EigenLayer ETH withdrawal requests increase as the market digests airdrop expectations.
Over the past three days, EigenLayer has seen an increasing demand for withdrawals, totaling over 120,000 ETH. While this quantity does not affect the protocol's operation, it reflects the market's anticipation of digesting the airdrop of EIGEN tokens. This phenomenon is expected to continue for some time.
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Increased Withdrawal Demand for EigenLayer
Following EigenLayer's announcement that the first phase snapshot has ended and is preparing for an airdrop, there has been a stable and significantly increased demand for withdrawals in the past few days.
Within the past 72 hours, there have been 14,000 withdrawal requests, totaling 40,000 ETH, approximately $120 million. The EigenLayer protocol currently has 3.18 million ETH and LST in reserve, with an impact of around 1.25%.
Market Digesting Airdrop Expectations
Market expectations for EigenLayer's airdrop have been high this year, but due to the indefinite lock-up mechanism and a large portion of tokens being allocated to the internal team, the community has expressed discontent.
EigenLayer tokens are not yet in circulation, sparking discontent in the community.
As the assessment of airdrop benefits becomes clearer, the market needs time to digest excessive expectations, and some users have decided to take profits, which is expected to lead to more ETH withdrawals in the near future.