Ethereum restaking protocol Eigenlayer has officially launched its token-claim process, known as an “airdrop,” for Season 1, Phase 1 rewards, as announced by the protocol’s development team in a blog post on May 10. After weeks of anticipation, users who are eligible for the new EIGEN token will finally have the opportunity to acquire it. However, it is important to note that EIGEN is currently nontransferable, meaning users are unable to sell it.
The blog post reveals that EIGEN will become transferable once the team implements new features in the upcoming months. The projected target date for these implementations is September 30. The claim process will close on September 7, and any users who fail to claim their tokens before this deadline will not be able to receive them.
According to Eigenlayer documents, the token is not accessible to users in more than 30 jurisdictions, including the United States, Russia, China, and Canada. Additionally, most VPN server addresses are prohibited from being used for claiming the token.
Eigenlayer is restricting claims from VPN users. (Source: Eigen Foundation)
In terms of token distribution, the claims process has unlocked 6.05% of the total EIGEN supply, with an additional 0.7% set to be unlocked from “Phase 2” starting in mid-June. In the same timeframe, users of Kelp, Pendle, Equilibrium, and other similar apps will also be able to begin claiming their tokens. It is important to note that the current airdrop is primarily limited to users who restaked Ether (ETH) or its liquid staking derivatives on Eigenlayer before March 15.
Users of liquid restaking tokens (LRTs) can now also claim their rewards, as long as their activities do not fall under the category of “Phase 2.” Furthermore, users who restaked on Eigenlayer between March 15th and April 29th are eligible to claim their 100 bonus tokens now, with the majority of their claims becoming available in mid-June alongside other Phase 2 participants.
The EIGEN airdrop has sparked controversy within the decentralized finance community. Leandro Schlottchauer, co-founder of Kuyen Labs, stated that it may be the final “life-changing airdrop.” Conversely, many Eigenlayer users have criticized the airdrop for its ban on VPN servers, the distribution of a nontransferable token, and the perceived short snapshot period.