Two Ethereum Foundation Members Withdraw from EigenLayer

Two key members of the Ethereum Foundation have decided to step down from their advisory roles at EigenLayer after months of controversy over conflicts of interest.

Azcnews Two Ethereum Foundation Members Withdraw From Eigenlayer

Top researchers Justin Drake and Dankrad Feist left their advisory roles for the EigenLayer restaking platform in September.

In May 2024, the two publicly confirmed their roles at EigenLayer. Each was promised millions of dollars in EIGEN tokens, which would be unlocked over three years. Drake even admitted that the compensation exceeded his personal net worth.

Justin Drake On X
Justin Drake On X

Community backlash

The decision to join EigenLayer has sparked a wave of criticism in the community, raising concerns about conflicts of interest. This is particularly notable because EigenLayer is a top 3 DeFi project by Total Value Locked (TVL) and operates on a different model than Ethereum.

When the controversy erupted, Aya Miyaguchi, CEO of the Ethereum Foundation, pledged to create a clear conflict of interest policy. “It’s clear that relying on culture and personal judgment is not enough,” she stressed. “We are working on finalizing this policy and will update the details soon.”

Justin Drake Apologizes

More than five months have passed, and Justin Drake has finally apologized to the Ethereum community and his peers, admitting that accepting an advisory role for EigenLayer was a mistake. The two researchers decided to step down from their advisory roles to focus solely on the parent network, Ethereum.

Drake pledged to remain neutral in the Ethereum community. He said he would decline any advisory positions, angel investments, and security committees. The decision not only complies with the Ethereum Foundation’s conflict of interest policy, but also underscores his commitment to neutrality. He asserts that his advisory role at EigenLayer was terminated before any EIGEN tokens were unlocked.

Drankrad Feist On X
Drankrad Feist On X

For his part, Feist maintains that his decision to take on the advisory role was negotiated in good faith, to ensure that EigenLayer was aligned with Ethereum’s vision. However, he understands that the community’s perception of the relationship is different, and that the conflicts of interest it creates would be difficult to reconcile with his responsibilities at Ethereum.

Eigen Usdt Chart
Eigen Usdt Chart

EigenLayer’s EIGEN token price has fallen more than 13% over the week, now halving since the airdrop and listing, with prices hovering around $2.40 per coin.

0.0/5

Love

Leave a Reply

Latest

How To Join The Blockless Airdrop

Airdrops | Editor Choice | News

How to Join the Blockless Airdrop

Join the Blockless Airdrop! This DePIN project has successfully raised $8 million and is currently launching its testnet program. The project has confirmed that there will be an airdrop for those who participate in the testnet experience.

Pepe Surges 75% In 24 Hours Following Coinbase Listing

News | Altcoin | Editor Choice | Memecoin

PEPE Surges 75% in 24 Hours Following Coinbase Listing

PEPE price has surged in the past 24 hours, after the largest exchange in the United States, Coinbase, announced the listing of this meme coin, and Robinhood also integrated PEPE into the platform.

Binance Announces Listing Of Usual On Launchpool And Pre Market

News | Altcoin | Editor Choice

Binance Announces Listing of USUAL on Launchpool and Pre-market

Binance has announced the listing of Usual as its 61st launchpool project. This is also the second project to be listed on Binance Pre-Market, following Scroll.

Blackrock Expands Rwa Market Share To Aptos, Arbitrum, Avalanche, Optimism, And Polygon

News | Editor Choice

BlackRock Expands RWA Market Share to Aptos, Arbitrum, Avalanche, Optimism, and Polygon

BlackRock USD Institutional Digital Liquidity (BUIDL) continues to expand its market share by entering four additional networks: Aptos, Arbitrum, Avalanche, Optimism, and Polygon.

Azcnews Act Memecoin On Solana Surges Nearly 3000% In A Short Period

News | Altcoin | Editor Choice | Memecoin

ACT Memecoin on Solana Surges Nearly 3000% in a Short Period

Memecoin Act I The AI ​​​​Prophecy has seen a huge price surge of nearly 3000% in the past 7 days, bringing huge profits to investors who believe in this coin.