How much airdrop can Pendle users get? EigenLayer answers community questions

24-04-30 11:40

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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 was 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%).

However, the official first version of the plan shows that only "users who directly pledged 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 may be eligible for airdrops in the second phase of the first season. This has caused the community to have many questions about the EIGEN airdrop.

This morning, the EigenLayer Foundation clarified the airdrop ratio of Phase 2 of Season 1 and the airdrop allocation of Pendle and other "unresolved (DeFi) contracts" through its official Twitter account.

TL;DR

1. Users of Pendle or any unresolved (DeFi) contract will not be punished in the allocation.

2.10% is an approximate percentage of the total allocation in the first quarter, and the exact allocation in the second phase is 9.28%.

3. The allocation for Phase 2 of Season 1 is not predetermined, but reflects the total allocation associated with outstanding (DeFi) contracts.

1. Has Season 2 started?

Yes, Season 2 will take into account ecosystem participation activity after the March 15 snapshot.

2. How much of the total EIGEN initial supply was allocated in Phase 1 and Phase 2 of Season 1?

The Season 1 airdrop allocation accounted for 5% of the total initial EIGEN supply (83.68 million), of which Phase 1 accounted for 4.54% of the total initial EIGEN supply (75.91 million) and Phase 2 accounted for 0.46% of the total initial EIGEN supply (7.77 million)

3. What types of users and contracts are included in what are called “unresolved (DeFi) contracts” in Phase 2?

Any LRT that has been split into multiple assets or derivatives is an “unresolved (DeFi) contract” and will be included in Season 1 Phase 2. This includes LRT deposited into Pendle, Equilibrium, Penpie, and similar protocols + any rsETH tokens using the Kelp project.

4. Are unresolved (DeFi) contracts penalized in Phase 2 compared to other stakers?

No, these unresolved (DeFi) contracts are not penalized. They are treated the same as individual users, and they will collectively receive the same distribution as if the contract was an individual user.

We allocate to unresolved (DeFi) contracts rather than individual end users because end users are either unidentifiable or because determining a “fair” allocation would be a subjective decision.

Keep in mind that unresolved (DeFi) contracts are generally newer (most of them were deployed in January 2024 or later, although EigenLayer enabled re-staking on mainnet in June 2023). Since the snapshot for the first quarter was March 15th, and staking duration is a factor, the allocation to unresolved (DeFi) contracts accounts for 9.28% of the first quarter.

5. Is the 10% allocation to unresolved (DeFi) contracts in the second phase predetermined (i.e. fixed)?

No, the Phase 2 distribution is approximately 10% of the total stake in Season 1 (9.28% to be exact) because this is the amount of tokens that an “unresolved (DeFi) contract” would receive if it were an individual user.

As mentioned above, these DeFi contracts are not penalized. They are treated the same as individual users and will receive the same distribution as if the contract was an individual user.

6. How will the specific distribution for Phase 2 of Season 1 be determined?

As we mentioned in our FAQ https://docs.eigenfoundation.org/faq/phase2

The process for determining the second phase allocation is as follows:

First, at the same time as the EIGEN announcement, the Eigen Foundation contacted each LRT project to inform them of the portion of EIGEN reserved for the second phase. Each LRT project was asked to provide the wallet addresses and allocation list of its users.

Second, over the next 2-3 weeks, each LRT project will provide the Eigen Foundation with a list of wallet addresses. This list will be used to allocate each LRT's portion of EIGEN to end users.

Third, the Eigen Foundation will make claims for the equity distribution for the second phase of Season 1 based on the allocation provided by the LRT projects.

Please follow the official account of the EigenLayer Foundation @eigenfoundation for more information in the coming weeks.