{"id":13641,"date":"2024-05-20T13:19:37","date_gmt":"2024-05-20T10:19:37","guid":{"rendered":"https:\/\/forklog.com\/en\/ethereum-developers-role-in-eigenlayer-sparks-community-debate\/"},"modified":"2024-05-20T13:19:37","modified_gmt":"2024-05-20T10:19:37","slug":"ethereum-developers-role-in-eigenlayer-sparks-community-debate","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ethereum-developers-role-in-eigenlayer-sparks-community-debate\/","title":{"rendered":"Ethereum Developer&#8217;s Role in EigenLayer Sparks Community Debate"},"content":{"rendered":"<p>On May 19, Ethereum developer Justin Drake disclosed his role as an advisor to the independent non-profit Eigen Foundation, a revelation that elicited mixed reactions from the community.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I recently became an advisor to the EigenFoundation. I feel the community deserves transparency so here is an extended disclosure \ud83d\ude42<\/p>\n<p>1) The advisorship comes with a significant EIGEN token incentive which could easily be worth more than the combined value of all my other assets\u2026<\/p>\n<p>\u2014 Justin \u00d0rake ?? (@drakefjustin) <a href=\"https:\/\/twitter.com\/drakefjustin\/status\/1792143477163106787?ref_src=twsrc%5Etfw\">May 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe advisorship comes with a significant EIGEN token incentive, which could easily exceed the combined value of all my other assets (mainly ETH),\u201d the developer wrote.<\/p>\n<\/blockquote>\n<p>According to him, the tokens are valued at \u201cmillions of dollars, distributed over three years.\u201d Drake has committed to directing all received funds \u201ctowards worthy projects in the Ethereum ecosystem, either as investments or donations.\u201d<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI am also ready to terminate [the collaboration] at any time, for instance, if EigenLayer takes a direction that I believe contradicts Ethereum&#8217;s interests,\u201d he added.<\/p>\n<\/blockquote>\n<p>Drake emphasized his selectiveness in advisory roles, noting that discussions with the project spanned over a year. His responsibilities are limited to risk research and do not include promotion, while his stance towards EigenLayer remains critical.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAs a researcher, I feel I did too little too late regarding liquid staking. This is an opportunity not to repeat the mistake with restaking,\u201d Drake wrote.<\/p>\n<\/blockquote>\n<p>The developer also refuted claims that EigenLayer is systematically attempting to \u201cbribe\u201d or \u201ccorrupt\u201d the Ethereum Foundation.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cEF is a large organization with over 300 employees,\u201d he wrote. \u201cAs far as I know, three EF employees have official relationships with EigenLayer entities: one as an early investor in EigenLabs, and two as recent advisors to the Eigen Foundation.\u201d<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\"><strong>Community Reaction<\/strong><\/h2>\n<p>Drake&#8217;s post drew mixed comments from users. One noted that such disclosure \u201cshould be a model for the industry going forward.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Best disclosure I\u2019ve ever seen. Should be a model for the industry going forward. Speaks to the integrity of both you, <a href=\"https:\/\/twitter.com\/sreeramkannan?ref_src=twsrc%5Etfw\">@sreeramkannan<\/a>, and the entire Eigen team.<\/p>\n<p>\u2014 Hart Lambur (?,?) (@hal2001) <a href=\"https:\/\/twitter.com\/hal2001\/status\/1792242177717756174?ref_src=twsrc%5Etfw\">May 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>zkSecurity co-founder David Wong praised Drake for his transparency. However, one user pointed out that opinion leader Cobie was the first to report the developer&#8217;s collaboration with the Eigen Foundation.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Are you serious? He only disclosed it because Cobie leaked it <a href=\"https:\/\/t.co\/Si2nQZlXrG\">https:\/\/t.co\/Si2nQZlXrG<\/a><\/p>\n<p>\u2014 eMon (@0xemon) <a href=\"https:\/\/twitter.com\/0xemon\/status\/1792216181375648223?ref_src=twsrc%5Etfw\">May 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A day before Drake&#8217;s publication, Cobie asked Vitalik Buterin how he felt about Ethereum Foundation developers accepting \u201clife-changing packages of dollars from projects built on Ethereum to become \u2018advisors,\u2019 even though these projects may have conflicting incentives with Ethereum.\u201d He cited EigenLayer as a theoretical example.