Tron Founder Justin Sun Claims 2M Tokens in Epic EigenLayer Airdrop

The recent EigenLayer token airdrop has brought significant attention to the cryptocurrency space. This followed the emergence of Tron founder and CEO, Justin Sun receiving over $2 million worth of EIGEN tokens in the Phase 1 distribution.

Justin Sun’s 2.08 million EIGEN tokens Acquisition

Sun’s acquisition of 2.08 million EIGEN tokens has sparked interest in the EigenLayer project which was reported on May 11, 2024. Sun’s address, labeled as “Justin Sun 4” (0x176…a132), ranked prominently in terms of deposit volume within the EigenLayer ecosystem, indicating significant participation and investment.

Prior to the airdrop, Sun’s address had major busy activities including direct deposits of 104,000 ETH and an additional 58,000 ETH through Puffer, amounting to over $469 million at current ETH prices. EigenLayer, known for its role as a leading restaking provider on Ethereum, has garnered attention within the blockchain space.

EigenLayer’s Progress and Community Support

Furthermore, its innovative pooled security system currently holds approximately $16 billion in user deposits. The eagerly awaited EIGEN token airdrop represents a significant milestone for EigenLayer, signaling the project’s progress and growing community support.

However, the newly distributed tokens are currently non-negotiable, delaying their tradability. Despite this limitation, community rumors suggest a potential fully diluted market cap of $15 billion for EIGEN, underlining the project’s considerable valuation.

Token Distribution Strategy Amid Community Engagement

The Eigen Foundation, overseen by Eigen Labs, officially launched the EIGEN token claims process on May 10, 2024, marking the beginning of Season 1. This phase offers approximately 113 million EIGEN tokens, constituting 6.05% of the token’s initial supply.

Interested participants can claim their tokens through the Eigen Foundation’s designated platform until September 7, 2024. In a bid to guarantee widespread participation and sustained community engagement, EigenLayer has devised a strategic token distribution plan with Phase 2 scheduled for mid-June.

This phase aims to increase the available supply by up to 6.75%, with 15% of the total initial token supply allocated for community distribution across all seasons. Eligible users can claim EIGEN tokens by participating in various staking activities on EigenLayer.