Cryptocurrencies

The Ethereum Recovery Protocol Eigenlayer has launched the token claim process, or

Ethereum Recovery Protocol Eigenlayer has launched the token claim process, or “airdrop,” for the first phase of Season 1 rewards, according to a May 10 blog post from the protocol’s development team. The claims process will allow users who are eligible for the new EIGEN token to finally get it, after weeks of waiting. However, EIGEN is currently non-transferable, so users cannot sell it.

According to the post, EIGEN will become transferable after the team implements new features in the coming months. The initial target date for these applications is September 30. The claiming process will close on September 7, and users who do not claim before that date will not be able to receive their tokens.

According to Eigenlayer’s documents, the code is not available to users in more than 30 jurisdictions, including the United States, Russia, China, and Canada. It is also prohibited to use most VPN server addresses to claim.

Eigenlayer limits claims made by VPN users. Source: Eggen Foundation

Related: Eigenlayer issues EIGEN white paper, bans airdrops for US users

A total of 6.05% of EIGEN’s total supply has been released through the claims process, and an additional 0.7% will be unlocked from “Phase 2” starting in mid-June, the post said. Starting in mid-June, users of Kelp, Pendle, Equilibrium and other “similar” apps will be able to start claiming their tokens, while the current air distribution is mostly limited to users who have restored Ether (ETH) or its liquid derivatives on Eigenlayer. Before March 15.

Users of Liquid Retention Tokens (LRTs) can also claim their rewards now, as long as their activities are not classified as part of “Phase Two.” In addition, users who re-bet on Eigenlayer “between March 15 and April 29” can claim an additional 100 tokens now, while the bulk of their claims will be available in mid-June along with other participants in the second phase.

The EIGEN airdrop has been controversial in the DeFi community. Kuyen Labs co-founder Leandro Schlottchauer claimed it might be the last of the “life-changing airdrops.” On the other hand, many Eigenlayer users criticized the airdrop for blocking VPN servers, distributing non-transferable code, and using what they consider a short snapshot period.

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