How to Qualify for the Eigenlayer Token Airdrop

What is Eigenlayer

EigenLayer is an Ethereum-based protocol that introduces a novel concept called restaking, enhancing cryptoeconomic security by allowing the rehypothecation of staked ETH (Ethereum). This mechanism enables users to restake their $ETH through EigenLayer's smart contracts, extending the cryptoeconomic security not just within Ethereum but also to various applications developed on the network. By aggregating security, EigenLayer addresses the challenge of fragmented cryptoeconomic security across the Ethereum ecosystem, where each application must independently establish and maintain its trust network—a process that's both costly and time-consuming.

The core of cryptoeconomic security issues in Web3, from Bitcoin's inception to the latest Ethereum updates, revolves around establishing a solid, decentralized security network, which is especially problematic on Ethereum due to security fragmentation. EigenLayer's restaking innovation allows staked $ETH to be repurposed, thereby extending security to additional Ethereum-based applications. It acts as a middleware, enabling users to opt-in and allow their staked $ETH to be restaked on other applications, introducing new slashing conditions to ensure compliance and deter malicious actions. This layer serves as a crucial bridge, leveraging existing staked assets to bolster the network's overall security and validate a broader range of applications. Through its restaking primitive, EigenLayer not only simplifies the security provisioning process for new applications but also enhances the overall integrity and resilience of the Ethereum network.

How to qualify for the Eigenlayer token airdrop

EigenLayer has not issued its own token yet, but there's 99% possibility they will introduce one eventually. To engage users, they've implemented a points system. This points system will probably lead to an Eigenlayer airdrop. To qualify for the airdrop you can do it via their application or even Eigenlayer testnet. We will walk you through:

Via The Eigenlayer Application

• Connect your Metamask wallet to the EigenLayer mainnet page.
• EigenLayer supports various ETH staking tokens: stETH (Lido), rETH (Rocket Pool), cbETH (Coinbase), wBETH (Binance), osETH (Stakewise), swETH (Swell), AnkrETH (Ankr), EthX (Stader), and OETH (Origin ETH).
• Acquire ETH and restake on the supported platforms to obtain Liquid Staking Tokens (LSTs).
• Stake your LSTs on EigenLayer's mainnet to start earning EigenLayer points, reflecting your contribution to the ecosystem.
• Interact with projects using the EigenLayer protocol to earn additional EigenLayer points and become eligible for other restaking airdrops:
  • Swell offers SWELL tokens for earning PEARL points by staking ETH on Swell and restaking swETH on EigenLayer.
  • Ether.fi provides both EigenLayer points and ether.fi points for staking, with hints of rewards for early users.
  • Staking ETH on Renzo earns Renzo points and EigenLayer points, with potential rewards for early adopters.
  • Staking ETH on Kelpdao earns Kelp Points and eigenlayer points.
• These are just a few protocols that are playing into the the restaking narrative. There are more than just these.

Via Testnet

• Navigate to the EigenLayer testnet page and connect your Metamask wallet.
• Switch your network to Goerli in Metamask.
• The testnet currently supports Lido's stETH and Rocket Pool's rETH pools. You'll need to acquire these tokens:
  • Obtain Goerli ETH from a faucet.
  • Send Goerli ETH to Lido's stETH token contract address "0x1643E812aE58766192Cf7D2Cf9567dF2C37e9B7F". Lido's stETH will be sent back to you automatically after the transaction completes.
• Visit the Rocket Pool testnet page, stake your Goerli ETH, and receive Rocket Pool's rETH.
• With Lido's stETH and Rocket Pool's rETH in your possession, return to the EigenLayer testnet page. Stake your rETH in the "Rocket Pool ETH" pool and your stETH in the "Lido Staked Ether" pool.

Conclusion

EigenLayer enhances cryptoeconomic security within the Ethereum ecosystem through its restaking mechanism. By allowing users to restake ETH, EigenLayer extends crucial security features to a broader range of applications, addressing the pervasive issue of security fragmentation. The protocol's ability to aggregate security across Ethereum by acting as a middleware layer not only simplifies the process of establishing trust networks for new applications but also strengthens the overall integrity and resilience of the network.

Participants interested the token have two main waysto potentially qualify for an EigenLayer airdrop: participating in the mainnet by connecting a Metamask wallet, acquiring ETH, restaking through supported platforms, and engaging with projects utilizing the EigenLayer protocol; or by getting involved in the testnet phase, using Goerli ETH to obtain and restake specific staking tokens. I recommend you do both as well as stake different types of Staked Eth as it could be a multiplier effect, leading to a bigger airdrop.