EigenLayer, an Ethereum restaking protocol, has commenced its token-claim process, often termed as an “airdrop,” for Season 1, Phase 1 rewards.
As outlined in a recent blog post by the protocol’s development team, eligible users can now obtain the new EIGEN token through the claims process after a period of anticipation.
It’s crucial to understand that at present, EIGEN tokens cannot be transferred, implying that users are unable to sell or trade them.
Future Transferability of EIGEN Token
The blog post also stated that when new features are implemented in the future months by the development team, the EIGEN token will become transferable.
September 30th is the avowed goal date for these implementations.
It is imperative that users claim their tokens prior to the September 7 deadline, as unclaimed tokens will not be delivered after that date.
The documentation provided by EigenLayer states that users cannot access the EIGEN token in more than 30 jurisdictions, including the US, Russia, China, and Canada.
Furthermore, it is not permitted to use the majority of VPN server addresses for token claims.
A further 0.7% of the EIGEN token supply will be unlocked during “Phase 2” in mid-June, after 6.05% of the entire supply has been unlocked through the current claims procedure.
During that period, tokens belonging to users of apps like Equilibrium, Pendle, Kelp, and others would be available for retrieval.
The current airdrop mainly serves customers that restested Ether or its equivalents for liquid staking on EigenLayer prior to March 15.
Insofar as their behaviors do not fall under “Phase 2,” users who own liquid restaking tokens (LRTs) are likewise eligible to claim their benefits immediately.
Furthermore, customers who restested on EigenLayer between March 15 and April 29 can claim 100 additional tokens right away. The bulk of these claims will be made available in mid-June along with other Phase 2 participants.
Airdrop of Sybil Farmers to Be Excluded by LayerZero Labs
In advance of its much awaited airdrop, well-known cross-chain interoperability protocol LayerZero Labs has promised to address the problem of sybil farmers as airdrop season intensifies.
According to the initiative, in order to detect and disqualify sybil farmers from earning allocations in a future token creation event, an internal inquiry will be carried out.
The project also intends to introduce a rewards scheme that would give bounty hunters who find more Sybil users 10% extra of the planned token distribution.
Recently, LayerZero Labs finished the first snapshot of its eagerly awaited airdrop.
The project declared in December that early adopters will receive tokens in the first half of 2024.
May 2024, Cryptoniteuae
