The EIGEN Foundation has announced a pledge to allocate 1% of the EIGEN token supply to the Protocol Guild, a collective funding mechanism dedicated to supporting Ethereum Layer 1 research and development.
The latest pledge forms part of the team’s mission to create a market of “programmable trust” through decentralized restaking protocols.
Eigen Foundation’s 1% Token Pledge
Consisting of over 180 members from 29 teams, the Protocol Guild plays a critical role in maintaining Ethereum’s decentralized network. Its members focus on key areas such as client development, research, specification design, testing, and tuning. This ensures Ethereum’s continued evolution and resilience against intensive capture.
EigenLayer allows staked ETH to serve as crypto-economic security for other protocols, increasing the security of Ethereum 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. The official statement read:
“This effort aligns with EigenLayer’s mission to extend Ethereum’s security by restaking and creating a market for programmable trust. I am proud to be able to contribute to this.
The latest development comes after the Eigen Foundation announced the EIGEN Season 2 stake drop in September. This distribution initiative aimed to recognize contributors and participants who supported its development.
The entities were then split into three categories: stakers and operators with whom Stake Drop actively participated during the season, ecosystem partners such as rollups and RaaS providers, and community members who played a central role in advocating for EigenLayer. He said he would allocate EIGEN tokens.
A month later, EIGEN debuted on multiple exchanges as one of the most hotly discussed and anticipated token launches of 2024.
EigenLayer growth and two security breaches
Launched by Sreeram Kannan in early 2021, EigenLayer has made a name for itself as a leading DeFi project with total value locked (TVL) exceeding $18 billion in 2024, as reported by DeFiLlama. However, EigenLayer suffered a $5.7 million hack related to stolen tokens sold through a decentralized exchange.
The protocol faced another security breach on October 18 when its official X account was hacked. The attackers used the compromised accounts to promote a fake airdrop campaign, directing users to a malicious link masquerading as part of the now-closed Season 2 token distribution. On-chain researchers ZachXBT and Mudit Gupta of Polygon Labs were quick to warn users to avoid these links. Scam Sniffer later confirmed the phishing plan.
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