There have been some signs that the launch of EigenLayer’s EIGEN token is imminent.
First, some subdomains were registered for the token launch on the websites of the Eigen Foundation. This development was interpreted as the EIGEN token will be released soon.
In addition, the developers published the whitepaper of the EIGEN token on Github.
EigenLayer is described by some as the most anticipated airdrop in cryptocurrency history.
EigenLayer centers around “restaking,” which is a way to reuse the security of the Ethereum blockchain to encompass additional protocols, namely AVSs. Technically, this method works by taking the ETH that investors have deposited on the main Ethereum chain and reprocessing (or “restaking”) it to ensure the security of the AVS; these could be blockchain bridges, crypto exchanges or data storage facilities.
The advantage here for EigenLayer investors, called “Restakers,” is that they earn an extra rate of return on top of the interest they already receive for staking ETH.
Additionally, EigenLayer has a fee system, a source of revenue that it will use to pay interest to depositors, which is expected to be the main incentive for restaking.
EigenLayer token requests will begin on May 10.
*This is not investment advice.