EigenLayer Token Airdrop Draws Flak For ”Confusing Language” And Excluding US And 29 Other Countries

EigenLayer is allocating 15% of its total EIGEN token supply of 1.67 billion tokens to the community through an airdrop that is drawing mixed reactions.

EigenLayer will be launching its native token, EIGEN, in May. Under the distribution plan, 45% of the tokens will go to the community. There will also be 29.5% going to investors with the remaining 25.5% allocated to early contributors.

Today the @eigenfoundation introduces EIGEN, based on research by @eigen_labs, alongside a Season 1 Stakedrop.

EIGEN is the Universal Intersubjective Work Token, complementing ETH as the Universal Objective Work Token in EigenLayer.

See the full Eigen Foundation announcement: https://t.co/ZxswOiwWyR

— EigenLayer (@eigenlayer) April 29, 2024

The airdrop will occur in “seasons,” EigenLayer said in a blog post. During the first season, 5% of the token supply will be distributed based on a snapshot of staking activities captured on March 15.

Ninety percent of these tokens can be claimed on May 10, while the remaining 10% will be distributed in subsequent releases.

The token is also subject to a lockup period before being available for trading in the secondary market.

“We believe this approach will best support the long-term growth and maturity of the EigenLayer ecosystem,” the protocol explained.

EigenLayer Airdrop Draws Mixed Reactions

The language used in the airdrop documents has drawn criticism from some users, who called it “confusing.” One user even alleged foul play around the airdrop.

The decision to exclude 30 countries, including Canada, China, Russia, and the US, from the airdrop also drew flak. Such restrictions are unfair because the platform accepted staking from these countries, some critics said.

I've just seen that. Accepting stake from those countries and not rewarding them isn't right. They took a very real risk for nothing.

— Aylo (@alpha_pls) April 29, 2024

Still, Apollo Capital’s Henrik Andersson said the airdrop is generous.

“Sometimes people are just trying to find reasons to be upset,” he said.

Also Read:

• Hong Kong Spot Bitcoin And Ethereum ETFs Chalk Up $6.3M In Volume During Debut Morning Session
• Bitcoin Price Prediction: MicroStrategy Loses $53.1 Million In Q1 But Still Buys BTC As Experts Say This Learn-To-Earn Crypto Might 10X
• Australian Securities Exchange Gears Up To List Spot Bitcoin ETFs This Year

Smog (SMOG) - Meme Coin With Rewards

Rating

• Airdrop Season One Live Now
• Earn XP To Qualify For A Share Of $1 Million
• Featured On Cointelegraph
• Staking Rewards - 42% APY
• 10% OTC Discount - smogtoken.com

Visit Site