EIGEN Season 1 claims open: the verdict on restaking points, and whether to keep going

EigenLayer​, the heart of restaking, has opened Season 1 claims for EIGEN. This is the verdict on the restaking points people have been accumulating since 2023. And importantly, the points programme is still running.

Item	Detail
Season 1	5% of initial supply to point holders (about 28 million EIGEN added later)
Recipients	Users who restaked ETH or LSTs
Notable	Initially distributed as non-transferable (which drew criticism)
Continuing	Points keep accruing toward Season 2

What Season 1 contained, and the arguments

Allocation was proportional to points, weighted toward long-term and larger restakers. Two points, though, have caused an uproar.

• Non-transferable at first​: you receive it but cannot sell it right away
• Regional restrictions​: 30 countries including the US, Canada, China and Russia were excluded, with strict anti-VPN measures

Honestly, expectations were high enough that the complaints are visible. Still, the fact that points actually converted into a token carries weight, and I think the credibility of the whole points meta went up rather than down​.

How restaking works (in 30 seconds)

Restaking means reusing already-staked ETH (or an LST) as security for other protocols​. You get extra yield plus points, and in exchange you take on more slashing conditions. Yield gets a second storey, and so does risk.

How to decide whether to continue

The takeaway: only continue if you plan to hold ETH long term anyway.

1. If you intend to keep holding in ETH terms, continuing to earn points through restaking is reasonable
2. Going through an LRT (the LST equivalent for restaking) lets you stack the LRT issuer''s points on top
3. Do not put in short-term money or money you live on. Withdrawal queues and slashing risk weigh heavily

Risks and caveats

• Slashing​: a failure at a protocol you secure can take your ETH
• Layered smart contract risk​: EigenLayer plus an LRT plus DeFi stacks vulnerabilities on top of each other
• The criteria and timing for Season 2 have not been announced

Summary

There is one thing to do. If you are eligible, complete your claim on the official site​. If you were not eligible but hold ETH long term, start restaking an amount that does not strain you and get ready for Season 2. For everyone else, sitting this one out is a perfectly good decision.

⚠️ This is not investment advice. Restaking carries layered smart contract risk.

What happened next

After the backlash, EigenLayer announced an additional allocation of about 28 million EIGEN to Season 1 claimants. Phase two opened on 19 June 2024 and, including roughly 10 million tokens recovered through sybil mitigation in phase one, the running total reached about 113 million EIGEN.

Sources

• EigenLayer Opens Claims for Airdrop of EIGEN Token, Though It's Non-Transferable (CoinDesk)
• EigenLayer to Airdrop 28M EIGEN After First Airdrop Has Backlash (Cryptonews)