Eigenlayer 备受争议的代币计划引发大规模 ETH 提款

以太坊重质押平台 Eigenlayer 的用户因对该项目的代币分配计划不满而正在撤回资金。担忧包括有限的奖励、不可转让的代币以及排除某些国家，导致约 4.57 亿美元的 ETH 被提取。

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

Eigenlayer代币分配计划引发争议：用户提取数百万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 In response, users have withdrawn a staggering 150,000 ETH, valued at approximately $457 million, from the platform in a resounding vote of disapproval.

以太坊重质化先驱 Eigenlayer 因其过于复杂的白皮书和相对有限的代币奖励而面临用户的强烈反对。作为回应，用户从平台上撤回了惊人的 150,000 ETH，价值约 4.57 亿美元，并表示强烈反对。

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 背后的公司 Eigen Labs 最近从 Andreessen Horowitz 获得了 1 亿美元的风险投资资金，将自己定位为重新抵押概念的开拓者。重新抵押允许用户重复使用以太坊上质押的资金来同时保护其他区块链，这一过程已在该平台上锁定了近 160 亿美元，被誉为加密领域的一项重大创新。

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 基金会周一宣布，最初 16.7 亿个 EIGEN 代币中的 15% 将分配给社区，分多个“季节”分配。积累“积分”的早期用户将获得这些指定代币的前 5%，其中 1 积分相当于 1 个代币，可能会带来丰厚的奖励。

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，当社区深入研究代币分配计划时，热情很快变成了失望。特别令人担忧的是，决定使代币最初不可转让，这实际上使现金奖励在很长一段时间内变得毫无价值。此外，30% 的代币分配给 Eigen Labs 投资者，另外 25% 指定给“早期贡献者”。虽然投资者和早期贡献者也将面临出售代币的限制，但他们的兑现时间表将在收到后开始，这引发了人们对代币可转让后出现大幅抛售的担忧。

"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 团队和投资者获得了 55%，但质押者只获得了 5%，而且即使一开始也无法转让，”加密货币交易员 CoinMamba 在流行的加密货币讨论平台 X 上感叹道。

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.

该代币分配计划与 Starknet 2 月份的代币空投有着惊人的相似之处，后者也曾引发争议，但为了应对社区的强烈反对而进行了修改。 Starknet 的代币是在可交易前一年创建的，这让投资者在兑现时间表上领先一步，并使他们能够在交易开始后不久出售代币。

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.

另一个有争议的问题是许多 Eigenlayer 用户被排除在空投之外。美国、加拿大、中国和俄罗斯的居民没有资格获得代币。此外，通过VPN（保护隐私的常用方法）与系统交互的用户也被排除在外。这一决定引起了批评，因为这些国家的用户并没有被禁止使用该平台，但仍然无法获得潜在的奖励。

"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."

加密货币研究员 Aylo 在 X 上表示：“接受这些国家的股份而不奖励他们是不对的。他们白白地冒了非常现实的风险。”

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 为其在几个月内禁止代币转让的决定进行了辩护，声称这将允许平台去中心化并探索代币的潜在用例。该公司解释说：“在 EIGEN 实现可转让和可分叉之前，某些目标应该在未来几个月内实现。”

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.

虽然社区的某些方面的强烈反对可能不太有效，但鉴于美国证券交易委员会 (SEC) 对空投的监管指导不明确，很难指责 Eigenlayer 对美国用户进行地理围栏的决定。正如 Variant Fund 律师 Jake Chervinsky 在 X 上指出的那样，SEC“坚决拒绝为加密代币注册提供可行的途径”，这可能会让 Eigenlayer 的团队面临法律风险。

"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.

“在管理代币分配的监管风险时，不可转让性和地理围栏都是有用的选择。它们并不是唯一的选择，也不一定适合每个团队和代币，”他补充道。不可转让限制了任何“合理的利润预期”，这是决定资产是否符合证券资格的关键因素。

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 的行动并非史无前例，因为许多项目已经阻止或排除美国用户或其用户参与代币奖励计划。虽然这项政策剥夺了用户潜在的免费资金或对其贡献的补偿，但它代表了对加密行业普遍存在的监管不确定性的合理回应。

"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.

“这两种选择都属于代币分配监管风险范围的保守端。我称其为一个范围是有原因的：由于缺乏监管明确性，每个团队（根据其顾问的建议）必须决定多少承担风险，”切尔文斯基写道。

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.

具有讽刺意味的是，由于监管的不确定性，本应处于金融创新前沿的项目被迫采取保守的方法。这一集凸显了随着加密行业在未知领域中航行，技术进步与监管环境之间持续存在的紧张关系。