Eigenlayer, a restaking protocol that has amassed $15.7 billion in deposits, published a token whitepaper on Monday, confirming plans to issue an EIGEN token.
According to a blog post written by the Eigen Foundation, the non-profit organization supporting the protocol, the total supply will be approximately 1.67 billion EIGEN tokens, and 45% of them will go to the EigenLayer community.
EMBED: https://twitter.com/eigenfoundation/status/1785000100315504776
45% are divided into three subgroups, each of which receives a 15% share.
In the first season of “stakedrop”, as the team described the planned token release, the Eigen Foundation will distribute 5% of the tokens to users based on their staking activity starting March 15. Application for these EIGEN tokens opens on May 10th. , and will close in 120 days.
According to the fund, investors will be allocated 29.5% of the total number of tokens, and 25.5% will go to early adopters. Authors. Both groups will have a three-year lock-in period, “with a full lock-in in ONE year, followed by a linear unlock of 4% of their total each month for the next two years.”
Additionally, with the launch of the EIGEN token, users will be able to secure EigenDA, the Eigenlayer's Active Validated Service (AVS) for data availability, with their EIGEN tokens. Social networks and other AVS are expected, the fund writes.
EigenLayer lies at the CORE of a new trend known as “redistribution,” where ether user tokens (ETH) that are deposited or “pawned” as collateral on the Ethereum blockchain can be repurposed to secure additional networks or protocols.
This recovered ETH is used collectively to secure these AVS subnets on EigenLayer.
Read more: Launch of EigenLayer and EigenDA on the Ethereum mainnet