The Eigen Foundation has announced its commitment to allocate 1% of the EIGEN token supply to the Protocol Guild, a crowdfunding mechanism dedicated to supporting Ethereum Layer 1 R&D.
The latest commitment is part of the team’s mission to create a market for “programmable trust” through its decentralized recovery protocol.
Eigen Foundation 1% Token Pledge
The Protocol Guild, comprising more than 180 members from 29 teams, plays a crucial role in maintaining the decentralized Ethereum network. Its members focus on key areas such as customer development, research, specification design, testing and coordination. This ensures the continued evolution and resilience of Ethereum against centralized capture.
EigenLayer allows staked ETH to serve as cryptoeconomic security for other protocols, improving the security of Ethereum while also supporting innovation. By dedicating a portion of its token supply to the Protocol Guild, the Eigen Foundation aligns its goals with the Guild’s mission of ensuring sustainable incentives for Ethereum maintainers. It’s official statement read,
āThis commitment aligns with EigenLayer’s mission: to extend the security of Ethereum by recovering and creating a market for programmable trust. We are proud to contribute to the long-term growth and sustainability of Ethereum.
The latest development comes after the Eigen Foundation. announced the EIGEN Season 2 Stakedrop in September. This distribution initiative aimed to recognize the contributors and participants who have supported its development.
The entity then stated that the staking drop would allocate EIGEN tokens into three categories: participants and operators who actively participated during the season, ecosystem partners such as rollup and RaaS providers, and community members who have played a pivotal role in the defense of EigenLayer.
A month later, EIGEN debuted on several exchanges in one of the most discussed and anticipated token launches of 2024.
The growth of EigenLayer and two security breaches
Launched by Sreeram Kannan in early 2021, EigenLayer rose to prominence as a leading DeFi project in 2024, with over $18 billion in total value locked (TVL) as reported by DeFiLlama. However, the layer itself suffered a $5.7 million hack involving stolen tokens sold through decentralized exchanges.
The protocol faced another security breach on October 18 when its official X account was hacked. The attackers used the compromised account to advertise a fake airdrop campaign, directing users to malicious links disguised as part of the concluded Season 2 token distribution. On-chain researcher ZachXBT and Mudit Gupta of Polygon Labs were quick to warn users to avoid these links. Scam Sniffer later confirmed the phishing scheme.
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