Web3 Watch: EigenLayer announces 86M token airdrop for Season 2

Meanwhile, Euler returns with a V2 launch of its lending protocol

article-image

EigenLayer and Adobe Stock modified by Blockworks

share

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​.

Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

article-image

Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

by Blockworks /
article-image

Will TradFi make crypto better or create more problems than it solves?

article-image

Subtle decisions by risk curators saved Aave from significant turmoil

article-image

The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

by Blockworks /
article-image

DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

by Blockworks /