Ethereum restaking protocol Eigenlayer has commenced its token-claim process, commonly known as an “airdrop,” for Season 1, Phase 1 rewards, as stated in a blog post from the protocol’s development team on May 10. This claims process will enable users who are owed the new EIGEN token to finally obtain it after a prolonged wait. However, EIGEN is currently nontransferable, meaning users cannot sell it.
The blog post reveals that EIGEN will become transferable once the team implements new features in the upcoming months. The team aims to complete these implementations by September 30. The claim process will close on September 7, and users who fail to claim their tokens before this date will not be able to receive them.
According to Eigenlayer documents, the token is not accessible to users in over 30 jurisdictions, including the United States, Russia, China, and Canada. Additionally, most VPN server addresses are prohibited from being used for claiming the token.
Eigenlayer restricts claims from VPN users. Source: Eigen Foundation
In total, 6.05% of the EIGEN total supply has been unlocked through the claims process, with an additional 0.7% set to be unlocked from “Phase 2” starting in mid-June, as stated in the blog post. From mid-June onwards, users of Kelp, Pendle, Equilibrium, and other similar apps will be able to start claiming their tokens. The current airdrop is primarily limited to users who restaked Ether (ETH) or its liquid staking derivatives on Eigenlayer before March 15.
Users of liquid restaking tokens (LRTs) can also claim their rewards now, provided their activities are not considered part of “Phase 2.” Additionally, users who restaked on Eigenlayer between March 15th and April 29th can now claim their 100 bonus tokens, while the majority of their claims will be available in mid-June, along with other Phase 2 participants.
The EIGEN airdrop has sparked controversy within the decentralized finance community. Leandro Schlottchauer, co-founder of Kuyen Labs, speculated that it may be one of the last “life-changing airdrops.” Conversely, many Eigenlayer users have criticized the airdrop for banning VPN servers, distributing a nontransferable token, and utilizing what they perceive as a short snapshot period.