EigenLayer Unveils Stakedrop Details Amid Mixed Reactions

EigenLayer, the pioneering restaking protocol boasting a total value locked of over $15 billion, has finally revealed the details of its anticipated Stakedrop, with the claim window opening in May. Despite the high level of excitement surrounding EigenLayer’s staking campaign, the Stakedrop has ultimately left many stakers disappointed.

The primary concern is the size of the airdrop. EigenLayer announced it would allocate only 15% of the tokens to stakers, divided into three phases of 5% each. This means current stakers will receive just 5% of the supply. To qualify for more, users must continue staking their tokens. 

This modest allocation is a big disappointment for many stakers who are pivotal to the value of EigenLayer, yet have received a relatively small share compared to their contribution. Conversely, the project’s team and investors have secured a 55% share of the token supply.

Furthermore, while users can claim and stake their tokens on May 10th, these tokens will initially be non-transferable. Any specific details as to when the tokens will become transferable and begin trading remains undisclosed. According to the announcement, the project needs more time for development, testing, and community feedback.

The Stakedrop has also introduced stringent geographical restrictions, preventing users from the USA, Canada, China, and Russia from participating in the airdrop. This has raised questions about why the project initially accepted stakes from these countries but later chose not to reward them. 

As for the average size of the airdrop, clarity will emerge once the token begins trading. However, it is already evident that the airdrop will favor large stakers, with small account holders receiving minimal allocations. Thus, the 5% allocated in Season 1 will predominantly benefit a handful of large stakers.

It has also come to light that some whales may have known about the airdrop snapshot date well before the public announcement. One such investor deposited nearly 4,000 wbETH (Wrapped Binance Ether) into EigenLayer’s wbETH strategies contract four months ago and withdrew it immediately after the Stakedrop snapshot on March 15.

While the recent revelations have left many feeling surprised and disillusioned, there is actually little cause for surprise. The project has secured significant funding—over $100 million from various major venture capital firms. As a result, it will be tightly controlled by its team and investors, at least in the initial phases of its operation.