Ethereum
Ethereum Researcher Justin Drake Joins EigenLayer
Justin Drake, a researcher at the Ethereum Foundation, revealed that he has become an advisor to the EigenFoundation, an independent non-profit organization focused on the EigenLayer recovery protocol..
In a detailed May 19 post on social media platform X, Drake revealed the extent of the relationship with the project and how it plans to operate.
EigenLayer gets a new advisor
The Ethereum researcher explained that he took the job because he felt he was “doing too little, too late with regarding liquid staking“, and it was “an opportunity not to repeat the takeover mistake.” So, after a long consultation period of more than a year, he accepted the new role at EigenLayer.
His new role would involve focusing on reassessing risks, and his default public position would be EigenLayer review. However, he promised to make his criticism constructive and advocate for mitigating risks such as erosion of solo validators and intersubjective overload of Ethereum consensus.
Drake also dismissed concerns that EigenLayer could systematically corrupt or corrupt the Ethereum Foundation (EF). He pointed out that the EF is a large organization with more than 300 people, making EigenLayer’s influence unlikely.
“To my knowledge, three EFers have a formal relationship with EigenLayer entities: one as an early investor in EigenLabs and two as recent advisors to EigenFoundation. EFs are some of the most honest people I know, and I don’t see the 1% of EFs formally involved in EigenLayer compromising their morals,” he said. added.
Learn more: Ethereum recovery: what is it and how does it work?
Meanwhile, his new role offers significant incentives that could result in “millions of dollars in tokens acquired over 3 years.” However, it plans to reinvest these profits into the Ethereum ecosystem.
Drake also emphasized that his commitment to EigenLayer’s advisory role is rooted in its alignment with Ethereum’s interests. Any imbalance, he asserted, would result in termination of the appointment.
“I am committed to putting all profits from consulting back into worthy projects within the Ethereum ecosystem, whether in the form of investments or donations. I am also prepared to terminate the board at any time, for example if EigenLayer goes in a direction that I consider contrary to the interests of Ethereum,” Drake said.
EigenLayer is a platform that allows users to reinvest their Ethereum to secure third-party networks. DeFiLlama data shows that EigenLayer now has a total value locked (TVL) worth over $15 billion on the platform since its launch.
Learn more: What is EigenLayer?
EigenLayer TVL. Source: DeFiLlama
Despite its success, EigenLayer faces strong competition from rivals like Symbioticwhich was reportedly backed by the co-founders of Ethereum liquid staking platform Lido.
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