Eigen Foundation recently announced its intention to airdrop 100 EIGEN tokens to more than 280,000 wallet owners. This change highlights a deviation from the foundation’s prior approach, in which community members expressed impatience because of a dearth of token liquidity. However, in response to the criticism, the foundation’s administration revised its drop policy to be more flexible and accommodating of more people.
The Eigen Foundation recently unveiled a significant development via an article published on X, which comprehensively delineated the revised terms and conditions of their AirDrop initiative. Following the most recent guidelines, Season 1 airdrop participants will receive a minimum of 110 EIGENS, whereas Season 2 airdrop participants will receive a minimum of 100 EIGENS. This change in the distribution ratio demonstrates the Foundation’s receptivity to community input and its commitment to treating all participants fairly. This shift in approach was a direct response to the criticism raised in the previous article by CryptoNewsZ, which indicated some discontent among investors regarding the stringent requirements of the prior airdrop terms.
Advertisement
This initial criticism is based on a condition in the original distribution that prohibits recipients from selling or exchanging their tokens for a specific period of time. The community members disagreed with this restriction, given its implementation during a time when most other crypto projects were highly functional and offered instant access. This policy initiated a more extensive discourse regarding the need to strike a balance between preventing an excessive influx of new tokens into the market and ensuring that participants do not lose their fundamental rights to liquidity.
In response to community input, the foundation made a complete U-turn. At initially, it avoided responding to media questions, but it quickly changed its approach in an effort to address community concerns. They unveiled a fresh approach to airdrops. Eventually, EigenLayer published a blog post with further details, stating that token transfers would be possible only after a specific date. In keeping with the planned enhancements to the EigenLayer core network, the selected date is after September 30, 2024.
With the airdrop plan revisions came the pledge to fix past and future mistakes that left out certain eligible members. Recognizing these shortcomings, the organization has pledged to compensate by re-scheduling the examinations for individuals who were unable to participate in Phase 2 of Season 1. It is anticipated that further information regarding the implementation schedule and the particulars of these modifications will be disclosed in the future weeks.
The Eigen Foundation’s activities is an excellent example of continual contact between cryptocurrency project developers and community members. It emphasizes the importance of being flexible, sensitive, and adaptable when dealing with virtual currencies. The Eigen Foundation seeks to retain the value of its token while simultaneously encouraging a more diverse and participative community by changing its policies in response to user feedback.
Advertisement
These new developments highlight the importance of the community to the project’s success and show how cryptocurrency regulations are always changing. The Eigen Foundation is now addressing a variety of these challenges, which has sparked a growing curiosity about their broader implications for the cryptocurrency industry, particularly in the areas of token economics and the weight that user feedback carries in major project decisions.
