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CryptoXTimes > Article > News > EigenLayer Airdrop Sparks Divergent Reactions in Cryptocurrency Community
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EigenLayer Airdrop Sparks Divergent Reactions in Cryptocurrency Community

EigenLayer Unveiled: Stirring Controversy, Shaping Crypto Discourse, Reshaping Market Dynamics.

Sana Bukhari
Last updated: April 30, 2024 7:55 pm
Sana Bukhari 1 year ago
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EigenLayer Airdrop Sparks Divergent Reactions in Cryptocurrency Community

Different people in the cryptocurrency community have responded to the new information about the EigenLayer airdrop in different ways. Some have said good things about the project, while others have said bad things about how it was started.

EigenLayer, a blockchain breaking new ground, has said how it will spread its 1.67 billion tokens. The company hopes that these tokens will change the way computers work. 45% of these will be set aside for people in the neighborhood. Interestingly, a third of this amount will fall from the sky over several seasons. In the first season, 5% of the tokens will be given to thank people who have staked the system.

EigenLayer’s Token Policy and Allocation Controversy

Free tokens can’t be sold for other tokens, but most people don’t agree with this. Before the ticket could be used independently, EigenLayer said everyone had to agree on how to work with it. But many people are unhappy with this limit and how gifts are given, especially those who could get the airdrop.

A co-owner of Bankless named David Hoffman agreed with EigenLayer’s plan to help out in the neighborhood. Hoffman showed the large area that could be used for airdrops, and everyone agreed that EigenLayer’s method of spreading was not the right way to do things.

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/acc🦇🔊 (@TrustlessState) April 29, 2024

Many people have different ideas about cryptocurrencies, like the Starknet airdrop mess in February when the first plan to give out tokens was attacked and moved up. EigenLayer users are even less happy because it blocks people from certain countries and VPN users. It’s not clear what the law says anyway.

Many people have different thoughts on coins like the Starknet airdrop in February. The first token’s opening date changed after hearing bad things. Many EigenLayer customers are even less happy because the company blocks VPN users and customers from certain countries. After all, the law isn’t clear on the rules.

I think the last part about communication is the key. E.g. allowing a VPN to deposit but not allowing a VPN to receive the reward for participating feels like a breach of trust. Say up front you can’t use a vpn for anything and it’s a mute point

Same with transferability etc

— dave stanton (@WhosDaveStanton) April 30, 2024

Because of EigenLayer’s case, the whole Bitcoin market has changed. In this case, Ethereum (ETH) is dropping in value and is now only worth 457 million euros. If you change one coin project, it might affect the others as well. Everything is connected in this way.

One of the main points of disagreement is that released tokens cannot be traded for other tokens. EigenLayer stated that independence could not happen until everyone agreed on how to use and manage the token. But many people, especially those who might get the airdrop, are unhappy with this limit and how the prizes are given.

Kind of poetic how people were writing threads how memes are bad for crypto etc etc

Then boom eigenlayer launches with a whitepaper the average person can’t understand, tokenomics heavily skewed towards VC away from community, blocking VPN…

This is why people flock to memes

— apewood (@apewoodx) April 29, 2024

David Hoffman, a co-owner of Bankless, backed EigenLayer’s plan to get active in the community. Hoffman pointed out the large area that could be used for airdrops and agreed that EigenLayer’s spread method was not typical.

PSA to anyone angry at @eigenlayer rn thinking they are excluding @pendle_fi from season 1…

Tl;dr they haven't, they are just shit at writing docs

The docs say that the users of "more complex defi protocols" aren't eligible for phase 1 but will be for phase 2.

The important… pic.twitter.com/n2KJCeEphM

— 0xWenMoon | KOL arc (@0xWenMoon) April 29, 2024

Many arguments about cryptocurrencies are like the Starknet airdrop mess in February when the first token unlocking plan was criticized and moved up. EigenLayer has even less satisfied customers because it selectively blocks users from certain countries and VPN users. After all, the legal requirements are not clear.

Clarifications with respect to the Season 1, Phase 2 allocations of 10% (approximately 7.77M EIGEN), Pendle, and certain other unresolved (DeFi) contracts.

– Users of Pendle or any unresolved (DeFi) contract are not penalized in the distribution.
– 10% is an approximate…

— Eigen Foundation (@eigenfoundation) April 29, 2024

Many disagreements involving cryptocurrencies are similar to the Starknet airdrop incident in February, where the first token unlocking date was changed after receiving negative feedback. Customers are even less happy with EigenLayer because of its selective eligibility restrictions, which prohibit VPN users and customers from specific nations due to ambiguous legal requirements.

EigenLayer’s argument has caused a movement in the entire Bitcoin market. For example, Ethereum (ETH) is becoming less valuable and is currently only worth roughly 457 million euros. Any changes made to one cryptocurrency project could impact the others. This pattern demonstrates how everything is interrelated.

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TAGGED: Cryptocurrencies, David Hoffman, Eigenlayer, Ethereum
By Sana Bukhari
Follow:
Sana Ali is a crypto guru who writes helpful articles that reveal complicated ideas in a way that many people can understand. She knows much about blockchain's basic ideas and how it works.
Previous Article Bitcoin's Hashrate Hegemony Threatens Decentralization and Security Bitcoin’s Hashrate Hegemony Threatens Decentralization and Security
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