Eigen Foundation Pledges 1% of EIGEN Token Supply to Protocol Guild for Ethereum Layer 1 R&D

The Eigen Basis has introduced its pledge to allocate 1% of the EIGEN token provide to the Protocol Guild, a collective funding mechanism devoted to supporting Ethereum Layer 1 R&D.

The most recent pledge types a part of the staff’s mission to create a market for “programmable belief” via its decentralized restaking protocol.

Eigen Basis’s 1% Token Pledge

The Protocol Guild, which contains over 180 members from 29 groups, performs a vital position in sustaining Ethereum’s decentralized community. Its members deal with key areas akin to consumer improvement, analysis, specification design, testing, and coordination. This ensures Ethereum’s steady evolution and resilience in opposition to centralized seize.

EigenLayer allows staked ETH to function cryptoeconomic safety for different protocols, enhancing Ethereum’s safety whereas supporting innovation. By dedicating a portion of its token provide to the Protocol Guild, the Eigen Basis aligns its targets with the Guild’s mission of guaranteeing sustainable incentives for Ethereum’s maintainers. Its official statement learn,

“This dedication aligns with EigenLayer’s mission: To increase Ethereum’s safety via restaking and making a market for programmable belief. We’re proud to contribute to Ethereum’s development and long-term sustainability.

The most recent improvement comes after the Eigen Basis announced the EIGEN Season 2 Stakedrop in September. This distribution initiative aimed toward recognizing contributors and members who’ve supported its improvement.

The entity had then acknowledged that the stakedrop would allocate EIGEN tokens throughout three classes: stakers and operators who actively participated throughout the season, ecosystem companions akin to rollups and RaaS suppliers, and group members who’ve performed a pivotal position in advocating for EigenLayer.

A month later,  EIGEN debuted on a number of exchanges in one of the closely mentioned and anticipated token launches of 2024.

EigenLayer’s Progress And Two Safety Breaches

Launched by Sreeram Kannan in early 2021, EigenLayer rose to prominence as a number one DeFi undertaking in 2024, with over $18 billion in whole worth locked (TVL) as reported by DeFiLlama. Nevertheless, EigenLayer suffered a $5.7 million hack involving stolen tokens offered through decentralized exchanges.

The protocol confronted one other safety breach on October 18 when its official X account was hacked. The attackers used the compromised account to promote a pretend airdrop marketing campaign, directing customers to malicious hyperlinks disguised as a part of the concluded Season 2 token distribution. On-chain investigator ZachXBT and Polygon Labs’ Mudit Gupta rapidly warned customers to keep away from these hyperlinks. Rip-off Sniffer later confirmed the phishing scheme.