Originally published on: November 02, 2024
In a surprising announcement on November 2, Ethereum Foundation researcher Justin Drake revealed that he has resigned from his advisory position at the Eigen Foundation. This decision comes in the wake of a controversy that arose in May 2024 regarding Drake’s involvement with the Eigenlayer restaking protocol.
Drake made it public that he stepped away from the Eigen Foundation advisor role in September 2024 and also departed from the Ultra Sound team. In a heartfelt apology to the Ethereum community, Drake expressed his desire to dedicate his time and energy to enhancing Ethereum’s layer-1 network, particularly focusing on its consensus layer.
When Drake initially accepted the paid advisory role at the Eigen Foundation earlier in May, it caused a stir within the Ethereum community. He admitted to receiving millions of dollars worth of EIGEN tokens in exchange for his advisory services. Despite the lucrative nature of the role, Drake made it clear that his responsibilities would revolve around researching technical, protocol, and structural risks associated with restaking, rather than marketing EigenLayer to the public.
The controversy surrounding Drake’s involvement with EigenLayer intensified when fellow Ethereum Foundation researcher Dankrad Feist also joined the project as an advisor. This move resulted in widespread criticism and accusations of a conflict of interest within the Ethereum community.
In response to these events, the Ethereum Foundation began drafting a conflict-of-interest policy to prevent similar controversies in the future and address community concerns.
Stay updated on the latest developments in DeFi and blockchain technology by subscribing to our Finance Redefined newsletter. Receive weekly insights, analysis, and financial opportunities straight to your inbox every Friday. Join now to make informed decisions with confidence.
By subscribing, you acknowledge and agree to our Terms of Services and Privacy Policy.
