Starting June 19, 2024, claims for Season 1, Phase 2 of the EIGEN token are scheduled to start. Kelp restakers will be a part of this set and be eligible to claim EIGEN. For this, the data consisting of Kelp restakers and EigenLayer Point holders has already been shared with the Eigen Foundation team.
To begin with, here’s a quick distribution overview:
- Kelp was allocated a total of ~3.8 million EIGEN tokens to distribute to users
- For Season 1, 29k+ Kelp users will be eligible for the stakedrop.
With this context, the methodology employed for identifying Restaked Point balances is as follows:
- EigenLayer Points allocation is done on a daily snapshot basis
- EigenLayer Points received by Kelp contracts between snapshots are proportionally distributed to the rsETH holders. The rsETH balance at the time of snapshot is considered and EigenLayer Points are allocated to the user
EigenLayer Points considerations for KEP users
- Kelp restakers who haven’t claimed any KEP: EigenLayer Points balance till the snapshot block will be considered eligible for the allocation in Season 1
- Kelp restakers who have claimed KEP and held 100% of it in their wallet:
⍛ EigenLayer points balance till the snapshot block is considered eligible
⍛ ~77%* of their KEP balances over and above the net eligible EL points balance till the snapshot block is considered eligible. Rest will be eligible in Season 2 - Kelp restakers who have claimed KEP but partially sold their KEP and currently hold less than the claimed value (including LP providers):
⍛ The EL points accumulated until the snapshot block (minus) any KEP sold/transferred will be eligible for Season 1
⍛ Any excess KEP holdings outside of the net eligible EL points balance will have ~77% of it eligible for Season 1, the rest will be eligible in Season 2 - KEP buyers: Users who bought KEP and currently hold it in their wallets will have ~77% of their KEP holdings eligible for allocation in Season 1, rest will be in Season 2
- KEP sellers: Those who claimed KEP but sold in the market, or users who bought KEP, sold it back, and currently do not hold KEP are not eligible for Season 1 allocation through KEP
*Note: The number (77%) of net KEP holdings eligible in Season 1 is defined by A) Identifying the total eligible KEP holdings for the stakedrop and B) Identifying the total Restaked Points eligible for Season 1 stakedrop that should be allocated to KEP holders. This is then simply divided B/A to get ~77%. This means that 77% of the eligible KEP balance will be rewarded in Season 1 and ~23% will be rewarded in Season 2.
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