There have been recent airdrop fiascos in the cryptocurrency industry. While this situation has cast a shadow on the token launches of projects, Eclipse Labs has taken some precautions for the upcoming ES token airdrop.
Eclipse Labs has banned its team members from participating in the upcoming ES token airdrop, The Block reported.
Airdrop Ban Has Arrived!
Eclipse Labs, a layer-2 scaling solution for Ethereum (ETH), has banned its team members and employees from participating in the upcoming ES token airdrop.
It was reported that this move by Eclipse Labs was planned to prevent insider selling that has been affecting the market recently.
Eclipse Labs stated that every employee signed an agreement prohibiting airdrop requests and requested to exclude all wallet addresses, including test wallets.
“Eclipse Labs employees signed a document prohibiting them from requesting any ES airdrops and providing all addresses (regardless of whether they were used for testing) to exclude the possibility of participating in airdrops.”
Eclipse also noted that the ES tokens allocated to its team and investors will be subject to a one-year lock-up period after its IPO, followed by a three-year vesting period.
“All employee and investor allocations will be locked for one year after public listing and will be gradually unlocked over 3 years.”
The project has raised around $65 million in total funding so far, but has yet to set a specific date for its ES token airdrop.
*This is not investment advice.
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