Justin Drake of Ethereum Foundation Appointed as Advisor to Eigen Foundation

In a recent development that has sparked discussions about transparency and potential conflicts of interest within the Ethereum ecosystem, Justin Drake, a researcher at the Ethereum Foundation, has disclosed his new advisory role at the Eigen Foundation.

This role comes with a significant allocation of Eigen tokens, which Drake admits could surpass the value of his current assets, primarily consisting of Ethereum (ETH). This disclosure comes amid a broader conversation about the influence of incentives on core developers and researchers within the Ethereum Foundation.

The dialogue was initiated by Ethereum co-founder Vitalik Buterin, who emphasized the foundation’s culture of openness, including the expression of dissenting views about the protocol and its ecosystem. 

This prompted crypto trader Jordan Fish, known as Cobie, to question Buterin about his stance on Ethereum Foundation members receiving substantial incentives from projects built on Ethereum, particularly when these projects might have conflicting interests with Ethereum now or in the future. 

Although Buterin did not respond directly, Drake’s announcement about his advisory role seemed to be a move towards the transparency that the community is seeking.

Addressing Potential Conflicts and Promoting Transparency

Drake’s decision to become an advisor to Eigen Foundation was not made lightly. He mentioned that he had turned down over 100 similar roles and had been in discussions with Eigen Foundation for over a year. His advisory role is focused on researching re-staking risks, and he is not involved in any marketing activities for EigenLayer. 

Despite his significant role, Drake maintains a critical stance towards EigenLayer and aims to use his position to steer the project in a direction that supports Ethereum’s interests.

The Ethereum Foundation researcher also pledged to reinvest all proceeds from his advisory role back into the Ethereum ecosystem, either as investments or donations. This gesture is seen as a commitment to ensure that his personal gain will also benefit the broader Ethereum community. 

Drake stated, “The advisorship comes with a significant EIGEN token incentive which could easily be worth more than the combined value of all my other assets. We’re talking millions of dollars of tokens vesting over three years.”

I recently became an advisor to the EigenFoundation. I feel the community deserves transparency so here is an extended disclosure

1) The advisorship comes with a significant EIGEN token incentive which could easily be worth more than the combined value of all my other assets…

— Justin Ðrake (@drakefjustin) May 19, 2024

EigenLayer’s Role and the Broader Ethereum Ecosystem

EigenLayer is a platform that allows users to deposit and “re-stake” ether from various liquid staking tokens. The aim is to allocate those funds to secure third-party networks or actively validated services. 

Drake’s role involves guiding the project, particularly in terms of re-staking issues, which he believes are crucial to not repeat past mistakes seen with liquid staking in the Ethereum ecosystem.

Addressing concerns that EigenLayer might be trying to influence the Ethereum Foundation, Drake noted that the foundation is a large organization with over 300 people, and only three have formal relationships with EigenLayer—one as an investor and two as advisors. He believes this small number does not compromise the foundation’s integrity.