Eigenlayer 備受爭議的代幣計劃引發大規模 ETH 提款

以太坊重質押平台 Eigenlayer 的用戶因對該專案的代幣分配計劃不滿而正在撤回資金。擔憂包括有限的獎勵、不可轉讓的代幣以及排除某些國家，導致約 4.57 億美元的 ETH 被提取。

Eigenlayer's Token Distribution Plan Sparks Controversy: Users Withdraw Millions of ETH

Eigenlayer代幣分配計畫引發爭議：用戶提取數百萬ETH

The Ethereum restaking pioneer Eigenlayer is facing a backlash from its users over its overly complicated white paper and relatively limited token rewards. In response, users have withdrawn a staggering 150,000 ETH, valued at approximately $457 million, from the platform in a resounding vote of disapproval.

以太坊重質化先驅 Eigenlayer 因其過於複雜的白皮書和相對有限的代幣獎勵而面臨用戶的強烈反對。作為回應，用戶從平台上撤回了驚人的 15 萬 ETH，價值約 4.57 億美元，並表示強烈反對。

Eigen Labs, the company behind Eigenlayer, recently secured $100 million in venture capital funding from Andreessen Horowitz, positioning itself as a trailblazer in the concept of restaking. Restaking allows users to reuse capital staked on Ethereum to simultaneously secure other blockchains, a process that has locked nearly $16 billion on the platform and is hailed as a major innovation in the crypto space.

Eigenlayer 背後的公司 Eigen Labs 最近從 Andreessen Horowitz 獲得了 1 億美元的風險投資資金，將自己定位為重新抵押概念的開拓者。重新抵押允許用戶重複使用以太坊上質押的資金來同時保護其他區塊鏈，這一過程已在該平台上鎖定了近 160 億美元，被譽為加密領域的重大創新。

The Eigen Foundation's announcement on Monday revealed that 15% of the initial 1.67 billion EIGEN tokens would be allocated to the community, distributed over multiple "seasons." Early users who accumulated "points" would receive the first 5% of these designated tokens, with one point equating to one token, potentially resulting in substantial rewards.

Eigen 基金會週一宣布，最初 16.7 億個 EIGEN 代幣中的 15% 將分配給社區，分多個「季節」分配。累積「積分」的早期用戶將獲得這些指定代幣的前 5%，其中 1 積分相當於 1 個代幣，可能會帶來豐厚的獎勵。

However, the community's enthusiasm quickly turned into disappointment when they delved into the token distribution plan. Of particular concern was the decision to make the tokens initially non-transferable, essentially rendering the cash reward worthless for an extended period. Additionally, 30% of the tokens were allocated to Eigen Labs investors, with another 25% earmarked for "early contributors." While investors and early contributors would also face restrictions on selling their tokens, their vesting schedule would commence upon receipt, raising fears of a substantial sell-off once the tokens became transferable.

然而，當社區深入研究代幣分配計劃時，熱情很快就變成了失望。特別令人擔憂的是，決定使代幣最初不可轉讓，這實際上使現金獎勵在很長一段時間內變得毫無價值。此外，30% 的代幣分配給 Eigen Labs 投資者，另外 25% 指定給「早期貢獻者」。雖然投資者和早期貢獻者也將面臨出售代幣的限制，但他們的兌現時間表將在收到後開始，這引發了人們對代幣可轉讓後出現大幅拋售的擔憂。

"EigenLayer team and investors are getting 55% but stakers are getting only 5% and even that will not be transferable at the beginning," lamented crypto trader CoinMamba on X, a popular crypto discussion platform.

「EigenLayer 團隊和投資者獲得了 55%，但質押者只獲得了 5%，而且即使一開始也無法轉讓，」加密貨幣交易員 CoinMamba 在流行的加密貨幣討論平台 X 上感嘆道。

The token distribution plan bears striking similarities to Starknet's token airdrop in February, which also sparked controversy before being revised in response to community backlash. Starknet's token was created a year before it became available for trading, giving investors a headstart on their vesting schedule and enabling them to sell off their tokens shortly after trading commenced.

該代幣分配計畫與 Starknet 2 月的代幣空投有著驚人的相似之處，後者也曾引發爭議，但為了回應社群的強烈反對而進行了修改。 Starknet 的代幣是在可交易前一年創建的，這讓投資者在兌現時間表上領先一步，並使他們能夠在交易開始後不久出售代幣。

Another contentious issue is the exclusion of many Eigenlayer users from the airdrop. Residents of the United States, Canada, China, and Russia are ineligible to receive tokens. Furthermore, users who interacted with the system via a VPN, a common method for protecting privacy, are also excluded. This decision has drawn criticism because users from these countries are not barred from using the platform but are nonetheless denied the potential reward.

