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 subdivided 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 staked on EigenLayer" and "LRT holders" can receive 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 this EIGEN airdrop.
Related reading: "EigenLayer officially announced airdrop! But Pendle users were backstabbed..."
This morning, the EigenLayer Foundation clarified the airdrop ratio of Season 1 Phase 2 and the airdrop distribution of Pendle and other "unresolved (DeFi) contracts" through its official Twitter account.
TL；DR
1. Users of Pendle or any unresolved (DeFi) contracts will not be penalized in the allocation.
2.10% is the approximate percentage of the total allocation for the first quarter, and the exact allocation for the second phase is 9.28%.
3. The allocation for Season 1 Phase 2 is not predetermined but reflects the total allocation associated with outstanding (DeFi) contracts.
1. Has the second season started yet?
Yes, Season 2 will take ecosystem participation activity after the March 15 snapshot into account.
2. Of the total initial supply of EIGEN, how much is allocated in Phase 1 and Phase 2 of Season 1?
The Season 1 airdrop allocation accounts for 5% of the total initial EIGEN supply (83.68 million), of which Phase 1 accounts for 4.54% of the total initial EIGEN supply (75.91 million) and Phase 2 accounts for 0.46% of the total initial EIGEN supply (7.77 million)
3. What types of users and contracts are included in the so-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 Kelp projects.
4. Are unsettled (DeFi) contracts penalized in Phase 2 compared to other stakers?
No, these unresolved (DeFi) contracts are not being penalized. They are being treated the same as individual users, and they will collectively receive the same distributions as if the contracts were individual users.
We allocate to unresolved (DeFi) contracts rather than to individual end users because the end users are either unidentifiable or because determining a “fair” allocation would be a subjective decision.
Keep in mind that open (DeFi) contracts are generally newer (most of them were deployed in January 2024 or later, although EigenLayer enabled restaking on mainnet in June 2023). Since the snapshot for the first quarter was March 15th, and staking duration is a factor, the allocation to open (DeFi) contracts accounts for 9.28% of the first quarter.
5. Is the 10% allocated to unresolved (DeFi) contracts in Phase 2 predetermined (i.e. fixed)?
No, the second phase distribution is approximately 10% of the total staked in the first quarter (9.28% to be exact) because this is the number of tokens that the “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 distributions as if the contract were an individual user.
6. How will the specific allocation for Phase 2 of Season 1 be determined?
As we mentioned in the 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 Phase 2. Each LRT project was asked to provide the wallet addresses and allocation list of its users.
Secondly, in the next 2-3 weeks, each LRT project will provide a list of wallet addresses to the Eigen Foundation. This list will be used to distribute the Eigen portion of each light rail to end users.
Again, the Eigen Foundation will make a claim for the equity distribution in the second phase of Season 1 based on the allocation provided by the LRT project.
Please follow the EigenLayer Foundation official account @eigenfoundation for more information in the coming weeks.
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