Eigenlayer Airdrop: Most Disappointing Airdrop SO FAR?!

Welcome back to Box Mining and today we really need to cover the rather disappointing airdrop at Eigenlayer. So Eigenlayer, they announced their new token Eigen. We've been looking at this on this channel for a very long time because this is the most anticipated airdrop pretty much of this half of this year. The reason why it's so anticipated was because it has so much money being staked there. It basically started this restaking narrative. It's not just a project, it's an entire narrative. And we were expecting to get a massive payday from this airdrop. But it does look like it's not a payday, it's more of a pay year. An IOU. An IOU. So which is why a lot of people are very angry. So I'll discuss why they kind of failed completely on this end. I think this is a situation where, you know, some people will say, hey, you still got some funds. So you still get money. So TLDR, if you don't know what's happening, you will get Eigenlayer. So you'll eventually get Eigen. So this is my personal account. You can check it at claims.eigenfoundation.org. And just a small note on that as well. There are so many angry people that if you try to access the claims website, some wallets will ban you from entering this. But it is the website. This is because people are salty and angry. And that's just an expression of how the community is feeling right now. But right now, there's 10 days until the claim. And you can check any address. So you don't actually have to connect your wallet or whatnot. This is the address that I've been publicly farming on. And in terms of what I'll be getting, I'll be getting 872 Eigen from this. There's also other accounts. I've actually been farming on three other wallets. So for me, I'll still get Eigen. All right. At the end of the day, I'll still get something from this airdrop. But what I feel like here is that this is a very big missed opportunity for the Eigenlayer Foundation and the Eigen, I guess Eigen itself to get some good PR. I mean, at the end of the day, they are giving away 5% of their token supply in this current round of airdrops. But there are some caveats. First and foremost, right now, you will not be able to claim until May the 10th. So, yeah. So, you have to wait a bit. I also expect that there's going to be fake websites out there. So warning ahead of time, make sure you check out the websites and make sure that if you follow any Eigen airdrops or whatnot, it's either Eigenfoundation or Eigenlayer. Eigenlayer is their main protocol. Eigenfoundation is the foundation that is issuing out the tokens. So you can follow both of them and then make sure that you click on the right websites because there will be fake websites trying to make you say, hey, the claims are right now. Click it now. Those will be fake. The real one, you have to wait. I mean, all real things you have to wait. And right now, you have to wait 10 days and 10 hours in order to claim your Eigen. But the problem is, even after claiming your Eigen, you will not be able to transfer it, which means you will not be able to send it onto exchanges like Binance or other big exchanges. That's a no-no. You can't do that until later on when months later. So this is why I say this is not about a payday. It's more of a pay mumza where eventually you get to transfer these tokens. So you'll be able to look at these Eigen. I'll be able to claim it. And there is a claim window too. All right. So don't forget about this. Don't hold off on this. Right. Just make sure you check how much you can claim. And when you can claim it, you have around 100 days to claim it. But make sure you just claim it. All right. Don't leave this because there is a claim window. And once you pass that window, it's gone. All right. But yeah. So once that's available, go claim it. But when you claim it, you will not be able to transfer. You will not be able to send it on Uniswap to sell. You won't be able to put it on Binance. You can just admire it. Admire your Eigen. You'll be like, yo, yo, bro. Check it out. It's on my wall right there. It's on my wallet. Check out my Eigen. Oh, yeah. I got thousands of dollars worth of Eigen. I just got to wait for it a little bit. Dijin finally says, hashtag Eigen failure. So this is why a lot of people are very angry. Okay. The first mistake they made is to lock this up. And I think there's a lot better ways of handling a lockup. Say, for example, even Curve. When Curve, they had a vesting period and they had a vesting dashboard, which made it feel a lot better than just saying, hey, yo, your tokens are not transferable. Yo, like, hey, go fuck yourself. It kind of felt like that. And I feel like this is one of the situations where they did give the community something. They did give away 5% of the token supply, but they did it in such a bad way that it got community hate, which is stupid. Right? You're either loved or you're hated, but when you give away stuff, stop being hated. Stop getting hate. Yeah. All right. So that's why. I think this is a really big slap you in the face to anybody on the Eigen Foundation. They're really trying. I understand what they're going through. I understand. You know, like, hey, bro, brother, brother. I understand what you're going through. You probably got investors breathing down your neck saying, you're giving away tokens for free. What? You know, these investors are probably saying, we bought tokens for money. You're giving away tokens for free. You know, fix this. Right? That's probably what they have. But instead of fixing it and, you know, making it good, they kind of slapped