Eigenlayer Points Farming (2024) event

Event · PageRank 0.0015

Overview

Through late 2023 and 2024 EigenLayer ran a restaking "points" programme in which depositors accrued points for restaking ETH and liquid staking tokens, widely assumed to be a precursor to a token distribution. The mechanism became a defining example of the points-farming meta: after the team lifted deposit caps, EigenLayer's total value locked jumped from roughly $2 billion to about $9 billion in a matter of weeks as users chased an expected airdrop. EigenLayer announced the EIGEN token on April 29, 2024 and opened claims on May 10, 2024. The distribution drew significant criticism over the token's initial non-transferability, geographic exclusions from eligibility, and allocation sizes relative to community expectations, contributing to wider scepticism about points programmes as a distribution mechanism.

Within the DeFi Intel graph, Eigenlayer Points Farming (2024) connects to 2 tracked entities, most strongly to Pendle TVL Surge (2024), Pendle TVL Surge (2024).

Relations

Top connections in the DeFi Intel knowledge graph (confidence-weighted, 2 of 2 total).

Frequently asked questions

What were EigenLayer points?

Non-token credits accrued by users who restaked ETH or liquid staking tokens through EigenLayer, widely expected to determine eligibility for a future token distribution.

What effect did points farming have on deposits?

After EigenLayer lifted deposit caps, total value locked rose from roughly $2 billion to around $9 billion within weeks as users farmed points in anticipation of an airdrop.

When was the EIGEN token distributed and why was it criticised?

EIGEN was announced on April 29, 2024 with claims opening on May 10, 2024. Criticism focused on the token being initially non-transferable, geographic restrictions on eligibility, and allocations seen as smaller than expected.