Eyes out for EIGEN 🪂 After close to a year, airdrop farmers are finally getting what they want - or they aren't?
The Eigen Foundation, the entity behind the EigenLayer protocol, has released more details regarding its token airdrop.
Based on a snapshot taken on March 15th, 2024, 5% of the total EIGEN token supply will be distributed to eligible wallets based on the amount of EigenLayer points collected.
The first season of the airdrop is divided into 2 phases where the first phase will receive 90% of the airdrop allocation, comprising users who staked directly through EigenLayer or through liquid staking protocols.
The remaining 10% will be distributed to users in Phase 2, i.e. those users who collected EigenLayer points through more complex protocols such as Pendle and Gearbox. Understandably, users who purchased Pendle's Yield Tokens to gain leveraged exposure to EigenLayer points were livid, as they will only receive 0.5% of the total EIGEN supply compared to the 4.5% allocated to Phase 1 users.
Expectedly, the price of the PENDLE token has fallen by 15.2% from $5.19 to $4.35 today, while Gearbox's GEAR token has fallen by 15.0%.
Additionally, users from certain regions will also be excluded from participating in the airdrop, such as the US, Canada and China, further adding fuel to the fire.
Editor's Take:
From the days of simply filling out a Google Form back in 2020, airdrop mechanisms have evolved from an entirely equal distribution to all wallets into an increasingly complex and sometimes hostile system with misaligned interests between the protocol and its users. Should future airdrops continue to be like this, it's likely that the original concept of airdrops may have outlived its original purpose, and maybe we have truly reached the end of an era. | 
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