to its trading market providing PT (Principal Token) and YT (Yield Token) transactions, which allows users who deposit LRT in EigenLayer to trade, thereby killing two birds with one stone.

The official first version of the plan shows that only "users who directly stake in EigenLayer" and "LRT holders" can obtain the first phase of the first season airdrop, while users who interact with DeFi projects such as Pendle or Equilibrium will receive airdrops in the second phase of the first season. Subsequently, EigenLayer officials explained the airdrop plan for users who participated in EigenLayer through DeFi projects, saying that the split in the airdrop release phase was to more accurately determine the scores on each DeFi project, and specifically stated that Pendle users would not be punished during the distribution and would collectively receive the same allocation.

As crypto KOL @Luyaoyuan1 said, "One fish, many kills, those who eat more will line up behind."

And this airdrop plan does not seem to be closely related to points. The community joked that "Points" had already told us what non-transferable tokens meant.

Some community users also responded that their accounts met the snapshot time of March 15 and were all natively staked, but the amount of airdrops given was still very small, "Where is the big payout that was promised!"

On the last day of April, EigenLayer announced an airdrop, but the market liquidity is insufficient recently. Will EIGEN create another ENA miracle after it goes online, or will it plummet like most projects? We will wait and see.