EigenLayer Introduces $EIGEN Stakedrop

• EigenLayer introduces the $EIGEN stakedrop.

• EigenLayer intersubjective forking protocol.

• SEC investigated ETH as a security in 2023.

• Ethereum reaches 1 million active validators.

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EigenLayer introduced EIGEN, its protocol token coined as the Universal Intersubjective Work Token.  The total supply of EIGEN is 1.67 billion tokens, with 55% allocated for investors and early contributors, while the remaining 45% is allocated for the community. Of the community's share, 5% is allocated for an initial stakedrop. Restakers on EigenLayer can check their eligibility for the first stakedrop at claims.eigenfoundation.org. The stakedrop is based on a snapshot taken on March 15th. Claiming will go live on May 10th; however, the tokens will initially be non-transferable. Users who have restaked on EigenLayer using complex LRT integrations will need to wait until a later date to claim their tokens Transferability of EIGEN tokens is planned to be enabled after the community has a solid understanding of the new protocol design, once payment and slashing mechanisms go live, and once the community stakedrops are completed. Users will also have the ability to stake their EIGEN tokens.

EigenLayer published a whitepaper introducing its Universal Intersubjective Work Token, a new protocol design that provides social consensus as a service. The system allows for token forking in instances where a majority of stakeholders engage in malicious behavior. It addresses intersubjective faults, which are issues that require subjective consensus among observers. While ETH staking targets objective faults with specific use cases, EIGEN staking is designed for more universal applications, addressing intersubjective faults. The protocol incorporates a dual-token system to mitigate risks linked to forking, including a metering system to assess the costs of switching tokens and a compensation mechanism to safeguard users from losses. The framework is currently open to community input.

Recent court documents reveal that the SEC began probing Ethereum's classification as a security in March 2023. The investigation commenced before a house committee meeting where SEC Chair Gary Gensler was unable to classify Ethereum as either a security or a commodity. The SEC authorized its enforcement staff to issue subpoenas and conduct inquiries into individuals. In 2023, Consensys received three subpoenas demanding detailed information on its Ethereum transactions, acquisitions, and its role in the Ethereum Improvement Proposals relating to the Merge. Consensys complied with the requests, producing an extensive 88,000-page report. Despite cooperating, the SEC escalated its scrutiny by issuing a Wells notice to Consensys.

Ethereum has reached a milestone of 1 million active validators securing the network, the highest number since the Beacon Chain was launched. Currently, 32 million ETH are staked, representing 26% of the total supply of Ethereum, valued at just over $100 billion. The increased amount has led to a reduction in the staking APY to approximately 3.5%.

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