另一個有爭議的問題是許多 Eigenlayer 用戶被排除在空投之外。美國、加拿大、中國和俄羅斯的居民沒有資格獲得代幣。此外，透過VPN（保護隱私的常用方法）與系統互動的使用者也被排除在外。這項決定引起了批評，因為這些國家的用戶並沒有被禁止使用該平台，但仍然無法獲得潛在的獎勵。

"Accepting stake from those countries and not rewarding them isn’t right,” said crypto researcher Aylo on X. “They took a very real risk for nothing."

加密貨幣研究員 Aylo 在 X 上表示：“接受這些國家的股份而不獎勵他們是不對的。他們白白地冒了非常現實的風險。”

Eigenlayer defended its decision to make the token non-transferable for a few months, claiming it would allow the platform to decentralize and explore potential use cases for the token. "Certain goals should be accomplished in the coming months before the EIGEN is made transferable and forkable,” the company explained.

Eigenlayer 為其在幾個月內禁止代幣轉讓的決定進行了辯護，聲稱這將允許平台去中心化並探索代幣的潛在用例。該公司解釋說：“在 EIGEN 實現可轉讓和可分叉之前，某些目標應該在未來幾個月內實現。”

While some aspects of the community's backlash may be less valid, it is difficult to fault Eigenlayer's decision to geofence U.S. users given the unclear regulatory guidance from the U.S. Securities Exchange Commission (SEC) on airdrops. As Variant Fund lawyer Jake Chervinsky noted on X, the SEC has "steadfastly refused to provide a workable pathway" for crypto token registration, potentially exposing Eigenlayer's team to legal risk.

雖然社區的某些方面的強烈反對可能不太有效，但鑑於美國證券交易委員會 (SEC) 對空投的監管指導不明確，很難指責 Eigenlayer 對美國用戶進行地理圍欄的決定。正如 Variant Fund 律師 Jake Chervinsky 在 X 上指出的那樣，SEC“堅決拒絕為加密代幣註冊提供可行的途徑”，這可能會讓 Eigenlayer 的團隊面臨法律風險。

"Non-transferability and geofencing are both useful options when it comes to managing regulatory risk around token distributions. They just aren’t the only options, nor are they necessarily the right ones for every team and token,” he added. Making an asset non-transferable limits any "reasonable expectation of profit," a key factor in determining whether an asset qualifies as a security.

「在管理代幣分配的監管風險時，不可轉讓性和地理圍欄都是有用的選擇。它們並不是唯一的選擇，也不一定適合每個團隊和代幣，」他補充道。任何“合理的利潤預期”，這是決定資產是否符合證券資格的關鍵因素。

Eigenlayer's actions are not unprecedented, as many projects have blocked or excluded U.S. users or their users from token rewards programs. While this policy deprives users of potential free money or compensation for their contributions, it represents a reasonable response to the regulatory uncertainty that pervades the crypto industry.

Eigenlayer 的行動並非史無前例，因為許多項目已經阻止或排除美國用戶或其用戶參與代幣獎勵計劃。雖然這項政策剝奪了用戶潛在的免費資金或對其貢獻的補償，但它代表了對加密產業普遍存在的監管不確定性的合理回應。

"Both of these options are on the conservative end of the regulatory risk spectrum for token distributions. I call this a spectrum for a reason: given a lack of regulatory clarity, every team (with the advice of their counsel) has to decide how much risk to take on,” Chervinsky wrote.

「這兩種選擇都屬於代幣分配監管風險範圍的保守端。我稱其為一個範圍是有原因的：由於缺乏監管明確性，每個團隊（根據其顧問的建議）必須決定多少承擔風險， 」切爾文斯基寫道。

It is a peculiar irony that projects supposedly at the forefront of financial innovation are forced to adopt conservative approaches due to regulatory uncertainty. This episode highlights the ongoing tension between technological advancement and the regulatory landscape, as the crypto industry navigates uncharted waters.

諷刺的是，由於監管的不確定性，本應處於金融創新前沿的計畫被迫採取保守的方法。這一集凸顯了隨著加密產業在未知領域中航行，技術進步與監管環境之間持續存在的緊張關係。