Blockchain-based systems are still very new, and experienced individuals in this field are extremely valuable. This is one of the main reasons why those with the necessary experience and skills often participate in multiple projects. Now, we see one of Ethereum‘s key figures involved in another Ethereum-related initiative.
Ethereum News
Ethereum Foundation researcher Justin Drake is joining the popular restaking protocol EigenLayer as an advisor. The platform has seen significant growth recently due to increasing interest in the restaking area. Now, Drake will support EigenFoundation, the foundation behind the crypto project.
In an announcement on his social media account, Drake elaborated extensively on the purpose and other details of this advisory role. The Ethereum researcher said the offer appealed to him because he felt he had done “very little in liquid staking and was very late.”
His new role will require a focus on taking risks again. Drake also denied accusations that EigenLayer systematically bribed the Ethereum Foundation (EF). He stated that with over 300 employees, it was impossible for the restaking protocol to influence the Foundation;
“As far as I know, three EF employees have an official relationship with EigenLayer organizations: one is an early EigenLabs investor, and two recently took on advisory roles at EigenFoundation. The people at the Ethereum Foundation are among the most honest I know, and I don’t think the 1% of EF members officially involved with EigenLayer have compromised their ethics.”
Million-Dollar Salary
Of course, this advisory role is not just for ideals but also has financial compensation. Justin Drake will receive millions of dollars worth of tokens as an advisory fee from EigenLayer. These earnings are shaped by various incentives.
“I promise to transfer all advisory earnings as investments or donations to valuable projects within the Ethereum ecosystem. Additionally, if I believe EigenLayer is moving in a direction contrary to Ethereum’s interests, I am ready to end the advisory role at any time.”
According to DeFiLlama data, the restaking protocol has reached a total locked value (TVL) of 15 billion dollars. Compared to competitors like Symbiotic, it is still in a good position.
