What is EigenLayer?
EigenLayer is a pioneering protocol built on Ethereum that introduces a novel concept known as restaking. It allows users who have already staked their ETH (directly or via liquid staking tokens like stETH or rETH) to re-hypothecate that stake to secure other applications, known as Actively Validated Services (AVSs). In return for extending security, restakers earn additional rewards, which in this campaign, came in the form of points.
The EigenLayer Points Airdrop Strategy
Instead of a direct, one-time airdrop, EigenLayer opted for a points-based system to reward sustained participation and contribution. This model encourages long-term alignment with the protocol's goals. Phase 1 was the initial period for users to accumulate these points, which are widely expected to be a primary factor in a future token allocation.
Note: Phase 1 of the points program ended on June 30, 2024. The information below details the process users followed to participate.
How Users Qualified for Phase 1 Points
Qualifying for EigenLayer points involved a straightforward but significant process that underscored the core function of the protocol:
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Holding Liquid Staking Tokens (LSTs): The journey began with holding an Ethereum LST. Popular choices included stETH (Lido), rETH (Rocket Pool), and cbETH (Coinbase Wrapped Staked ETH).
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Restaking on the Protocol: The crucial step was depositing these LSTs into the official EigenLayer smart contracts. This action formally enrolled the user in the restaking process.
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Accumulating Points: Once restaked, users automatically began earning points. The calculation was based on the amount of ETH restaked and the duration for which it was committed. The more you staked and the longer you held, the more points you earned.
What's Next for EigenLayer?
With Phase 1 complete, the community is eagerly anticipating official announcements regarding the utility of these points and the potential for a Phase 2. The conclusion of this phase marks a significant milestone, but it's likely just the beginning of EigenLayer's incentive programs. Users should follow the official EigenLayer social channels for the most reliable updates on future opportunities.