也許是有史以來最受炒作的加密貨幣空投將于周五開始，但不一定具有其建設(shè)者所希望的那種熱情。

EigenLayer 是以太坊上的一個重質(zhì)押平臺，在向用戶開放的第一年里就積累了價值 160 億美元的加密存款，甚至在上個月正式推出之前也是如此。當大部分資金進來時，該項目只不過是以太坊區(qū)塊鏈上的一個美化的區(qū)塊鏈錢包——一個無功能的密碼箱，懸掛著未來獎勵的前景，但尚未具備任何實際功能。 （盡管該項目確實在四月份“啟動”了其集合安全服務(wù)，但許多關(guān)鍵任務(wù)功能仍然缺失）。

但正是有關(guān)代幣分配的細節(jié)引起了 X 和其他社交媒體平臺的大量批評。這種語氣變得如此消極，以至于一些行業(yè)官員懷疑這是否會導(dǎo)致廣受歡迎的加密貨幣激勵系統(tǒng)“積分”獎勵的消亡。

閱讀更多：隨著加密“積分”農(nóng)業(yè)的增長，模糊承諾的風(fēng)險也在增長

EIGEN 空投

作為其主要激勵模型，EigenLayer 的存款人將獲得積分獎勵——由 EigenLayer 和其他第三方跟蹤的積分，這些積分根據(jù)一個人在該項目中存入的金額和時間而累積。這些積分本身并不是加密代幣，但大多數(shù)儲戶希望它們最終能夠兌換成加密代幣——這一預(yù)期源于其他新興加密項目幾個月來的相似計劃。

除了通過存入 EigenLayer 來賺取積分外，一些人還開始在 Pendle 等平臺上直接進行交易，該平臺為積分交易提供了高達“40 倍的杠桿”。

EigenLayer 的積分計劃幫助其吸引了用戶并吸引了數(shù)十億美元，但當上周終于宣布 EIGEN 代幣空投時，該項目的社區(qū)爆發(fā)了憤怒。

首先，有消息稱，在未來某個尚未確定的日期之前，代幣將不可轉(zhuǎn)讓——這意味著用戶需要等待更長的時間才能兌現(xiàn)其投資。

“雖然故意沒有任何溝通表明代幣可以在第一天轉(zhuǎn)讓，但 EigenLayer 積分計劃已經(jīng)持續(xù)了近一年的事實無疑導(dǎo)致了儲戶能夠在第一天，”區(qū)塊鏈市場情報公司 IntoTheBlock 研究負責(zé)人 Luxas Outumuro 說道。 “他們希望進一步去中心化代幣，這是可以理解的，但這是對期望的管理不善，沒有得到妥善解決。”

Read more: Why Eigenlayer’s Airdrop Is Controversial

More blowback revolved around EigenLayer's decision to restrict its airdrop to users from select regions – even though the project had placed no geographic restrictions on users making deposits and earning points. Users from more than a dozen countries, including the U.S., Canada and China, will be barred from the airdrop.

"There was so much 'wink, wink' going on around points and how they were making an infinite sum game and everyone's gonna win and all of this shit. And then they basically cut off two-thirds of potential users and airdrop recipients," said one EigenLayer venture investor who agreed to speak on the condition of anonymity. "I think it's completely fine to cut off the U.S. from an airdrop, but then don't let them use it in the first place."

Other criticisms came down to the token's "Season 1" distribution plan, which will place EIGEN tokens into the hands of some point earners but will force others to wait for a "Season 2" airdrop that hasn't been detailed. This means users who deposited into EigenLayer via some liquid restaking services and other third-party platforms don't yet know how many EIGEN tokens they'll receive – despite the fact that these services are responsible for a lion's share of overall EigenLayer deposits.

"EigenLayer chose to allow others to, sort of, rehypothecate and play all these crazy games. They could have just said, 'No, don't do that. We're not making any commitment that we're going to honor those points,'" said Mike Silgadze, founder of liquid restaking platform Ether.Fi.

EigenLayer revised its token plans in response to the community backlash, but it's unlikely that the changes will be enough to place EigenLayer back into the crypto community's good graces.

The problem with points

EigenLayer isn't the only recent project that's struggled to meet the expectations set by a points program.

Renzo, a liquid restaking protocol on EigenLayer, faced similar backlash last month when its point system failed to meet investors' expectations. Blur, one of the originators of crypto points, received criticism for repeatedly extending its points window and changing the rules around when and how tokens would be airdropped.

Some point programs have converted into airdrops with little controversy, but more and more of them – particularly larger projects, like EigenLayer – have led to disappointment.

Many investors are beginning to think that the practice – which has become ubiquitous among crypto startups – may finally be nearing its end.

Silgadze 解釋說，積分是“在代幣發(fā)布之前鼓勵協(xié)議活動”的一種方式。這對舊系統(tǒng)進行了改進，在舊系統(tǒng)中，用戶可以通過與區(qū)塊鏈協(xié)議交互來“耕種”空投，但并不確切知道什么樣的活動最終會導(dǎo)致空投。 Silgadze 說，基于點的系統(tǒng)“讓人們更清楚地了解協(xié)議希望你做什么”。

雖然積分系統(tǒng)是吸引潛在用戶的好方法，但它們也是監(jiān)管保護的結(jié)果。加密貨幣公司對于直接以首次代幣發(fā)行（ICO）方式出售代幣猶豫不決，因為這樣做可能會讓它們成為監(jiān)管機構(gòu)的目標。

但在保護投資者和提供透明度方面，Compound 和 Robot Ventures 的創(chuàng)始人、EigenLayer 開發(fā)商 Eigen Labs 的投資者 Robert Leshner 認為積分是最糟糕的。 “投資者保護的根本在于確保投資者和贊助商之間不存在信息不對稱。積分造成了加密貨幣領(lǐng)域最大的信息不對稱，”他說。 “一切都由團隊決定，用戶和投資者只是祈禱他們能得到團隊的正確對待。”

萊什納認為，過去一年中一連串的積分失敗最終將導(dǎo)致這種做法的消亡。

“當你看到加密貨幣領(lǐng)域中最大、最雄心勃勃、最真實的項目之一 EigenLayer 時，他媽的積分計劃——如果 EigenLayer 不能正確做到這一點，誰能做到？沒有人能做到。”

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