OpenBlock Labs

Success Story

impact

600K

Fully indexed ecosystem users

200+

DeFi contracts resolved to their underlying users

100M

EIGEN Tokens distributed to users

$1B

Value delivered to users from initial airdrop

Challenge

After releasing on mainnet in June 2023, the restaking platform EigenLayer grew to be the second biggest platform by Total Value Locked (TVL), amassing over $15 billion in deposits. When it came time to release an airdrop, an entire ecosystem had been built on top of their deposit contracts. This ecosystem consisted of over a dozen Liquid Restaking Tokens (LRTs) spread across Ethereum Mainnet and Layer 2 solutions, integrated into dozens of different Decentralized Finance (DeFi) platforms. To meet the internal requirements for their airdrop, EigenLayer needed the ability to track not just users who deposited directly into EigenLayer contracts, but also user activities across this entire ecosystem. Key questions included:

How to identify the time-value of user contributions who interact with DeFi integrations?
How to normalize the time-value of dozens of different tokens with differing values?
How to identify and provide bonus distributions to their oldest and most core users?

key goals

Solution

Extensive on-chain data from Ethereum Mainnet and Layer 2s was ingested into the OpenBlock platform allowing for tracking of all users who interacted with any aspect of the EigenLayer ecosystem. This included:

Indexing Beacon Chain data to identify validators who were restaking Ethereum directly.
Indexing contracts where users could directly restake existing Liquid Staking Tokens (LSTs).
Indexing hundreds of DeFi contracts to track users' LRT activity in DeFi platforms.

Each DeFi contract was handled in a custom fashion to map contract interactions to effective activity for each user providing liquidity.

Using the indexed data across the entire EigenLayer ecosystem, the OpenBlock platform provided individual ledgers for each user. Combining these ledgers with on-chain and intrinsically defined time series data for the exchange rates of the dozens of tokens led to a normalized ledger for each user that could be directly compared to one another.

These datasets allowed for direct visibility into the types of users and their activities. Using this extensive data, the EigenLayer distribution team was able to utilize the OpenBlock platform to balance the airdrop distribution to reward all users within the ecosystem while providing additional benefits based on internal priorities and desirable user activity.