EigenLayer Will Redistribute 86 Million Tokens In Season 2 Airdrop
EigenLayer has announced the second season of its airdrop, distributing 86 million EIGEN tokens to stakers, node operators, ecosystem partners, and community members. This airdrop targets those active between March 15th and August 15th, with distribution set to begin on or before September 17th, 2024.
Token Distribution
The 86 million tokens represent 5% of the total supply of 1.67 billion. Of this, 70 million tokens are allocated to stakers and operators based on their share of staked ETH, while up to 10 million tokens are reserved for AVSs and other contributors. About 6 million tokens will go to community members, who must verify their social identity by September 11th. 2024, to claim their share.
At any rate, this second season stakedrop arrives as EigenLayer has faced net outflows recently, leading to a reduction in its total value locked (TVL). The TVL has dropped to $11.5 billion after reaching an all-time high of $20.1 billion in June.
Competition Heats Up
In contrast, Symbiotic, a competitor that has not yet launched a token, has seen its TVL grow to over $1.5 billion. Additionally, the EigenLayer tokens are not tradable yet but are valued at approximately $2.7 each in pre-markets, suggesting a fully diluted valuation of $4.5 billion.
Similar trends are evident across the liquid restaking sector, with platforms like Renzo, Puffer, Kelp, and Swell also reporting significant TVL declines. This downturn might be attributed to the conclusion of airdrop campaigns related to the launch of major restaking protocol tokens, such as REZ and EIGEN.
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