us all in the face. You're like, yo. All right. So, so that, that's kind of, that's kind of the situation that happened. So that's the first slap in the face, not transferable. Second big slap on the face is that anything that was farmed, points that you received after March the 15th were not counted. I think this was really. So I think there's quite a few things, but they put this into season two. All right. So basically season one was before March the 15th. And then, and then we actually made videos before season one. So if you guys are here and you guys are on the channel, yes, you actually get the tokens before, then you'll get tokens in this season, in this wave, which is good. Right? But if it's after March the 15th, then you have tokens after. So there's a March 15th snapshot and that'll be considered for season two. So that's also a big kind of big slap in the face because right now we're all the way in April. They were showing publicly showing points on the website. So yet again, it's just, it's, this is classic fails, failure in game design. Yeah. All right. Like if you tell people there are points, like say on March the 15th, the point ticker stopped ticking on the Eigenlayer website. Then you'll be like, oh yeah, something's up. Oh, maybe it's snapshot happened again. And your expectations, you're not going to get points. Yeah. And you're not going to get Eigenlayer money. Right? But yet again, they kept giving me out points. And now they're saying, oh, anything after snapshot, that's season two. That's going to be later. So yet again, if you're expecting some funds, a payday, please wait. But yet again, how long are we going to wait for? What's going to happen? Are we going to get penalized? A lot of people are just frustrated because yet again, we should get what we are made. Right? Actually, speaking from my perspective as an airdrop farmer, I think, yes, they handled the scheduling very, very poorly. I get what they're trying to do. They're trying to make their metrics look good. Right? Because 15% airdrop allocation is a very large number for a multibillion dollar project. Okay. And I think this is, yeah, you're good. And you put the 15 out there, right? Right now, only 5% will be airdropped. The other 10% is going to be waited until later. Yet again, like we should have been told. Exactly. We should have been told. Yeah. You'd still get your money back. And you'll probably 10x your initial. But, you know, some airdrop farmers, including myself, really want the payday now instead of later on, you know, because, you know, now is the best time to be positioned for stuff. The audio back? Okay, the audio is back too. Okay. So this is where I feel like it's this disconnect between the expectation from the community and the expectation from the project. Yeah. Right? The project thought that if they give out coins, everyone's going to be happy. Yeah. But the community is angry. And we have a comment from Dijin Pilot Ino says, dude, they didn't just slap us. They spat in our face, then went to our mom's house and took her out. That's how angry people are feeling. We got Dijin Pilot Ino says, dude, I can't fail. And on top of this, right, there were also some scandals as well. And we'll talk about that later. But I do feel like this was when you mismanage your community, you're going to set yourself up for a lot of distrust. Yeah. Right? And this is where they failed. They failed instead of giving money to the community in the form of an airdrop and getting goodwill and building a stronger, a stronger community. By doing this, they really slapped us in the face. And I think they could have handled this a lot better if they really phrased things better. I think this is a situation where, like, if this was a video game, because everything in terms of this is, like, kind of video game design is always about expectation management. Right? And I feel like this is a situation where they didn't manage expectations well. Right? So they probably could have told us, hey, you know, 15% is going to be airdrop, but 10% is going to be airdrop later, multiple seasons. And probably started talking about this instead of talking about this, like, very late, right when Aigen's going to drop. They should have told us months ago so people can plan for that. And I think a lot of people are angry because people may have even borrowed Ethereum or maybe, like, took out loans to buy Ethereum to put on Aigen layer anticipating this massive payday. But the payday is not going to come and it's going to be smaller than what they thought because it's going to be untradeable. The first drop is only going to be 5% rather than the 15%. There's the snapshot was at a later date. All these problems is just a mismatch in communication between what the community wanted and then what the community got. And the last big slap into your face was also they did not give anything to LRT projects. So basically, if you were farming on Pendle, which was, you know, grown out of farming these points. Pendle, if you guys know, like, we talked about this on our channel and it was a way of trading Aigen layer points. But Pendle traders did not get Aigen layer points. They kind of just shafted Pendle traders here. So, yet again, this is like, you're shafting the most intense DeFi players here, right? Only the smartest people and most D-Gen DeFi players knew how to play Pendle. And by not giving out points in this season to Pendle players, you're literally shitting on your most dedicated fan base, right? People who are literally trying to build a community out of trading on Pendle points. And you can see