Greed

Ethereum

EigenLayer

DeFi

Drake

<ul> 
 <li aria-level="1">Justin Drake resigns from advisory role at EigenLayer after receiving millions in EIGEN tokens, citing poor judgment.</li> 
 <li aria-level="1">Dankrad Feist prioritizes Ethereum’s core development, steps down from EigenLayer to focus on network fundamentals.</li> 
</ul> 
In blockchain technology, the need for transparency and integrity among key stakeholders is paramount.&nbsp; 
This has been highlighted by recent events involving the Ethereum Foundation, where Justin Drake, a prominent Ethereum researcher, and Dankrad Feist have stepped down from their advisory roles at the restaking platform EigenLayer.&nbsp; 
Their resignations underscore ongoing concerns about potential conflicts of interest that could compromise the foundational ethos of decentralization and transparency within the Ethereum community. 
The controversy began when it was revealed that Drake had received substantial compensation in EIGEN tokens from EigenLayer, raising questions about his impartiality. 
 EigenLayer, notable within the DeFi sector of Ethereum’s network, had compensated Drake with millions of dollars worth of tokens over three years.&nbsp; 
The public disclosure of this arrangement stirred significant debate and scrutiny within the <a href="https://www.ethnews.com/ethereums-dapp-volume-hits-71-13-billion-impact-of-nfts-and-staking-explained/">Ethereum community</a>, spotlighting the delicate balance between personal gain and allegiance to Ethereum’s broader goals. 
Drake publicly expressed regret over the situation, describing his decision to accept the advisory role and compensation as a “bad decision.” In a bid to restore trust, he announced a personal policy of refusing all advisory positions, angel investments, and security consultancies, stating: 
<blockquote>
 “From now on, I will decline all advisory posts, angel investments, and security councils. This personal policy goes beyond the recent conflict of interest policy of the entire Ethereum Foundation, not because they asked me to, but because I want to signal my commitment to neutrality.”
</blockquote> 
Feist also resigned from his role at <a href="https://www.ethnews.com/ethereums-restaking-service-eigenlayer-sees-massive-inflows-revolutionizes-blockchain-security/">EigenLayer</a>, emphasizing his focus on the core development of the Ethereum network rather than external projects. This decision aligns with his dedication to strengthening the foundations of Ethereum, reinforcing the need for core developers to remain focused on the network’s advancement without external distractions. 
The <a href="https://www.ethnews.com/ethereum-foundation-modulates-market-liquidity-through-strategic-eth-sales/">Ethereum Foundation</a> had been under pressure to address these concerns formally and had previously promised to establish a formal conflict of interest policy. 
Aya Miyaguchi, the executive director of the Ethereum Foundation, acknowledged the inadequacy of relying solely on culture and individual judgment. 
<blockquote>
 &nbsp;“It is clear that relying on culture and individual judgment has not been sufficient, and we have been working on a formal policy to address this issue for some time. We will accelerate this work and share an update soon,” she stated.
</blockquote> 
The departures of Drake and Feist from EigenLayer are pivotal in the ongoing discussions about governance and conflicts of interest within the Ethereum ecosystem. 
While EigenLayer remains a promising project, the controversy has highlighted the necessity of establishing clear and transparent boundaries to prevent situations that could undermine the community’s trust in key figures. 
<div class="cryptoboxes" id="mcw-12523" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="ETH" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
Ethereum (ETH) is currently trading at $2,451.0, reflecting a 1.70% decrease. Over the past week, ETH has declined by 1.19%, but it has shown a modest gain of 4.25% over the past month, indicating recent bullish momentum despite current volatility.&nbsp; 
The 24-hour trading volume stands at $13.96 billion, suggesting consistent trading activity. Ethereum faces key resistance around the $2,500 – $2,600 range, while immediate support is observed near $2,400.&nbsp; 
<figure id="attachment_103230" aria-describedby="caption-attachment-103230" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-103230" src="https://www.ethnews.com/wp-content/uploads/2024/11/ETHUSD_2024-11-03_16-13-04.png" alt="ETHUSD_2024-11-03_16-13-04" width="1633" height="959">
 <figcaption id="caption-attachment-103230" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Technical indicators are mixed, with oscillators showing neutral momentum and moving averages suggesting caution in the near term. 
For ETH to continue its upward trend, a breakout above $2,600 would be necessary, while a drop below $2,400 could signal further downside risk. 
The post <a href="https://www.ethnews.com/shocking-confessions-from-ethereums-elite-greed-over-governance/">Shocking Confessions from Ethereum’s Elite: Greed Over Governance?</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Shocking Confessions from Ethereum’s Elite: Greed Over Governance?

ETHNews

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