CandleFocus EigenLayer's Token Launch Draws Scrutiny Over Supply Concerns
2024-10-02
Author: Content Editor
EigenLayer, a data availability protocol, has experienced criticism after it was revealed that early investors had unrestricted access to staking rewards. This situation is similar to Celestia's token launch, which resulted in a 75% plunge when investors sold staking rewards. The price of EigenLayer's native token, EIGEN, initially rose but has since fallen over 20%. Concerns have been raised about a lack of transparency regarding token supply, particularly in relation to locked tokens belonging to early investors. The issue is reminiscent of Celestia's experience, and some believe that rewards earned from staking should be locked until the vesting period ends. Whales, including Justin Sun, received disproportionate rewards, further adding to criticisms.
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