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EigenLayer has opened the second phase of its first season stakedrop, targeting LRT users who restaked before the March 15 snapshot.
What's the scoop?
- Eligibility and Claims: Users of LRTs like Kelp, Pendle, and Equilibrium can now claim their tokens until September 7, 2024.
- Bonus Tokens and Allocations: Eligible wallets have received a bonus of 100 EIGEN, based on interactions with EigenLayer.
- Season 1 Overview: The first season distributed nearly 113M EIGEN tokens from its total supply of 1.67B. The tokens are claimable but not yet transferable, with transfers expected to be enabled by September 2024.
- Season 2 Announcement: Details about season 2, which will also allocate 5% of the supply, will be released soon. The foundation conducted Sybil checks to finalize eligible addresses and claims.
Bankless Take:
EIGEN's drop has been far from smooth. The team has some good favor to win back, but now they also have competition. Since phase 1’s launch in late April, protocols like Karak and Symbiotic have garnered steam. Karak’s TVL grew 43% in the past month versus EigenLayer’s TVL growing 1.3%. With season 1 now completely finished, it will be interesting to see how EigenLayer structures rewards in season 2. While its TVL still dwarfs competitors, its stagnant growth should raise concerns with competition heating up.
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