"Big Medicine" is not powerful enough, token distribution has sparked controversy, the first batch of airdrops is not transferable, and Pendle users are even worse off.

By: shushu

Finally, EigenLayer is about to airdrop tokens. Since the halving of Bitcoin, the entire market has been waiting for sufficiently stimulating news to boost market sentiment, and the issuance of EigenLayer tokens is undoubtedly the one that is highly anticipated.

In the early hours of April 30th, EigenLayer officially released the white paper on GitHub and introduced the structure of the EIGEN token. The total supply of EigenLayer tokens at the time of release is 1.67 billion. The foundation has allocated 45% of the tokens to its community, further subdivided into staking airdrops (15%), community plans (15%), and ecosystem development (15%).

In addition, 29.5% of the tokens have been allocated to investors, while early contributors will receive 25.5%. The allocation for investors and early contributors has a total lock-up period of three years. The first year involves complete lock-up, followed by a gradual release of their total holdings at a rate of 4% per month over the next two years.

EigenLayer refers to the community airdrop as "staking airdrops," where users can stake tokens to secure EigenDA and future AVSs, and 15% of the token supply will be distributed to platform participants.

However, this distribution plan is still being criticized by the community.

First and foremost, the proportion held by the project party is still being criticized. After the official release of the 43-page airdrop white paper, the community's reaction is comparable to the EIGEN token distribution pie chart, with 15% allocated for phased airdrops to users, with only 5% for the airdrop on May 10th. Meanwhile, 55% of the share is attributed to the team and investors.

But the most unacceptable aspect for users is that EigenLayer stated in the white paper that EIGEN is initially non-transferable. The official explanation is due to a lack of liquidity, but from the user's perspective, this is clearly "playing rogue."

"The liquidity is extremely scarce, and the transferability of your Eigens will be significantly restricted. The transfer restrictions on your Eigens will remain unchanged for a long time. Even if there is indeed a public market in the end, you may not be able to freely sell or transfer your Eigens. If you can freely sell your tokens on the public market after a period of time, the depth and trading volume of that market may not be sufficient for you to sell without a significant price discount."

Just recently, Ethena, which had just completed an airdrop, bluntly stated, "Tokens are transferable, we love you," with full sarcasm.

The second most criticized aspect of EigenLayer's airdrop is the extensive IP restrictions and VPN blocking, excluding users from the United States, Canada, half of Africa and Asia, and VPN users from the airdrop. Some community users expressed, "It would be great if EigenLayer implemented strict VPN restrictions/geographical blocks before initiating deposits, rather than implementing them only when claiming tokens," leaving people helpless.

But the most unexpected thing is that while EigenLayer released its airdrop, Pendle plummeted.

It is worth noting that a significant part of Pendle's strong performance this year is attributed to its trading market providing PT (Principal Token) and YT (Yield Token) trading, allowing users who deposit in EigenLayer to obtain LRT to trade and thus benefit multiple times.

The initial plan provided by the official version showed that only "users staking directly in EigenLayer" and "LRT holders" could receive the first phase of the airdrop in the first quarter, while users interacting with DeFi projects such as Pendle or Equilibrium would receive the airdrop in the second phase of the first quarter. Subsequently, the EigenLayer official provided an explanation for the airdrop plan for users participating in EigenLayer through DeFi projects, stating that the phased release of the airdrop was to more accurately determine the scores on various DeFi projects, and specifically stated that Pendle users would not be penalized and would collectively receive the same distribution.

As crypto KOL @Luyaoyuan1 said, "Those who eat more will have to wait in line."

Furthermore, this airdrop plan seems to have little correlation with points, and the community jokingly suggests that "Points" had already told us what non-transferable tokens meant.

Some community users also expressed that their accounts met the snapshot time on March 15th and were all native staking, but the amount of the airdrop they received was still very small, saying, "Where's the big reward we were promised!"

On the last day of April, EigenLayer announced the airdrop, but with the recent lack of market liquidity, whether EIGEN will create another ENA miracle after its launch or follow the same downward trend as most projects, we will have to wait and see.

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