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">That\u2019s good. On that note\u2026<\/p>\n<p>How do you feel about Ethereum Foundation core developers or researchers taking life-changing $ packages from projects built on Ethereum to become \u201cadvisors\u201d, when those projects may have conflicted incentives with Ethereum, either now or in the\u2026<\/p>\n<p>\u2014 cobie ) ) ) ) (@cobie) <a href=\"https:\/\/twitter.com\/cobie\/status\/1791796634990657779?ref_src=twsrc%5Etfw\">May 18, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Web3 researcher Emmanuel Awosika reminded of the \u201ccapitalist world of the free market.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I&#8217;m seeing responses to this tweet, and that&#8217;s why I fear Ethereum is cooked. We&#8217;re all so caught up in a weird (faux?) anti-capitalist meme and convincing ourselves that &#8220;Ya, money is bad and it&#8217;s better to remain pure and untouched because money corrupts&#8221;. You realize that you\u2026 <a href=\"https:\/\/t.co\/WudL2Q4O90\">https:\/\/t.co\/WudL2Q4O90<\/a><\/p>\n<p>\u2014 Emmanuel Awosika\u26a1 (@eawosikaa) <a href=\"https:\/\/twitter.com\/eawosikaa\/status\/1792321386473484636?ref_src=twsrc%5Etfw\">May 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cYou may not have heard this before, but money is not the root of all evil,\u201d he wrote.<\/p>\n<\/blockquote>\n<p>In response, Cobie noted that Drake disclosed the information the day after he questioned Buterin.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Is that what happened? Or the disclosure was always going to happen, and the person who disclosed it gleaned the information and shared it publicly first? <\/p>\n<p>The discussions had been going on for more than a year, so I expect word must have found its way out at some point.\u2026<\/p>\n<p>\u2014 Emmanuel Awosika\u26a1 (@eawosikaa) <a href=\"https:\/\/twitter.com\/eawosikaa\/status\/1792413832939245662?ref_src=twsrc%5Etfw\">May 20, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe discussions had been going on for more than a year, so I expect word must have found its way out at some point. Plausible scenario?\u201d Awosika retorted.<\/p>\n<\/blockquote>\n<p>The tweet from Drake received positive reactions from Polygon&#8217;s Vice President of Governance <a href=\"https:\/\/x.com\/hudsonjameson\/status\/1792426057406013522\">Hudson Jameson<\/a> and Standard Chartered Ventures&#8217; Director of Cryptocurrency Investments <a href=\"https:\/\/x.com\/redonettii\/status\/1792182354712100945\">Robbie Nakarmi<\/a>.\u00a0<\/p>\n<p>According to <a href=\"https:\/\/defillama.com\/protocol\/eigenlayer#information\">DeFi Llama<\/a>, the TVL of EigenLayer, which emerged in January, had approached $16 billion by April <a href=\"https:\/\/forklog.com\/en\/news\/eigenlayers-tvl-surpasses-15-billion-amid-ecosystem-expansion\">amid ecosystem expansion<\/a>. At the time of writing, the figure had adjusted to $15.3 billion.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/ah-aEMpDCvkJg1tTPMsXXXijXXOz16s9pKg_hvQllxGTSBCeNGDEepH-1lacAhzMr3bYizzk5eY9CAgVwk6xeMz_-OtNv4SbwTN-X8ZAL6dr92Ydd-3xbbgmdPvCrym_mX0-FNCwznOCkTJxjnGzoe0\" alt=\"Ethereum Developer's Role in EigenLayer Sparks Community Debate\"\/><figcaption class=\"wp-element-caption\">Data: DeFi Llama.<\/figcaption><\/figure>\n<p>In February, protocol co-founder Sreeram Kannan stated that the project had no <a href=\"https:\/\/forklog.com\/en\/news\/eigenlayer-chief-dismisses-plans-for-token-launch\">plans for a token launch<\/a>. By late April, the team <a href=\"https:\/\/forklog.com\/en\/news\/eigenlayer-to-launch-eigen-token-and-conduct-stakedrop\">announced<\/a> an EIGEN airdrop. The first distribution phase began in May.<\/p>\n<p>In the same month, reports emerged that the founders of the DeFi platform Lido were supporting EigenLayer&#8217;s competitor, Symbiotic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On May 19, Ethereum developer Justin Drake disclosed his role as an advisor to the independent non-profit Eigen Foundation, a revelation that elicited mixed reactions from the community. I recently became an advisor to the EigenFoundation. I feel the community deserves transparency so here is an extended disclosure \ud83d\ude42 1) The advisorship comes with a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1262,46,1150],"class_list":["post-13641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-eigenlayer","tag-ethereum","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13641"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13640"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}