The Eigen Foundation has committed 1% of its EIGEN token supply to the Protocol Guild, a group dedicated to Ethereum Layer-1 research and development.
According to CryptoSlate data, the EIGEN token has a total supply exceeding 1.6 billion. With this pledge, the Protocol Guild could receive up to 1.6 million EIGEN tokens, valued at approximately $8 million, based on the current price of $5 per token.
The Eigen Foundation stated that the transaction for this pledge will be executed soon.
Supporting Ethereum development
In a Dec. 13 post on X (formerly Twitter), the Foundation explained that the pledge reinforces its goal of supporting the Ethereum ecosystem’s growth and sustainability through funding the Guild.
The Protocol Guild plays a crucial role in Ethereum’s development by funding projects and contributors. It currently includes over 180 members from 29 teams across the crypto space, supporting initiatives such as client development, research, specifications, testing, and coordination.
The Foundation highlighted the ongoing advancements in Ethereum, such as zk-proofs, decentralized storage, and rollups. It expressed pride in supporting builders shaping the future of Ethereum through the Protocol Guild.
This pledge aims to ensure the Protocol Guild continues providing consistent funding for Ethereum’s decentralized infrastructure maintainers. It 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, the Foundation’s flagship platform, allows users to restake ETH to secure third-party networks. According to DeFillama data, the protocol is the third-largest DeFi protocol, with the total value of assets locked on the platform amounting to $17.97 billion.
Funding nears $100 million
According to Dune Analytics data, the Protocol Guild…
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