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On September 16, the EigenLayer launched the second season of its airdrop, known as a stakedrop.
This marks the final phase before EIGEN tokens become tradable on exchanges. Airdrop participants can claim tokens from September 16, 2024, to Mach 16, 2025.
1/ We’re excited to announce that Season 2 claims are now open!
As we approach the EIGEN token unlock, we want to recognize and reward the individuals, projects, and ecosystem partners who have played a key role in shaping @eigenlayer.
Get started: https://t.co/iWtGaywYoV pic.twitter.com/AkosWs4a82
— Eigen Foundation (@eigenfoundation) September 16, 2024
Community Reaction to EigenLayer Airdrop
Despite the anticipation, the EigenLayer airdrop has not met expectations within the crypto community. The first news of the airdrop appeared on April 30 on the protocol’s X page, revealing that it would occur over two seasons.
Criticism mainly revolved around the fact that only 15% of the total EIGEN supply would be available in the airdrop. Given that EigenLayer is a significant player in the decentralized finance (DeFi) space, with a Total Value Locked (TVL) of $11.9 billion, some expected a larger allocation.
A total supply of 15% committed towards community airdrops is a full 50% above industry standard – so I dont think 'theyre not thinking of the community' criticism is valid
— DavidHoffman.eth 🦇🔊 (@TrustlessState) April 29, 2024
According to DeFiLlama, the EigenLayer ranks third in TVL, behind Lido ($25.1 billion) and Aave ($12.2 billion).
The DeFi rankings by TVL | Source: DeFiLlama
EIGEN Market Capitalization Expected at $600 Million
Crypto researcher Ignas has estimated that EIGEN’s market capitalization will be around $600 million when trading begins on September 30. The analyst also pointed out that the pre-market price of EIGEN has been declining.
$EIGEN will start trading in just 10 days on Sept 30.
With 12% of EIGEN in circulation, it will launch with a market cap of ~$600M and ~$5B FDV.
This will put EIGEN at 123rd in market cap, below $DYDX and above $NEXO.
Seems low? NFA!
Unfortunately, EIGEN has dropped from $10… pic.twitter.com/I5Dk66145E
— Ignas | DeFi (@DefiIgnas) September 20, 2024
As per data from crypto exchange Gate.io, the EIGEN’s pre-market price has dropped from $8 to $3.5.
The pre-market EIGEN price | Source: Gate.io
Approximately 87 million EIGEN tokens will be distributed during Season 2, which accounts for about 5.2% of the total supply.
Notably, EigenLayer did not introduce a third season for the airdrop. Instead, they implemented the “100 Bonus EIGEN” initiative. This bonus was awarded to participants of Season 1, specifically those who restaked Ethereum (ETH) or liquid staking tokens (LSTs) during the spring.
