Twohigh-profileEthereumresearchers,JustinDrakeandDankradFeist,havesteppeddownfromtheiradvisoryrolesatEigenLayer,arestakingplatform.
TheannouncementcametodayonX,asbothresearcherscitedtheirdesiretofocusentirelyontheEthereumbaselayer.DrakehadalreadyleftthepositioninSeptemberbutmadehisexitpublictoday.Hesaid:
“IwanttoapologizetotheEthereumcommunityandEF[EthereumFoundation]colleaguesforthedramaIcaused.”
Headmittedtheadvisoryrolewasa“badmove.”FeistaddedthatwhileEigenLayerremainsavaluableproject,Ethereumdemandshisfullattention.
Tensionsoverconflictofinterestandtokencompensation
ThetroublestartedbackinMaywhenitwasrevealedthatbothresearcherswereadvisingEigenLayer,whichranksamongthetopthreeDeFiprojectsonEthereumbyTotalValueLocked(TVL),accordingtoDefiLlama.
EigenLayer’ssuccesshadcausedconcernsabouttheimpartialityofEthereum’scorecontributors,especiallygiventheheftycompensationpackagesforadvisors.Drake’scontractreportedlyincluded“millionsofdollarsoftokensvestingoverthreeyears.”
AyaMiyaguchi,theEthereumFoundation’sexecutivedirector,respondedtothepublicbacklashbypromisingtoimplementaconflict-of-interestpolicy.InaMaypostonX,shesaid:
“Itisclearthatrelyingoncultureandindividualjudgmenthasnotbeensufficient,andwehavebeenworkingonaformalpolicytoaddressthisproblemforawhilenow.”
Miyaguchiindicatedthepolicywouldbefast-trackedtopreventsimilarissues.Whileaformalpolicyhasyettomaterialize,Drakehintedatchangesinhisownapproach.Hepledgedtoavoidfutureadvisorships,investments,andparticipationinsecuritycouncils,explaining:
“ThispersonalpolicygoesaboveandbeyondtherecentEF-wideconflictofinterestpolicy…becauseIwanttosignalcommitmenttoneutrality.”
EigenLayer’stokenairdropandongoingsecurityissues
EigenLayerhasbeenmakingheadlinesforotherreasonslately,launchingitsSeason2“stakedrop”campaign,amassiveairdropof86millionEIGENtokens,around5.1%ofitstotalsupply.Theairdropbreaksdownintothreeprimaryallocations:
StakersandOperators:Receiving70milliontokens,thelargestshare,reservedforuserswhoactivelystakeandoperatewithintheplatform.
EcosystemPartners:10milliontokensaredesignatedforpartneringprotocols,includingliquidstakingnetworks.
CommunityMembers:6milliontokenssetasideforearlyadvocatesandcontributors.
EigenLayercapturedtheairdropsnapshotonAugust15,withclaimsopeningonSeptember17.Buttheplatformhasbeeninplentyofsecuritytroubles.InOctober,itsawanunauthorizedsaleof1.67millionEIGENtokens,valuedatroughly$3.3each.
ThissaleraisedimmediatequestionsaboutviolationsofEigenLayer’slockuppolicy,whichbarscurrentandformeremployeesfromsellingorstakingtokensbeforeSeptember2025.ThewalletusedinthesalewaslinkedtoEigenLayer’sGnosisSafe,whichaddstotheconfusionsurroundinginternalcontrols.
ThishasledEigenLayertoreexamineitssecuritymeasuresandaddressweakpointsinitscomplianceprotocols.OnOctober18,asecuritybreachledtothetheftofapproximately$5.7million.
Anattackerusedaddressspoofingtomimicaninvestor,bypassingsecuritytosiphonfunds.Inresponse,EigenLayerhasbeenreviewingandtighteningitssecurityprotocols,hopingtofendofffuturebreaches.
ThetokenunlockedonOctober1,instantlyclimbingintothetop100cryptocurrenciesbymarketcap.EIGEN’sfullydilutedvaluationsurgedtoaround$7.2billion,withthetokentradingatapproximately$3.59.
Buttheunauthorizedsalesandhackingincidentshavemadethemarketskittish.Priceswingsanduncertaintydominatetrading,fueledbyquestionsovertheplatform’sinternalsecurityandgovernance.
cryptopolitan.com