The Eigen Foundation has entrusted 1% of the EIGEN token supply to the Protocol Guild, a group dedicated to Ethereum Layer 1 research and development.
According to CryptoSlate data, the total supply of EIGEN tokens is over 1.6 billion. With this pledge, Protocol Guild will 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 said the pledge transaction will be implemented soon.
Ethereum development support
In a Dec. 13 post on X (formerly Twitter), the foundation explained that this pledge strengthens its goal of supporting the growth and sustainability of the Ethereum ecosystem through funding the guild.
Protocol guilds play an important role in the development of Ethereum by funding projects and contributors. We currently have over 180 members from 29 teams in the cryptocurrency industry supporting client development, research, specification, testing, and tuning efforts.
The foundation highlighted ongoing advances in Ethereum, including zk-proof, decentralized storage, and rollups. He expressed pride in supporting builders shaping the future of Ethereum through the Protocol Guild.
This pledge is intended to ensure that the protocol guild continues to provide consistent funding to maintainers of Ethereum's decentralized infrastructure. There it was stated:
“At the Eigen Foundation, we share the belief that a decentralized future depends on a strong and well-supported infrastructure. By pledging 1% of Eigen’s supply, we are making the Protocol Guild We aim to help maintain our core development and sustain a decentralized future.”
The Foundation's flagship platform, EigenLayer, allows users to recapture ETH into a secure third-party network. According to DeFillama data, the protocol is the third largest DeFi protocol, with a total of $17.97 billion in assets locked on the platform.
Funding approaches $100 million
According to data from Dune Analytics, the Protocol Guild has already received approximately $95 million in donations and is on track to reach $100 million in donations. This total does not include the EigenLayer pledge.
Notable donations include $27.5 million from the Ether.fi Foundation and $20.9 million from Taiko Labs. Other donors such as LayerZero Foundation and Arbitrum Community contributed $7.6 million and $3.2 million, respectively.
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