EigenLayer Token Airdrop Draws Flak For ”Confusing Language” And Excluding US And 29 Other Countries

EigenLayer is allocating 15% of its total EIGEN token supply of 1.67 billion tokens to the community through an airdrop that is drawing mixed reactions.

EigenLayer will be launching its native token, EIGEN, in May. Under the distribution plan, 45% of the tokens will go to the community. There will also be 29.5% going to investors with the remaining 25.5% allocated to early contributors.

The airdrop will occur in “seasons,” EigenLayer said in a blog post. During the first season, 5% of the token supply will be distributed based on a snapshot of staking activities captured on March 15.

Ninety percent of these tokens can be claimed on May 10, while the remaining 10% will be distributed in subsequent releases.

The token is also subject to a lockup period before being available for trading in the secondary market.

“We believe this approach will best support the long-term growth and maturity of the EigenLayer ecosystem,” the protocol explained.

EigenLayer Airdrop Draws Mixed Reactions

The language used in the airdrop documents has drawn criticism from some users, who called it “confusing.” One user even alleged foul play around the airdrop.

The decision to exclude 30 countries, including Canada, China, Russia, and the US, from the airdrop also drew flak. Such restrictions are unfair because the platform accepted staking from these countries, some critics said.

Still, Apollo Capital’s Henrik Andersson said the airdrop is generous.

“Sometimes people are just trying to find reasons to be upset,” he said.

Also Read:

  • Hong Kong Spot Bitcoin And Ethereum ETFs Chalk Up $6.3M In Volume During Debut Morning Session
  • Bitcoin Price Prediction: MicroStrategy Loses $53.1 Million In Q1 But Still Buys BTC As Experts Say This Learn-To-Earn Crypto Might 10X
  • Australian Securities Exchange Gears Up To List Spot Bitcoin ETFs This Year

Comments

Post a Comment

Popular posts from this blog

Crypto market ‘dramatically underestimates’ bullishness of spot Bitcoin ETFs

Image
“It’s reckless not to aggressively accumulate BTC at current levels,” K33 senior analyst Velte Lund said in a recent report. The potential of a spot Bitcoin (BTC) exchange-traded fund (ETF) approval to drive prices up is dramatically underestimated by the crypto market , claim analysts from crypto research firm K33 — formerly Arcane Research.  In a Sept. 5 market report, K33 senior analyst Vetle Lunde and vice president Anders Helseth said the last three months had greatly improved the chances of a spot Bitcoin ETF approval despite the sentiment not being reflected in the price of Bitcoin or other mainstay crypto assets. The analysts explained while Bitcoin had all but given up its gains in the wake of Grayscale’s legal victory over the Securities and Exchange Commission — an approval would “attract enormous inflows” and significantly increase buying pressure for Bitcoin. Bitcoin returned its gains in the wake of Grayscale's victory. Source: K33 Research However, the downside of ...
Read more

Crypto Bias Blocks People from Seeing Coinbase as Goldman 2.0: Bitwise CEO

In a recent tweet, Hunter Horsley, CEO of Bitwise Asset Management, shared his frustration with the poor attention given to the US-based crypto, Coinbase, claiming that people are “sleeping” on the crypto business. Horsley argued that while big banks like Goldman Sachs attempt to avoid a “slow death” by investing in technology, APIs, and retail services, Coinbase has already achieved what many banks strive to attain. He points out that the exchange has an exceptional institutional team with 25% of the most significant hedge funds as clients, over 50% institutional volume, and a suite of first-class tech products. The Bitwise CEO also claimed that Coinbase co-invented the USDC payment rail, facilitating $2 trillion in transfers in 2022 Q4 alone. Rant — People are sleeping on Coinbase. Big banks like GS are working to avoid slow death by getting into technology, APIs (Apple deal), more retail services (Marcus), while grappling with the heft of legacy biz, rate exposure, ...
Read more

Komodo (KMD) Price Prediction 2023-2030: Will KMD Price Hit $ 0.7 Soon?

Image
Bullish Komodo (KMD) price prediction ranges from $0.4 to $0.7 Analysis suggests that the KMD price might reach above $0.68. The KMD bearish market price prediction for 2023 is $0.1775. What is Komodo (KMD)? Komodo is an open-source technology provider that provides the infrastructure and tools for the new decentralized financial system. With Komodo, anyone has the capability of launching a branded decentralized exchange, cross-protocol financial applications, and independent blockchains.   The project’s flagship end-user application is Komodo Wallet (formerly AtomicDEX). It is a non-custodial multi-coin wallet, crypto bridge, and DEX rolled into one app. Being compatible with 99% of cryptocurrencies, Komodo Wallet offers the widest cross-chain, cross-protocol trading support of any decentralized exchange. Komodo Wallet’s DEX feature is built using a peer-to-peer (P2P) atomic swap protocol with decentralized order books. Developers use ...
Read more