Eigen Foundation Delays Launch of Rewards to October 15

Eigen Foundation Delays Incentives v1 Rewards to Oct 15

The Eigen Foundation has officially extended the launch date for its Programmatic Incentives v1 rewards to October 15. Initially set for early October, this delay comes after a discrepancy in the rewards distribution was identified. The foundation is taking additional time to address the issue to ensure accurate and fair distribution of rewards when the program kicks off next week.

What is the Programmatic Incentives v1

The Programmatic Incentives v1 program is designed to strengthen the Eigen ecosystem by distributing EIGEN tokens to eligible stakers and delegated operators. The program will allocate approximately 66.9 million EIGEN tokens over the first year, which makes up about 4% of the token's initial supply of 1.67 billion tokens. These rewards will be distributed weekly, encouraging participation in the network’s staking and delegation activities. This initiative aims to improve network security and foster a more engaged and active community.

Why Was There a Delay?

The delay occurred due to a technical issue related to the rewards distribution process. Although the foundation has not provided specific details, they assure participants that the issue is being carefully resolved. Delays of this nature are common in the blockchain space, and the foundation’s decision to postpone the launch reflects their commitment to delivering a smooth and accurate reward distribution experience for all participants.

While the delay might be disappointing to those eager to claim their rewards, it also presents an opportunity for participants to review their staking or delegation options, potentially increasing their earnings. Starting from October 15, eligible stakers and operators can expect a consistent flow of weekly rewards.

As the program represents a significant portion of the token supply, it is likely to generate notable market activity, making the upcoming weeks particularly exciting for those involved in the Eigen ecosystem.

Also Read: EigenLayer Under Fire for Ambiguous Token Allocation