Ethereum restaking protocol EigenLayer has initiated the second phase of its EIGEN token airdrop, expanding the total token distribution to nearly 113 million EIGEN tokens, which is 6.75% of EigenLayer’s total supply. 

Learn more: What Is EigenLayer? A Guide to the Decentralized ETH Restaking Protocol

This is the second and final phase of EigenLayer’s first airdrop season. It has become common for crypto protocols to conduct “seasons” of airdrops where they distribute tokens in multiple rounds to maximize community engagement and reward loyal users. By spacing out the token distribution over several phases, protocols can sustain interest and incentivize continuous participation from the community, while also identifying and rewarding genuine long-term supporters. Plans are already in the works for a second season, according to a blog post from the Eigen Foundation.

During the first phase, the EigenLayer community delegated over 88% of their claimed tokens, according to the Eigen Foundation. The second phase targets users who interacted with DeFi and Liquid Restaking Token (LRT) protocols such as Kelp, EtherFi, Pendle, and Equilibrium before March 15. These users can now claim their EIGEN tokens through the official claims site until Sep. 7.

Each LRT project involved has specific allocations based on user interactions with the EigenLayer protocol. All season one participants, including those in the second phase, will receive a 100 EIGEN bonus if they didn’t already receive it in the first phase.

The EIGEN token aims to enhance the security and functionality of various digital services by utilizing a unique staking mechanism known as “intersubjective forking.” This mechanism allows the token to secure Actively Validated Services (AVSs) against faults that are not easily provable onchain but observable by honest participants.

EIGEN can’t be sold on the market yet, since it’s a “non-transferable” token. It is expected that the Eigen Foundation will enable the selling later this year. On AEVO, a trading platform that allows trading of yet-to-be-launched tokens, EIGEN is trading at $4.40.

Watch this podcast to understand more about the EIGEN token: 

EigenLayer is already looking ahead to the second season with details about the next season’s distribution to be released in the coming weeks.