EigenLayer airdrop is coming! The OTC price of token EIGEN soared above $12. Why did Pendle fall?

This site (120BTC.coM): EigenLayer, the Ethereum re-pledge protocol with a TVL of more than 15.9 billion US dollars, finally released the airdrop (they call it Stakedrop) news early this morning!

The official stated that users can now go to the website to check the allocated amount of $EIGEN. They only need to enter the address to check, and there is no need to connect to the wallet. Users can apply from May 10 to September 7. However, it should be noted that in the early stage of application, it can only be used for pledge and cannot be traded or transferred.

EigenLayer Airdrop Planning and Token Economy

According to the official announcement, the initial total supply of $EIGEN is 1,673,646,668 pieces, with no upper limit, and the inflation plan has not yet been determined. 45% of the initial supply (and future inflation) has been allocated to the community, split equally between staking airdrops (15%), community plans (15%), and ecosystem development (15%).

In the pledge airdrop, it will be distributed in three quarters. The first quarter has been snapshotted on March 15. An airdrop of 5% of the total supply (i.e. 83.68 million pieces) will be distributed in two phases:

Phase 1: Issued to direct LRT pledgers, such as users who pledge through the EigenLayer official website or through the LRT protocol official website such as Renzo, which accounts for nearly 90% of the total airdrop in the first quarter (i.e. 75.91 million).

Phase 2: Issued to LRTFi users, such as users who have accumulated EigenLayer points through protocols such as Pendle and Gearbox (they are called unresolved (DeFi) contracts, Chinese translated as unresolved (DeFi) contracts), which occupies the first The total amount of airdrops in the first quarter is nearly 10% (i.e. 7.77 million), and it is still not possible to confirm the amount of $EIGEN airdrop distribution. The official stated that please pay close attention to the announcement of the LRTFi protocol’s allocation for this stage after 5/6.

Other Notes:

• The second season has started the

• phase after the March 15 snapshot of the first season Although the application time for Phase 1 and Phase 2 are different, you will receive sellable $EIGEN

at the same time. In addition, 29.5% of the initial supply of tokens has been allocated to investors. The remaining 25.5% is allocated to early contributors. Allocations to investors and early contributors are locked in for a total period of three years, fully locked in the first year and unlocked linearly at 4% per month over the subsequent two years.

The community FUD Pendle, $PENDLE plummeted by more than 14%

As soon as the news of the airdrop allocation for the first quarter was released, the community generally misunderstood that EigenLayer only allocated 10% of the first place The quarterly airdrop of tokens to LRTFi users punished Pendle and other related protocols. $PENDLE plummeted by more than 14% in the past 24 hours, once reaching as low as $4.27.

In response, the Eigen Foundation clarified that the unresolved (DeFi) contracts in Phase 2 have not been punished compared to other participants.

The official emphasized that most of these unresolved (DeFi) contracts were deployed in January 2024 or later, but EigenLayer has enabled re-staking on the main network in June 2023, based on the first of March 15 Quarterly snapshots, and staking duration are factors in airdrop allocation, and the allocation ratio of these contracts is 9.28% of the first quarter. So, this is just a ratio under normal allocation, not a penalty or something pre-set by EigenLayer.

The OTC price is currently quoted at 12 US dollars

Not long after EigenLayer announced the launch of $EIGEN, the over-the-counter market Aevo opened $EIGEN trading in its Pre-launch market, and the current price is approximately 12 US dollars. It once soared as high as US$12.8, meaning that FDV reached US$21.376 billion, which will become the 12th largest currency in the FDV rankings.

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