The EigenLayer Foundation has clarified the distribution of the airdrop ratio for the second phase of the first quarter, as well as the airdrop allocation issues related to Pendle and other "unresolved contracts".
Compiled by: Lu Dong
In the early hours of April 30th, the EigenLayer official released the white paper on GitHub, introducing the structure of the EIGEN token. The total supply of EigenLayer tokens at the time of release was 1.67 billion. The foundation has allocated 45% of the tokens to its community, further subdivided into staking airdrops (15%), community initiatives (15%), and ecosystem development (15%).
However, the initial proposal from the official version indicated that only "users staking directly in EigenLayer" and "LRT holders" would be eligible for the first phase of the first quarter airdrop, while users interacting with DeFi projects such as Pendle or Equilibrium might qualify for the airdrop in the second phase of the first quarter. This has raised many questions within the community regarding the EIGEN airdrop.
This morning, the EigenLayer Foundation clarified the airdrop ratio for the second phase of the first quarter and the airdrop allocation issues related to Pendle and other "unresolved (DeFi) contracts" through its official Twitter account.
TL;DR
- Pendle or any users of "unresolved (DeFi) contracts" will not be penalized in the allocation.
- 10% is an approximate percentage of the total allocation for the first quarter, with the exact allocation for the second phase being 9.28%.
- The allocation for the second phase of the first quarter is not predetermined, but reflects the total allocation related to "unresolved (DeFi) contracts".
1. Has the second quarter started?
Yes, the second quarter will consider ecosystem participation activities after the snapshot on March 15th.
2. How much allocation is there for the first phase and second phase of the first quarter in the initial total supply of EIGEN?
The allocation for the first quarter airdrop accounts for 5% of the initial EIGEN total supply (83.68 million), with the first phase accounting for 4.54% of the initial EIGEN total supply (75.91 million) and the second phase accounting for 0.46% of the initial EIGEN total supply (7.77 million).
3. What types of users and contracts are included in the so-called "unresolved (DeFi) contracts" for the second phase?
Any LRT that is split into multiple assets or derivative assets is considered an "unresolved (DeFi) contract" and will be included in the second phase of the first quarter. This includes deposits in Pendle, Equilibrium, Penpie, and similar protocols of LRT + any rsETH tokens used in the Kelp project.
4. Are "unresolved (DeFi) contracts" penalized in the second phase compared to other stakers?
No, these "unresolved (DeFi) contracts" are not penalized. They are treated the same as individual users and will collectively receive the same allocation as when the contract is for individual users.
We allocate to "unresolved (DeFi) contracts" rather than individual end users because the end users are either unidentifiable or because determining a "fair" distribution would be a subjective decision.
Please note that "unresolved (DeFi) contracts" are typically newer (most of which were deployed in January 2024 or later, although EigenLayer enabled re-staking on the mainnet in June 2023). Due to the snapshot of the first quarter on March 15th and the duration of staking being a factor, the allocation for "unresolved (DeFi) contracts" accounts for 9.28% of the first quarter.
5. Is the 10% allocated to "unresolved (DeFi) contracts" in the second phase predetermined (i.e., fixed)?
No, the allocation for the second phase is approximately 10% of the total staking amount for the first quarter (specifically 9.28%), as this is the amount of tokens "unresolved (DeFi) contracts" would receive if they were individual users.
As mentioned above, these DeFi contracts are not penalized. They are treated the same as individual users and will receive the same allocation as when the contract is for individual users.
6. How will the specific allocation for the second phase of the first quarter be determined?
As outlined in the FAQ at https://docs.eigenfoundation.org/faq/phase2
The process for determining the allocation for the second phase is as follows:
First, at the announcement of EIGEN, the Eigen Foundation contacted each LRT project to inform them of the portion of EIGEN reserved for the second phase. Each LRT project was asked to provide wallet addresses and allocation lists for their users.
Second, over the next 2-3 weeks, each LRT project will provide the Eigen Foundation with a list of wallet addresses. This list will be used to allocate the portion of EIGEN for each light rail to the end users.
Finally, the Eigen Foundation will make claims for the equity allocation for the second phase of the first quarter based on the allocation provided by LRT projects.
Please follow the official account of the EigenLayer Foundation @eigenfoundation for more information in the coming weeks.
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