After weeks of waiting, the highly awaited new claim process, the EIGEN token, has finally been launched by Eigenlayer. However, for now, it will be non-transferable to other users until all the features are added to it.
Phase Wise Distribution Of EIGEN
According to a post by the claim process development team of EIGEN token, Eigenlayer has released its token-claim process, Airdrop, for Phase 1 rewards of Season 1. The claim process of Ethereum restaking protocol Eigenlayer will allow the users to finally utilise the Eigen layer token. But the EIGEN token will not be transferable to the users until it is completely done.
By mid-June, users of Kelp, Pendle, Equilibrium, and other similar apps will be able to initiate their token claims; whereas the current airdrop mostly caters to users who staked Ether on Eigenlayer before March 15. A 6.05% portion of the total supply of EIGEN has been unlocked via claims, and an additional 0.7% is set to be unlocked from “Phase 2” starting in mid-June.
Users of liquid restaking tokens (LRTs) can also claim their rewards now if not part of “Phase 2” activities. Also, users who staked on Eigenlayer “between March 15th and April 29th” can claim their 100 bonus tokens— with the bulk of their claims available in mid-June along with other Phase 2 participants.
Criticisms of Eigen Layer Token-
A noteworthy thing is that most VPN servers will be banned from claiming this token. It will be restricted from more than 30 jurisdictions. The countries in which Eigen layer token is banned are given below:
- United States
- China
- Canada
- Russia
EIGEN has been the centre of controversy in the crypto world for a while now. It is being criticised by the users for restricting access of VPN servers in many countries like US, Canada, Russia & China. The co-founder of Kuyen Labs- Leandro Schlottchauer says that this update would be one of the last significant airdrops by EIGEN.
When Is The Tentative Eigenlayer Airdrop Date?
The claim process has stated that the users will not be able to get their tokens after September 7 since they will close the process by that time and all the users will be required to acquire their eigenlayer airdrops before that. The target release date of these features is expected to be September 30. According to the post, EIGEN will implement the features in the next coming months and finally release it for transfer.
Do you want to be informed about the most recent developments in the cryptocurrency market?
Get the most recent information and go further into the world of crypto coins with ReadingCrypto!
Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
