Breaking: EigenLayer Floats EIGEN Token Whitepaper On GitHub

Ethereum-based Liquid restaking protocol EigenLayer has released the Whitepaper for its EIGEN native token on GitHub. This move has further stirred widespread anticipation in the crypto ecosystem as EigenLayer is establishing its foothold as one of the biggest projects in the industry thus far this year.

EigenLayer Tokenomics and Incentives Spotlighted

As unveiled by the re-staking protocol, EIGEN will be at the forefront of the EigenLayer ecosystem. With plans to serve multiple purposes in the ecosystem, the protocol said it plans to launch a total supply of only 1.67 billion.

Of this total, staking airdrops will take 15%, community programs will assume 15%, and ecosystem development will take another 15% of the total supply. As a project that has seen some of the best Venture Capital backers thus far, EigenLayer has allocated 29.5% of its total token to investors.

Early contributors are not left out of the airdrop as they will receive 25.5% of the token’s total supply. As is usually obtainable for every other protocol airdrop, investors and early adopters are required to undergo a total lockup period of three years for their token allocation. 

In the first year, there will be a complete lock and during the other two subsequent years, a gradual release of their holdings at a rate of 4% per month will follow. 

EigenLayer Airdrop Slated For May 10

The Protocol has launched an Airdrop collection page that is slated to start on May 10. As one of the biggest projects on Ethereum at the moment, the expectation is building with speculations that the EIGEN airdrop might be worth more than StarkNet, Blur, or other previous allocations. EigenLayer plans to create an independent nonprofit foundation that will cater to the distribution of the native token. 

As part of its groundbreaking updates, Eigen Labs announced the removal of all Liquid Staking Token (LST) caps and unpausing restaking deposits on its protocol, marking the complete rollout of the protocol that has been going on in phases. According to the platform, removing the LST caps will serve as an enhancement to unleashing the full potential of the EigenLayer network.

This amendment, the airdrop, and several other upgrades that the EigenLayer has successfully undergone are all targeted at ensuring that it maintains its position as one of the biggest crypto projects on the Ethereum network.