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The crypto world is abuzz about an upcoming airdrop that's not getting the kind of fanfare the project creators might have hoped for. EigenLayer, an Ethereum-based restaking platform, has seen an influx of $16 billion in crypto deposits within its first year, even before its official launch. Despite launching its security service in April, the platform still lacks many key features, leading to growing criticism.
The main controversy is about how EigenLayer plans to distribute its EIGEN tokens. Initially, the platform used a points system to reward early depositors. Points weren't actual tokens but were expected to eventually convert into them. This model helped the project attract users, but it has led to a backlash now that the airdrop details have been revealed.
One point of contention is that EIGEN tokens will be non-transferable when first distributed, with no clear timeline for when they can be traded. This came as a shock to many depositors who anticipated immediate liquidity. "Although it wasn't explicitly stated that the token would be transferable on day one, the points system led to expectations that were not met," said Luxas Outumuro from IntoTheBlock, a blockchain analytics firm.
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Another issue is that the airdrop is limited to certain regions, excluding users from the U.S., Canada, and China, even though these users were allowed to earn points initially. This inconsistency has angered many in the community. "If you plan to exclude certain regions, don't let them participate from the start," noted one anonymous EigenLayer investor.
Furthermore, the airdrop distribution will occur in "seasons," with some users having to wait for a future airdrop without clear details on when or how many tokens they'll receive. This uncertainty has drawn criticism from various quarters, including those using third-party platforms that contributed significantly to EigenLayer's growth.
EigenLayer has attempted to address the backlash by revising its plans, but the damage might already be done. The situation highlights broader issues with the use of points systems in crypto projects. Initially intended to incentivize activity before a token launch, these programs have increasingly led to disappointment and uncertainty.
Robert Leshner, founder of Compound and an investor in EigenLayer's parent company, argues that points create a high level of information asymmetry. "Points leave everything at the team's discretion, with users and investors hoping they'll be treated fairly," he said.
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Given these problems, there's growing skepticism about the future of points-based incentives in the crypto space. What was once seen as an innovative way to encourage participation now risks eroding trust and may ultimately fall out of favor.
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