EigenLayer Ups Airdrop to Douse Backlash!

EigenLayer's first airdrop announcement was met with a lot of criticism from the crypto community.

Author

Danielle du Toit
May 03, 2024

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Here's what we've got for you today:

  • EigenLayer to Cough Up Around 28M More EIGEN After Airdrop Backlash

  • SEC Pressured by Lawmakers to Greenlight Spot Bitcoin Options Trading

  • Pantera Invests in TON With High Expectations for Telegram’s Future

  • Bitcoin Gains Following Fed’s Decision to Slow Balance Sheet Reductions

Ethereum restaking protocol EigenLayer is airdropping around 28 million more of its native EIGEN tokens to over 280,000 wallets.

  • EigenLayer announced that it will be allocating 15% of its total supply to the community, but many users found the airdrop very restrictive.

  • The airdrop program includes "aggressive" geo-blocking and anti-VPN measures, excluding users from 30 countries, including the US, Canada, China, and Russia from claiming EIGEN tokens.

  • After the backlash, the Eigen Foundation announced in an X post that it will distribute additional EIGEN tokens to users who interacted with the protocol before Apr. 29.

The SEC has been delaying decisions on spot Bitcoin options trading applications from major exchanges like the New York Stock Exchange, Nasdaq, and Cboe Global Markets.

  • Mike Flood and Wiley Nickel are urging the SEC to approve options trading on Bitcoin exchange-traded products (ETPs).

  • They criticized the SEC for treating crypto funds differently compared to traditional funds in their letter to SEC Chair Gary Gensler.

  • The SEC started another round of consultations to evaluate the effects of Bitcoin options on market stability, particularly in volatile conditions.

Pantera Capital invested an undisclosed amount in The Open Network (TON).

  • Pantera believes TON’s integration with Telegram increases its potential to become one of the largest crypto networks.

  • Pantera is also very impressed by TON's blockchain architecture as it offers high performance and scalability that is very comparable to leading blockchains.

  • Originally designed to integrate with Telegram, TON's initial launch was blocked by the SEC, but it was successfully relaunched by independent developers, making Telegram the only major messaging platform to incorporate Web3.

Bitcoin once again demonstrated its resilience by making a recovery after the Federal Reserve decided to leave interest rates unchanged.

  • The Federal Open Market Committee (FOMC) meeting on May 1 concluded with the decision to keep the benchmark interest rate at 5.25%–5.50%.

  • Following the FOMC's meeting, Bitcoin's price quickly rose. BTC’s price was able to climb by about 4% over the last 24 hours.

  • Historical trends suggest that Bitcoin is mirroring its post-2016 halving cycle, which saw many drops and rebounds very similar to current market movements.

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