š¢ Eigenlayer, the restaking protocol amassing $15.7 billion in deposits, unveiled its token whitepaper, confirming plans for an EIGEN token.
š The Eigen Foundation, supporting the protocol, detailed a total supply of about 1.67 billion EIGEN tokens, with 45% allocated to the EigenLayer community.
š This 45% is split into three subgroups: stakedrops, future community initiatives, and ecosystem development, each receiving 15%.
š In the inaugural "stakedrop" season, Eigen Foundation will distribute 5% of the token supply to users based on their staking activities from March 15. Claiming for these EIGEN tokens opens on May 10 and closes after 120 days.
š¼ Investors will receive 29.5% of the token supply, while 25.5% goes to early contributors, both with a three-year lock period.
ā° Users can secure EigenDA, Eigenlayerās Actively Validated Service (AVS) for data availability, with their EIGEN tokens at launch. Other AVSs are expected to follow.
š EigenLayer represents a new trend called "restaking," where usersā ETH tokens deposited as security on Ethereum can be repurposed to secure additional networks or protocols, collectively known as AVS networks on EigenLayer.