that I have a Pendle position open. I actually taught you guys how to use Pendle and play with this, right? Wow. Four billion deposits, by the way. You're shitting on four billion. Yeah, you're shitting on four billion. So, I feel like this is where they're probably smart, all right? And they probably were under a lot of pressure by their investors not to give up so many tokens at once, right? But by doing so, they also piss off a lot of the community, which is what makes Web3 strong. So, I think, Ron, you talked about this as well. They wrote a 40-page white paper on why they fucked us, all right? Why they're doing this and why, you know, there's maths and shit behind this trying to justify what's happening. At this point, I don't know if I should be mad or not. Like, you got to respect the effort. You're not going to, they're not going to change their mind. They're not going to change their mind. 40 pages. 40 pages of white paper. You can't argue with that, all right? So, they've set their mind and they just said, fuck you. We have 40 pages of white paper to back this up. Yeah, that's kind of what this is saying, right? It's just saying, hey, here's a giant middle finger and let me explain to you what it means, right? The middle part is how much we're fucking you buy and the length of this finger is how much pain you'll feel, right? That's kind of what they're saying, right? They're saying, hey, guess what? Let's take a look at this in closer view, right? Let's come in a little bit closer, all right? Do you still see that? All right, that's how much pain you'll feel, right? Sorry about that. Sorry for being crude in this video. But that's exactly what they did. They basically dropped the airdrop announcement, dropped the 40-page explanation of Iken and the big fuck you there. And they expected us to be okay with it. At the end of the day, this could be handled way better. They actually need to hire a new CMO. I think this is a situation where smart people don't know how to make good social decisions. Yeah. I think that's the biggest issue. Either they're too crypto native, the CMO, or none at all. This actually reminds me of Tesla towards the later years. Tesla's really smart, right? And he was, you know, he made a lot of smart scientific decisions. But he wasn't good. He wasn't as good as, like, Edison at gathering money and playing the game. All right? There's a certain kind of, like, a social game that you play to make yourself seem good. And I think this is a situation where they're probably really smart. They thought of this restaking thing. They made this restaking thing super popular. But they didn't know how to handle the community. Because, like, if they really want to say fuck you to community, they should give us nothing. All right? They'll just give you, hey, nothing. Get home. Yeah, we'll sacrifice you all. Investors get something. But here, they chose the worst of folk worlds. They still gave out tokens. Tokens will still eventually be transferable. But they kind of broke the trust. Because that expectation between what the community wants and what they are giving, there's a big mismatch. Right? Which is why, uh... They say... Which is why we're so angry. Right? And then DJ and Pilot, you know, at the bottom of the white paper, in disclaimers, they should say, no lube. But it is true, right? It is true. Like, they could have handled this a lot better. I think, yet again, there are a few things. Like, there's a lot of suggestions on Twitter right now of how they could have handled it. But it's pretty much clear by this 40-page white paper that they made up their minds already. Right? They made up their minds and they said, hey, no. You know, there's no... Like, there's multiple fuck yous. Number one is that the token's not tradable upon issuance. Instead of putting in... Like, they could have put in, like, these vesting dashboards. Right? If they put in the vesting dashboards already and gave us a preview, I think we would know what's happening. But yet again, they didn't do that. Right? They should have told us that the snapshot was a lot earlier. And they should stop giving up points if the snapshot was so early. Yet again, they didn't do that. Right? Which is what made people... Which is what caused eigenfailure. Right? They should have told people, hey, LRT projects. Maybe you're going to be stalled. So maybe consider putting some funds not in the LRTs but on the main eigenlayer page. Right? They should have done all these to prevent this type of disaster from happening. Then they could have told us, yes, there's multiple segments. The first segment's only going to be 5% rather than a whole 15%. So your expectation is that you're not going to get the whole 15% now rather than later. Right? The last thing that I really do think that they really messed up on in terms of breaking community trust is that we saw a big wallet which stopped staking right after the snapshot. Yeah. On March 14th. Yes. So this is like the worst thing you can do, which is give your investors more information than your community. Yeah. Right? This is like the worst. This is probably the biggest breakage of trust. Yeah. Because with these projects, when you're farming and we're kind of like staking or restaking on eigenlayer, you expect to be treated the same. Yeah. Right? Because that's kind of the ethos of crypto. The ethos of Web3 is that the community becomes decentralized and everyone that's part of this decentralized community is treated equally. Yeah. This is the opposite of a centralized system where the centralized parties have all the power and they have all the