Altcoin With Billion Dollar Airdrop Reveals Anticipated Date
After much anticipation, the altcoin that had a pre-launch FDV value of $5 billion has finally announced the expected date for its upcoming airdrop. The restaking protocol EigenLayer is preparing to lift transfer restrictions on its native EIGEN token, with the changes set to take effect on September 30.
This development will enable token holders to freely trade and transfer their EIGEN tokens, including the airdrop rewards that were distributed during the platform’s recent staking periods. However, it should be noted that token holders who have staked EIGEN tokens will be required to undergo a mandatory 7-day withdrawal period before they can redeem them.
The latest update comes after the conclusion of the protocol’s second “stakedrop” season, during which 86 million EIGEN tokens were distributed to active participants between March 15 and August 15, 2024. Initially, these tokens, along with previously issued ones, were not transferable.
EigenLayer, a platform that allows users to deposit and stake ETH, aims to enhance the security of third-party networks and verified services through its restaking mechanism. The platform’s total token supply of 1.67 billion is part of a broader security model called “inter-subjective forking,” which aims to strengthen the overall crypto-economic security.
As the expected transferability date approaches, pre-market trading platforms like Hyperliquid have valued EIGEN token derivatives at approximately $3.4 each, resulting in a fully diluted valuation of $5.4 billion.
Despite a strong start with significant deposits during its phased rollout, EigenLayer has recently experienced notable outflows. The platform’s total value locked (TVL) has dropped from an all-time high of $20 billion in June to $12 billion, indicating a shift in market activity leading up to the token transferability update.
Please note that this article does not provide investment advice.
