EigenLayer Launches $EIGEN Token with $30bn FDV, 15% Airdropped

Apr 29, 2024, 05:51 PM

EigenLayer, a prominent restaking protocol, has announced the launch of its native token, $EIGEN, with significant buzz around its valuation and tokenomics. The $EIGEN token is described as the 'Universal Intersubjective Work Token,' aimed to complement ETH in the EigenLayer ecosystem. A total of 1.67 billion $EIGEN tokens will be issued, with 45% allocated to the community through stakedrops, community initiatives, and ecosystem development. The first stakedrop is set for May 10, with 5% of the total supply based on a snapshot taken on March 15, and 90% of these tokens are immediately claimable. The Eigen Foundation, backed by top-tier venture capitalists, has set the token's future distribution, including 29.5% to investors and 25.5% reserved for further details. This launch has sparked discussions and controversies, particularly regarding its complex terminology and potential market impact, with a speculated future valuation of $30bn and 15% of the supply airdropped to stakers over multiple seasons.