The Eigen Foundation has pledged 1% of its total EIGEN token supply to the Protocol Guild, a collective dedicated to advancing Ethereum Layer-1 research and development.
Token Pledge Details
According to data from CryptoSlate, the EIGEN token’s total supply surpasses 1.6 billion. With this commitment, the Protocol Guild is set to receive up to 1.6 million EIGEN tokens. Based on the current token valuation of $5 each, this pledge equates to an estimated $8 million.
The Eigen Foundation has confirmed that it will transfer the pledged tokens soon.
Reinforcing Ethereum’s Ecosystem
In a December 13 post on X (formerly known as Twitter), the Eigen Foundation emphasized that this contribution aligns with its mission to enhance the Ethereum ecosystem’s growth and sustainability. By supporting the Protocol Guild, the Foundation aims to provide crucial funding for the network’s ongoing development.
Moreover, the Protocol Guild plays a vital role in Ethereum’s progress by channeling funds to projects and contributors. It currently supports over 180 members from 29 teams, facilitating initiatives such as client development, research, specifications, testing, and coordination.
Advancing Ethereum’s Technology
Highlighting Ethereum’s continuous advancements, the Eigen Foundation mentioned zk-proofs, decentralized storage, and rollups as key areas of progress. Additionally, it expressed pride in backing developers shaping the network’s future through the Protocol Guild.
This pledge is designed to ensure consistent funding for the Protocol Guild, which is integral to maintaining Ethereum’s decentralized infrastructure. The Foundation stated:
“At Eigen Foundation, we share the belief that a decentralized future depends on strong, well-supported infrastructure. By pledging 1% of EIGEN supply, we aim to help the Protocol Guild sustain Ethereum’s core development and maintain its decentralized future.”
EigenLayer’s Contribution to Decentralization
The Eigen Foundation’s flagship platform, EigenLayer, allows users to restake ETH to secure third-party networks. According to DeFiLlama, EigenLayer ranks as the third-largest DeFi protocol, with a total value locked (TVL) of $17.97 billion.
Protocol Guild’s Growing Funding
Dune Analytics data shows that the Protocol Guild has received approximately $95 million in donations, bringing it close to the $100 million milestone. Notably, this total excludes the EigenLayer contribution.
Significant donations include $27.5 million from the Ether.fi Foundation and $20.9 million from Taiko Labs. Furthermore, the LayerZero Foundation and the Arbitrum Community have contributed $7.6 million and $3.2 million, respectively.
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