Cryptocurrencies

It sparked the decision of an Ethereum Foundation researcher to take on the role of a paid consultant for the Foundation

The decision of an Ethereum Foundation researcher to take on the role of a paid consultant for the organization behind EigenLayer has drawn criticism on social media, with one commentator noting that it could create “conflicting incentives.”

In a lengthy post on May 19, Ethereum researcher Justin Drake revealed that he has taken on an advisory role at EigenFoundation that “comes with a large token incentive from EIGEN” awarded over three years worth “millions of dollars” and “more than everyone’s combined value.” My other assets.”

EigenLayer is a protocol that partially launched on the mainnet last month that allows users to deposit liquid ETH (ETH) tokens – derivative tokens of ETH accumulated in a protocol like Lido – effectively allowing ETH to be deposited twice.

Drake said he took on the role on the condition that it would be limited to research into re-risking and claimed his default position would “continue to be critical of EigenLayer” while acknowledging the role “inevitably comes with downside risks beyond my personal reputation.”

“By being an advisor, I hope to have a front-row seat to reframing the issues and guiding EigenLayer from within,” Drake wrote. “I feel like I did too little, too late in terms of fluid buildup. “This is an opportunity not to repeat the mistake in the replay.”

1 day ago, cryptocurrency trader and UpOnly Co-host Jordan Fish, who goes by the name Coby, asked Ethereum co-founder Vitalik Buterin for his thoughts on Ethereum Foundation employees “taking life-changing (cash) bundles” from projects that “may conflict with Ethereum’s incentives” — giving EigenLayer As an alternative theoretical example.

source: Jordan fish

On the other hand, others, including Polygon’s vice president of governance Hudson Jameson, zkSecurity co-founder David Wong, and Standard Chartered’s crypto investment manager Robbie Nakarmi, praised Drake for being transparent.

Related: Is setup too difficult? Cryptocurrency adoption still faces significant hurdles

In his post on

“The EF is a large organization with over 300 people,” he wrote, “and to my knowledge, 3 EFers have a formal relationship with EigenLayer entities: one as an early investor in EigenLabs, and two as recent advisors to the EigenFoundation.”

He added that he “did not see the 1% of EFers officially participating in EigenLayer putting their ethics at risk” and that he was also prepared to “end the consultation at any time” as if EigenLayer went in a direction “against Ethereum’s interests.”

Earlier in May, EigenLayer dropped an additional 28 million of its EIGEN token to users after facing backlash from users who claimed its platform was too restrictive.

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