Increase in Withdrawal Requirements for EigenLayer ETH, Market Digesting Airdrop Expectations
EigenLayer’s withdrawal demands have been gradually increasing over the past three days, with a total of more than 120,000 ETH being withdrawn. Although the quantity does not affect the operation of the protocol, it reflects the market’s digestion of the EIGEN token airdrop expectation. This phenomenon is expected to continue for some time.
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Increase in EigenLayer Withdrawal Demands
Market Digesting Airdrop Expectations
With EigenLayer announcing the end of the first phase snapshot and preparing to issue the airdrop, there has been a stable and significant increase in withdrawal demands in recent days.
Within the past 72 hours, there have been 14,000 withdrawal requests, totaling 40,000 ETH (approximately $120 million). The EigenLayer protocol still holds 3.18 million ETH and LST, with an impact of approximately 1.25%.
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EigenLayer Withdrawal Status
(Data Source)
The market has had high expectations for EigenLayer’s airdrop this year. However, due to the indefinite lock-up mechanism and the majority of token distribution being in the hands of the internal team, the community has expressed dissatisfaction.
(EigenLayer tokens have no circulation function, causing community dissatisfaction)
As the evaluation of the airdrop benefits gradually becomes clear, the market needs time to digest excessive expectations. Some users have decided to cash out their profits, and it is estimated that there will be more ETH withdrawal phenomena in the near future.
Recommended Reading:
How will EigenLayer’s EIGEN token be used to protect AVS security?
Reason for recommendation: This article introduces the utility and unique mechanism of the EIGEN token, providing a better understanding of why the tokens need to be locked indefinitely.
EIGEN
EigenLayer
Further Reading:
Eigen Foundation Pacifies Public Outrage: Offers Additional Airdrop, Announces Lifting of Circulation Restrictions on 9/30
Entering the Next Phase, These Projects Should Be Recognized Before the AVS Wave Arrives
