EigenLayer Announces Second Season of Stakedrop: 86 Million EIGEN Tokens Up for Grabs

EigenLayer, a prominent restaking protocol, has unveiled the second season of its stakeholder airdrop, known as the "stakedrop." This initiative will distribute 86 million EIGEN tokens to various stakeholders, including stakers, node operators, ecosystem partners, and community members. The distribution is set to commence on or before September 17, 2024, targeting participants who have been active between March 15 and August 15, 2024.

Details of the Second Season Stakedrop

Following the successful launch of EigenLayer’s native token and the initial stakedrop in April, the second season aims to further engage and reward its ecosystem. The latest stakedrop will see a total allocation of 86 million EIGEN tokens, representing approximately 5% of the fully diluted supply of 1.67 billion tokens.

Allocation Breakdown

• Stakers and Active Operators: 70 million EIGEN tokens will be distributed to stakers and active operators based on their pro-rata share of ETH staked during the Season 2 period.
• Active Validated Services (AVSs) and Ecosystem Contributors: Up to 10 million EIGEN tokens will be allocated to AVSs, rollups, liquid staking protocols, rollup-as-a-service providers, and other contributors to the EigenLayer ecosystem.
• Community Members: About 6 million EIGEN tokens will be distributed to open-source contributors, early advocates, and supporters. Community members must verify their social identity by linking their wallet addresses to their social handles via the Eigen Foundation’s verification site by September 11 to claim their tokens.

Context and Recent Trends

The announcement of the second season stakedrop comes amid a downturn in EigenLayer’s total value locked (TVL). Since peaking at $20.1 billion in June, EigenLayer’s TVL has decreased to $11.5 billion. This trend mirrors a broader decline across the liquid restaking sector, with similar platforms such as Renzo, Puffer, Kelp, and Swell also reporting significant reductions in TVL.

Several factors may contribute to this decline, including the conclusion of airdrop campaigns tied to major restaking protocols’ token launches, such as Renzo’s REZ and EigenLayer’s EIGEN. Despite this, Symbiotic, a competitor to EigenLayer and a restaking protocol that has yet to announce a token launch, has seen its TVL increase, surpassing $1.5 billion since its debut in June.

Token Valuation and Future Prospects

EigenLayer’s 1.67 billion tokens are currently not tradable. However, pre-markets such as Hyperliquid value each token at approximately $2.7, suggesting a fully diluted valuation of around $4.5 billion for the protocol. As EigenLayer continues to navigate the evolving landscape of restaking and decentralized finance, the success of the second season stakedrop could play a crucial role in bolstering its ecosystem and addressing recent TVL declines.

With the second stakedrop on the horizon, EigenLayer is positioning itself to further engage its community and strengthen its role in the restaking sector. Stakeholders are encouraged to participate and claim their share of the EIGEN tokens as the distribution date approaches.

September 2024, Cryptoniteuae