EigenLayer Debuts EIGEN Token, Empowering Social Consensus in On-Chain Economy

EigenLayer unveils its EIGEN token airdrop to users who staked Ether (ETH) in its protocol until March 15. The token, labeled as a "universal intersubjective work token," introduces the concept of "social consensus" in the on-chain economy. Users can claim their tokens from May 10, with 5% of EIGEN's supply allocated for this initial "stakedrop," while they can continue restaking ETH to secure Actively Validated Services through EigenLayer.

EigenLayer Introduces EIGEN Token, Empowering Social Consensus in the On-Chain Economy

EigenLayer, a groundbreaking protocol for decentralized staking, has unveiled its native EIGEN token. This token, distributed through an airdrop, aims to play a crucial role in facilitating social consensus within the EigenLayer ecosystem.

EIGEN Token Airdrop

Effective May 10, users who staked Ether (ETH) in EigenLayer prior to March 15 can claim their EIGEN tokens. This initial airdrop, termed a "stakedrop" by Eigen Foundation, represents 5% of the EIGEN supply.

Universal Intersubjective Work Token

EIGEN is designed to serve as a universal intersubjective work token, introducing the concept of "social consensus" to the on-chain economy. This consensus mechanism is particularly relevant in scenarios where mathematical proof of failure is infeasible. Participation in the validation system involves staking EIGEN tokens.

Additional Staking and Actively Validated Services (AVS)

Even after the EIGEN airdrop, users can continue to stake ETH on EigenLayer, thereby providing validation power to secure Actively Validated Services (AVS). AVS are on-chain services that leverage the staked ETH power through EigenLayer to establish security, eliminating the need for individual validator investments.

Social Consensus and Innovation

Bruno Moniz, a blockchain engineer at Brazilian digital bank Inter, emphasized the transformative potential of social consensus in services like oracles, data availability layers, and the integration of artificial intelligence in smart contracts.

"While ETH is used to prove objectively proven failures, EIGEN can be used to prove failures that require social consensus. Together, they form the foundation for verifiable and open common digital goods."

Token Utility and Future Roadmap

Initially, EIGEN tokens will not be transferable. The only available option for users will be staking their holdings. Despite the distribution of only 5% of the token supply in the first stakedrop, Eigen Foundation has disclosed that the remaining 15% will be distributed through future community initiatives.

EIGEN Tokenomics and Security

As with Ether staking, validators who engage in malicious activity may have their EIGEN tokens slashed. Furthermore, 10% of the total supply will be allocated to the Eigen Foundation, ensuring long-term support for the ecosystem's growth.

The introduction of the EIGEN token marks a significant milestone in the evolution of EigenLayer. Its unique focus on social consensus and intersubjective work has the potential to unlock new possibilities in the on-chain economy and drive innovation in decentralized services.