Eigenlayer Points Farming (2024) event
Overview
From late 2023 through 2024, EigenLayer operated a points-based incentive scheme for restaking, where participants earned points by depositing ETH and liquid staking tokens, widely interpreted as preparation for a token launch. This programme became a prominent illustration of the points-farming trend: once deposit caps were removed, EigenLayer's total value locked surged from approximately $2 billion to roughly $9 billion within weeks, driven by users anticipating an airdrop. On April 29, 2024, EigenLayer announced the EIGEN token, with claims opening on May 10, 2024. The distribution attracted notable criticism due to the token's initial non-transferability, geographic restrictions on eligibility, and allocation amounts that fell short of community expectations, fueling broader doubts about points programmes as a distribution method.
Within The Counterparty graph, Eigenlayer Points Farming (2024) connects to 2 tracked entities, most strongly to Pendle TVL Surge (2024), Pendle TVL Surge (2024).
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 2 of 2 total).
| Relation | Connected entity | Confidence |
|---|---|---|
caused_by | Pendle TVL Surge (2024) | 95% |
occurred_during | Pendle TVL Surge (2024) | 90% |
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.
Questions on the record
What were EigenLayer points?
Users who restaked ETH or liquid staking tokens via EigenLayer accrued non-token credits. The credits were widely understood to determine eligibility for a future token distribution.
What effect did points farming have on deposits?
Deposit caps were lifted by EigenLayer. Total value locked climbed from approximately $2 billion to roughly $9 billion within weeks, driven by users farming points in anticipation of an airdrop.