EtherFi, Renzo, and AltLayer Airdrop Millions to EigenLabs Employees

A significant airdrop event has unfolded involving EtherFi, Renzo, and AltLayer, with a combined value of approximately $5 million in tokens distributed to EigenLabs employees.

According to on-chain data, EtherFi was the most generous, airdropping 10,491 ETHFI tokens to each of 44 addresses, totaling 461,600 ETHFI. While this represented a substantial value of $3.69 million at peak prices, approximately 31.2% of these tokens have already been sold off.

AltLayer followed suit, airdropping 46,512 ALT tokens to 37 addresses, amounting to 1.72 million ALT tokens with a peak value of $1.16 million. Similar to EtherFi, a portion of these tokens, specifically 32.4%, have been liquidated.

Renzo, the third participant in this airdrop spree, distributed 66,667 REZ tokens to 27 addresses, totaling 1.8 million REZ tokens valued at $500,000 at their peak. The selling trend continued here as well, with 33.6% of the airdropped REZ tokens already changing hands.

Key takeaways:

Generous airdrops: The total value of the airdrops underscores the significant investment made by these projects in their partnership with EigenLabs.

Quick profit-taking: The relatively high percentage of tokens sold by recipients suggests a focus on short-term gains.

Potential market impact: The large-scale selling of these airdropped tokens could influence the market prices of ETHFI, ALT, and REZ.

This development highlights the strategic importance of partnerships and talent acquisition in the cryptocurrency industry. It also raises questions about the long-term implications of these airdrops for the respective projects and their token holders.

Disclaimer: The above data is taken from Lookonchain.