Eigenlayer’s new token, EIGEN, will be used in specific applications that deal with “intersubjective agreement,” such as AI training and gaming virtual machines.
The Ethereum staking protocol Eigenlayer released a white paper on April 29 for its proposed new token, EIGEN. The token will be used for apps that rely on intersubjective agreement, such as prediction markets, storage services, and gaming virtual machines, the white paper stated. Several jurisdictions, including the United States and Canada, will be excluded from the upcoming airdrop.
Eigenlayer is a blockchain network that uses staked Ether as its native coin. Users who have staked Ether on Ethereum can “restake” it to Eigenlayer and earn additional staking rewards by validating transactions on both networks. The developers claim that this solution is more secure than using a separate token, as it allows Eigenlayer to inherit the security of Ethereum instead of needing to build trust from the ground up.
EIGEN was built on previous work done by Augur, which created the REP token to recognize intersubjective agreements, the paper stated. However, it also claimed that REP was built specifically for prediction markets, whereas EIGEN is intended to be a “universal” intersubjective agreement token having applications beyond this one use-case.
The team claimed that these attributes make EIGEN uniquely suited to be a “universal work token” for tasks that are not objectively attributable. It listed a number of possible applications that the token could be used for, including prediction markets, storage services, cloud microservices, gaming virtual machines, order-matching engines for exchanges, databases, artificial intelligence training, and other uses.to current users who have restaked ETH through the network.
The webpage produces a 404 error when viewed from a US IP address and from multiple VPN server addresses located in Europe. According to crypto trader Wazz, the airdropOn April 22, pseudonymous developer Chudnov stated that Eigenlayer may soon face a “yield crisis” as the value of the assets locked on its platform is
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