Crypto.com Exchange Supports the EigenLayer (EIGEN) Stakedrop

The stakedrop has been deposited into the eligible users’ account

The Eigen Foundation has announced the EIGEN Season 2 Stakedrop to reward and recognise EigenLayer participants and supporters. 

What is EigenLayer (EIGEN)?

Referred to as a ‘work token’, EIGEN is used to carry out a type of task on a blockchain, such as processing or verifying transactions. It is staked to ensure the quality of work being done.

Traditional utility tokens are limited in being designed for one specific task. Before EIGEN, tokens like Ether (ETH) could only secure the Ethereum network. But with ETH ‘restaking’ on EigenLayer, ETH can now be used for other services, where errors are easy to prove and fix through mathematical and cryptographic methods. 

However, many tasks don’t have provable errors on the blockchain, but can be agreed upon by participants observing from outside the chain; they are called ‘intersubjectively attributable faults’. EIGEN is designed to secure services with these types of errors and punish those who make mistakes, making it a more universally useful token.

How was the stakedrop distributed?

Participants who actively staked during Season 2 with EIGEN points accrued are eligible for the stakedrop. The distribution is calculated based on the staker’s pro-rata share of the overall EIGEN points on 15 August 2024,  22:26:59 UTC. 

The stakedrop has been deposited into the eligible users’ Crypto.com Exchange account. 

Learn more about the stakedrop on the EigenLayer website:

1. EIGEN token overview 
2. Eigen Foundation – Announcing Season 2 Stakedrop