rights. Right? So you can't, you go to a bank and you assume, you're pretty much assuming that the bank knows more than you. You're assuming that the bank has more rights than you. Right? But in a decentralized system, everyone should be on equal grounds. Right? This is why we're part of Web3. This is why we're building this together. Right? Once you run a Bitcoin node, you're expecting that, yes, you have the same rights as every other node holder. Or if you're an Ethereum validator, you have the same rights as every other validator. You have no special, investors will not have a special advantage. But because of this like, March 15th massive withdrawal of one particular investor, it seems like the insiders, they told insiders what was going to happen and then the rest of the community was left in the dark. Yeah. And that's crazy. That's a big no-no. That's a big no-no. Yeah. I would draw the line there. Yeah. And the fact that today the announcement was made for this stake drop campaign and the snapshot was March 15. Investors have been doing it before and then take out their money after the snapshot happens shows that they actually planned this for quite a while. Yeah. They only decided to make this information public now and said that, hey, you know, we just thought of this like right now. But no. But no. The fact that you had a snapshot and it's clear that there's an investor who's been doing insider trading shows that you've planned this for a long time and it's really poor communication. The last issue was VPN. Yeah. So some certain countries, some certain IPs are banned from claiming. So luckily we're not. So here we're okay. Yeah. But I think this can be resolved. I think because it's decentralized, they don't require a KYC. I think eventually you can find the right VPN to get access to your eigenlater airdrop. So I think people are overly panicking on this. But they do have a point in a sense that why allow people to deposit without VPN but only allow to get the rewards if you have a banned IP? Like why do geofencing when it comes to claiming tokens, why not geofence when it comes to deposits? Right? If you're geofenced, they shouldn't allow you to deposit in the first place, right? Or at least give you a warning. Like say, hey, look, you don't qualify for tokens or whatnot. But suddenly changing your mind and saying, yo, you're not part of a region that we support. Go fuck yourself. Yet your app is still open to those regions. Yeah, yeah, yeah, yeah, your app is still open to those, and then you're still taking, restaking, you're still allowing liquid staking from those particular regions, right? So yet again, there's a big slap in the face. Like you're allowing us to deposit funds, but you're not allowing us to get the benefits, right? Yet again, people can be super pissed about that. I cannot fully understand why. Good news, of course, is because they don't require KYC. I'm pretty sure there's ways around it, right? So I'm not going to go too far against this, but it's a big fuck you to community, and it's a big kill on the community's trust for this project. I wouldn't be surprised if there's competitors. I wouldn't mind supporting a competitor at this rate. Even though Eigenlayer is, I'm eventually going to get my Eigen, right? Yeah, I'm going to get Eigen. I qualify, I'm fine. But it just makes me want to dump it more. Yeah. Right? Before you dump, you got to stake it. You got to stake it. You got to stake it, bro. Claim and stake. So I don't know why they did this. Like yet again, it baffles me on why they're trying to give away free Eigen. They're trying to give a part portion of the token away on good faith to improve the community. But at the same time, they just slap us so hard in the face. So. Blood clack. So anyways, so that's my two cents on this. They could have done a lot better. I think they could have hired a CMO. I think they hired too many PhDs and too few marketing people. The fact that they had a white paper on GitHub. It's the academic paper layout, right? I got PTSD looking at abstract. Really? Yeah, it means they have shit product makers. Don't worry. Don't worry. This is not academic because it's in color. It's only academic if it's in black and white. And it's done by like some weird ass, like very strategic, extract relatable program where you can use, bring out a ruler and start calculating yourself what the chart means. Oh, this X, that's definitely not a scientific X. This is a clip art X. Yeah. This is not scientific, bro. It's not scientific. It is not scientific. You haven't seen science papers. Exactly. You have not seen science papers. Oh, look at this. It's got colored backgrounds. That's definitely different than literature papers. Ah, okay, okay, okay. Science papers are like really intense. They're black and white only. Black and white only. Yeah, and your dots, your dots have to do perfect dots. You cannot have like weird clip art arts. It just means it has to be like, like, perfect. Yeah, you can't have Excel. You can't have Excel now. That's a no-no. That's a no-no. That's a no-no. That's a no-no. You gotta have a plotting software to that. You gotta MATLAB that shit only. Yeah. All right, so that's pretty much it for our thoughts on Eigenlayer. I think it's just disappointing. You're still gonna be able to claim it. TLDR, you're still gonna be able to claim it. You can check on the claims, the Eigenfoundation.org. You'll be able to claim it after 10 days, but you won't be able to trade it, which is a big slap in your face. I'm pretty sure that some people, if you're meeting IP restriction, I'm pretty sure at