Opinions on the EIGEN Stakedrop have flooded Crypto Twitter after its recent launch. Some excited, some cautious, and all in all, the Eigen Foundation is continuing to benefit from large media coverage and engagements on Twitter.
The Eigen Foundation recently launched the EIGEN token and released a detailed outline for its stakedrop. However, after the announcements, the community responded back to the Eigen Foundation with multiple complaints about the high gas fees and a stingy approach to EIGEN token distribution, among others. Today, the Eigen Foundation has responded to the valuable feedback from its community and there’s some good news for those who’ve been interacting with EigenLayer.
In response, the Eigen Foundation will be giving away an additional 100 EIGEN tokens to more than 280,000 users. The tokens will, however, only be available to those who’ve interacted with EigenLayer before April 29th. According to the update, the tokens will be reflected in allocations claimed after May 10th. The team will conduct an operation to filter out possible Sybil accounts, before rewarding Season 1 users with 10 EIGEN tokens (floor) and a (boost) of 100 EIGEN tokens.
Updates on the EIGEN Stakedrop pic.twitter.com/1cwSForJnx
— Eigen Foundation (@eigenfoundation) May 2, 2024
Eigen has made adjustments to meet community demands, highlighting that the foundation had already made plans to push for broader distribution. Eigen’s response, by allocating more EIGEN tokens for the stakedrop aligns with their mission, claiming that all they had to do was to accelerate the plan into Season 1 to accommodate community needs.
Eigen Foundation’s Additional Clarifications
The Eigen Foundation also had to make important clarifications on the processes mentioned when announcing the Stakedrop. The three major areas of clarification include Timeline, Lockup countdown, and Testnet user allocations.
Timeline
Previous announcements indicated that EIGEN will be unlockable after new features go live. However, the Eigen Foundation did not specify when the new features could possibly go live to enable EIGEN transferability. They have now picked a date and it’s September 30th, 2024.
Lockup Countdown
The community has also requested detailed information concerning the fund’s lockup and how EigenLayer will handle it. As earlier communicated, the funds on the protocol will be locked up for a while. Eigen Foundation clarifies that both Investors and team funds will remain locked up for one year after EIGEN becomes transferable. Giving users transfer powers way earlier than the team. The team will unlock at 4% per month, a year after and will be fully unlocked in three years.
Testnet Users
The developer community also received complaints from testnet users, claiming they were incorrectly removed from the eligibility list. Eigen Foundation has since clarified that the updates will be made and formal communication on the issue will be provided in due course.
