Web3 Watch: EigenLayer announces 86M token airdrop for Season 2
Meanwhile, Euler returns with a V2 launch of its lending protocol
EigenLayer and Adobe Stock modified by Blockworks
EigenLayer plans to distribute 86 million EIGEN tokens, around 5.1% of its total supply, as part of its Season 2 “stakedrop” campaign. The distribution will be split across three groups:
- Stakers and Operators: 70 million tokens are allocated to participants who staked and operated on the protocol.
- Ecosystem Partners: AVSs, liquid staking protocols, and other key contributors will receive 10 million tokens.
- Community Members: Early advocates and contributors will share 6 million tokens.
The airdrop is based on a snapshot taken on Aug. 15, 2024, with claims opening on Sept. 17, 2024.
Euler launches V2
The DeFi lending protocol Euler launched its V2 deployment on Wednesday.
Unlike V1, Euler V2 is being reimagined with a fundamentally modular design that “isolates risk, is easier to test, analyze, and audit, and reduces single points of failure,” according to an official blog post.
With the aid of the protocol’s “Euler Vault Kit”, builders can create ERC4626 vaults that are customizable in terms of risk management, governance settings, and asset collateral types.
These vaults can be interconnected using the “Ethereum Vault Connector” module, allowing deposits to be recognized across different vaults seamlessly.
Euler V2’s modular design allows vaults to interact, enabling diverse credit markets tailored to specific needs. This flexibility supports various lending strategies and asset management approaches, leading the team to brand it as a “meta-lending” protocol capable of unifying multiple lending and borrowing markets.
Back in March 2023, Euler was exploited in a $197 million flash loan attack. Following negotiations and pressure from the community and law enforcement, the attacker ultimately returned the stolen funds.
In response, Euler V2 underwent a rigorous security process, with 29 audits conducted by 12 independent firms. The team has described this as “one of the most expensive and comprehensive security processes for any DeFi protocol to date,” according to their official blog.
One interesting stat:
- Polygon successfully upgraded its MATIC token to POL on Wednesday, as part of its move to Polygon 2.0. Three days into the process, it has converted 53.2% of the total supply, according to a dashboard from Dune Analytics.
Also of note:
- ApeChain, an L2 network affiliated with the Bored Ape Yacht Club, launched its “BluePrint” roadmap. The initiative aims to boost user engagement with a new ecosystem website, fiat-to-crypto onramps, and developer tools like the Reboot Protocol. The project seeks to expand ApeCoin’s utility beyond NFTs.
- Skyscanner has partnered with Travala to enable its 110 million monthly users to book over 2.2 million hotels using more than 100 cryptocurrencies. This integration marks the first time Skyscanner has incorporated crypto payments into its platform.
- Celestia, a data availability-focused L1, has announced a plan to scale its block size to 1 gigabyte. The network said that it aims to boost data throughput and support high-performance applications like onchain gaming.
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