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

The Eigen Foundation has announced its pledge 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 pledge is part of the team’s mission to create a market for “programmable trust” through its decentralized restaking protocol.

1% commitment from the Eigen Foundation

The Protocol Guild, which includes more than 180 members from 29 teams, plays a crucial role in maintaining the Ethereum decentralized network. Its members focus on key areas such as customer development, research, specification design, testing and coordination. This ensures Ethereum’s continuous evolution and resistance to centralized capture.

EigenLayer enables staked ETH to serve as crypto-economic security for other protocols, enhancing Ethereum’s security while 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 to ensure sustainable incentives for Ethereum maintainers. His official statement said:

“This commitment aligns with EigenLayer’s mission: to extend Ethereum’s security by rethinking and creating a marketplace for programmable trust. We are proud to contribute to Ethereum’s long-term growth and sustainability .

The latest development comes after the Eigen Foundation announced the EIGEN Season 2 Stakedrop in September. This distribution initiative aims to recognize the collaborators and participants who have supported its development.

At the time, the entity had stated that the stakedrop would allocate EIGEN tokens in three categories: stakers and operators who actively participated during the season, ecosystem partners such as packages and RaaS providers, and community members who have played a fundamental role in the defense of EigenLayer.

A month later, EIGEN debuted on multiple exchanges in one of the most talked about and anticipated token launches of 2024.

EigenLayer growth and two security breaches

Launched by Sreeram Kannan in early 2021, EigenLayer rose to prominence as a leading DeFi project in 2024, with more than $18 billion in Total Value Locked (TVL), DeFiLlama reported. However, EigenLayer suffered a $5.7 million hack with stolen tokens sold through decentralized exchanges.

The protocol faced another security breach on October 18 when its official X account was hacked. 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. 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.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!