Solana launched a real airdrop season at the end of last year. Ethereum followed suit a little later with token launches of Ether.fi and Ethena, allowing users of these protocols to access several billion US dollars.
However, since the EigenLayer airdrop was announced, the tide seems to be gradually turning. The restaking protocol is emblematic of the high expectations many investors have for Ethereum. And for the frustration over the supposed failure. When the announcement of what was probably the “largest airdrop of all time” was met with criticism from many crypto users who had been adding ETH to the protocol for months in the hope of reaping a high allocation.
The furious phase of airdrops, characterized by spectacular token gifts and the frenzied greed of farmers, may be over for now. The zenith is marked by the EigenLayer airdrop, which was unfortunate in its execution. An ecosystem that can no longer appease its followers with such events risks losing followers.
On the other hand, EigenLayer offers the much-needed technological innovation and narrative mentioned above. The continued success of the protocol could be crucial for the future performance of Ethereum and the price. The TVL of the protocol is still at a high level (see above). Whether this will continue remains to be seen.
You can read why the Ethereum price is struggling and whether an investment in ETH is still worthwhile in our latest edition of the free Ethereum Report.
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