This announcement on platform X marks a significant shift in the foundation’s engagement with token holders.
The controversy began shortly after the initial airdrop from the Eigens Foundation. Let’s discover more about it.
Eigen Foundation Adjusts Airdrop Policy Amid Controversy
It included a condition that prevented claimants from liquidating their received tokens for a set period. This restriction met with considerable opposition from the community, prompting the foundation to reassess its strategy. To address community concerns, the Eigen Foundation increased the token distribution to each eligible wallet.
According to the foundation’s statement, individuals who participated in the “Season 1” claim will receive a minimum of 110 EIGEN tokens. While “Season 2” participants are set to receive at least 100 EIGEN tokens.
Updates on the EIGEN Stakedrop pic.twitter.com/1cwSForJnx
— Eigen Foundation (@eigenfoundation) May 2, 2024
EigenLayer, the technical team behind the Eigen Foundation, addressed a critical airdrop aspect in a same-day blog post. They clarified that investor tokens will start vesting only after becoming transferable.
The tokens will unlock after September 30, 2024, aligning with new features on the EigenLayer mainnet. This timeline suggests that the foundation is planning substantial upgrades and expansions. These could enhance the token’s utility and potentially its market value.
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
This move by the Eigen Foundation to increase the token airdrop and clarify the vesting schedule comes at a crucial time. The blockchain sector is intensely competitive and rapidly evolving, where community trust and tokenomics play pivotal roles in a project’s success.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
The post Eigen Foundation Ups Token Handout Post-Backlash appeared first on Altcoin Buzz.