EigenLayer Announces Unique EIGEN Token Airdrop: Tokens to Stay Non-Transferable

• Ethereum restaking protocol EigenLayer has initiated its token-claim process, commonly referred to as an “airdrop,” for Season 1, Phase 1 rewards.
• The new EIGEN tokens are currently nontransferable, but will become transferable in the future.
• LayerZero Labs, a renowned cross-chain interoperability protocol, has vowed to tackle the issue of sybil farmers ahead of its highly anticipated airdrop.

EigenLayer launches EIGEN token airdrop, but tokens remain non-transferable for now. LayerZero Labs plans to tackle sybil farmers in its upcoming airdrop.

EIGEN Token to Become Transferable in Future

EigenLayer, an Ethereum restaking protocol, has begun its token-claim process, or “airdrop,” for Season 1, Phase 1 rewards. However, the newly minted EIGEN tokens are currently nontransferable. The development team has indicated that the tokens will become transferable once new features are implemented, with a tentative target date set for September 30. Users are urged to claim their tokens before the claim process closes on September 7, as any unclaimed tokens after that date will not be distributed.

Controversy Surrounds EIGEN Airdrop

The EIGEN airdrop has sparked controversy within the decentralized finance (DeFi) community. Some have criticized the airdrop for its ban on VPN servers, the distribution of nontransferable tokens, and its perceived short snapshot period. Despite the controversy, the airdrop caters primarily to users who restaked Ether or its liquid staking derivatives on EigenLayer before March 15.

LayerZero Labs to Exclude Sybil Farmers From Airdrop

As airdrop season continues, LayerZero Labs, a cross-chain interoperability protocol, has pledged to address the issue of sybil farmers in its upcoming airdrop. The project will conduct an internal investigation to identify and exclude sybil farmers from receiving allocations in its future token generation event. LayerZero Labs also plans to launch a reward program, offering a 10% bonus of the intended token allocation to bounty hunters who identify additional sybil users.

Conclusion

EigenLayer’s launch of the EIGEN token airdrop marks an important step for the protocol, despite the tokens currently being nontransferable. The controversy surrounding the airdrop highlights the complexities and challenges of token distribution within the DeFi community. Meanwhile, LayerZero Labs’ commitment to tackling sybil farmers in its upcoming airdrop demonstrates a proactive approach to ensuring fair and equitable token distribution.