The Eigen Foundation has committed 1% of its EIGEN token supply to the Protocol Guild, a group dedicated to the research and development of Ethereum Layer-1.
According to CryptoSlate data, the EIGEN token has a total supply above 1.6 billion. With this commitment, the Protocol Guild could receive up to 1.6 million EIGEN tokens, worth approximately $8 million, based on the current price of $5 per token.
The Eigen Foundation said the transaction for this commitment would be executed soon.
Support Ethereum development
In a December 13 post on X (formerly Twitter), the Foundation explained that this commitment furthers its goal of supporting the growth and sustainability of the Ethereum ecosystem by funding the Guild.
The Protocol Guild plays a crucial role in the development of Ethereum by funding projects and contributors. It currently includes more than 180 members from 29 teams in the crypto space, supporting initiatives such as customer development, research, specifications, testing and coordination.
The Foundation highlighted ongoing advancements in Ethereum, such as zk proofs, decentralized storage, and rollups. He expressed his pride in supporting the builders shaping the future of Ethereum through the Protocol Guild.
This commitment is intended to ensure that the Protocol Guild continues to provide consistent funding to those responsible for maintaining Ethereum’s decentralized infrastructure. He declared:
“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 aim to help the Protocol Guild support Ethereum’s core development and maintain its decentralized future.
EigenLayer, the Foundation’s flagship platform, allows users to reinvest ETH to secure third-party networks. According to DeFillama data, the protocol is the third largest DeFi protocol, with the total value of assets locked on the platform amounting to $17.97 billion.
Funding approaches $100 million
According to data from Dune Analytics, the Protocol Guild has already received approximately $95 million in donations, putting it on the verge of reaching $100 million. This total does not include the EigenLayer commitment.
Notable contributions include $27.5 million from the Ether.fi Foundation and $20.9 million from Taiko Labs. Other donors, such as the LayerZero Foundation and Arbitrum Community, contributed $7.6 million and $3.2 million, respectively.