some point you'll be able to jump over that yet again. It's not my responsibility to teach you, but I'm sure you'll be able to find a way to do it. But at the end of the day, I do feel like this is a very bad airdrop. It's bad management on Eigenlayer front. And it's really, I think, something that they... It makes me want to dump it on day one, but I can't. So I'll dump it as fast as I can. I kind of feeling it's not even good for whales, because you only have 872, and then DegenPilot says he staked about more than 500, and he already got 80. So there's like a... No, because I have a lot on Pendle. Oh, wait, you have... I have a lot on Pendle. You have three wallets. I have three wallets, too. Yeah, yeah, yeah. I have three wallets, too. So there's one of them. Justin Sun has 2 million Eigen tokens, by the way. Yeah, and it's linear. I'm not going to object to linear. I see why some people play it linear, but yet again, I think they should have rewarded the smaller people. That's part of decentralization, right? Where you do have to encourage the new players and newcomers a little bit more. So anyways... But yeah, linear models are... It has its downsides. It is what it is. And I think that by punishing Pendle community, I think that's bad. Basically, anyone on Pendle that was trading these points, they got shafted, because you're not part of the first wave, right? So that's actually quite bad, too. So I feel like this is where... Like, you need to look after your core audience. Like, this is number one key point that they tell you. I talk to people from Y Combinator. And when Y Combinator, when they incubate new projects, they tell them, the advisors tell them, you have to look after the people who love you. The people who like you, okay, you can kind of lose. The people who don't care about you or whatever, right? You don't care. But the people who love you, you got to really take care of them, because they're the ones that will help you grow in the future. And I feel like this is where they fucked up. Y Combinator did not look after people who love them, right? That really went the extra mile to start trading these points, to set up a secondary marketplace, to set up these points. These are DeFi maxis that set up infrastructure. And, you know, they played around. And they're very hardcore users. And they can, you know, really love this project. And I feel like this is where, by slapping them in the face, this actually gives this project such a bad vibe. So anyways, I think, you know, I would push them to reconsider, but I do know that they published a 40-page paper to tell you how to fuck off. So, you know what? No, you can't bother. You can't bother, but we do have the power to sell Eigen when it's launched. So I guess that's what I'm going to do. I think it's still going to be big. It's still going to be big. I'm still going to thank you for your money, but I'll gladly dump it. I'll gladly dump it. I'll dump it without feeling any bad. Like, bad. I will dump it with impunity. Yeah, yeah, yeah. Yeah, so dump with impunity, guys. Exactly. And then just cross that out in your spreadsheet. Yeah, it's done. It's done. Thank you very much. Thank you. Farm that shit. It's over. And peace out. Peace out, folks. But anyways, guys, dump with impunity is my strategy now. I feel like they got cocky. Eigen later got cocky, so they don't care anymore. You can't do that. You cannot, like, even if you're cocky AF, you should never tell the public you're cocky. Yeah. Unless you're Elon Musk, and he still pulls up, unless you're, like, really pulling off an Elon Musk or a Tony Stark, you can't be that cocky. You can't be, and even Tony Stark, he's cocky, but he's not, like, he doesn't douche the people who love him. Yeah, yeah. All right? He loves the people. He loves the people, right? That's the thing. Like, he's cocky, but he doesn't douche the people. This is douching the people. He's douching, yeah. This is actually douche. Yeah. All right? You cannot actually douche the people. That's where they fucked up. Yeah. All right? Even Elon Musk, he doesn't douche on your Tesla fans, right? Like, the people who buy the Tesla, people who use the Tesla, like, Elon Musk doesn't do that. He douches on everyone else, but the core audience, he still supports. This Eigenlayer is, like, they're cocky and they douche their own supporters, and that's bad. That's bad. Like, when you listen to investors like that, and you douche your actual fans and actual people that want to decentralize for you, you are not going to last long, my friend. You are not going to last long. Yeah. I think, you know, this year, expectation management is a very underrated skill to have as an airdrop farmer. I think there's recent trends of really big projects just end up being disappointing. But that's the strategy. A shameless plug for BoxMining Plus as well. BoxMining Plus, we talked about a lot of the smaller ones, which are going to get more. You can see that the bigger the project, the more douchey they can be, and the more duped they can. So, BoxMining Plus, baby. Yes, sir. Athena Labs. Yeah. Athena Labs. We'll see. It's a lot more. Go to the live section. That's where it's all at. So, you talked about Sanctum. They're out today. Mitosis. Parallel Network. Bitmaps. That's a... Tons of stuff going on. So, guys. Thank you, guys. Drop us some likes. Um... You know what to do. All right. Peace. Peace, guys. Shona now. See you soon. Keep farming. Don't let this down. Don't let down. Don't get let down. Don't get let down. It's still money. It's still money. And we're going to dump it with impunity. All right.