Token

EigenLayer

EigenLayer’s native token, EIGEN, has soared nearly 50% in the past week following the announcement of its new governance system. The protocol unveiled its innovative governance framework designed to decentralize decision-making and strengthen collaboration among ecosystem participants, sparking enthusiasm among investors. 
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 <img decoding="async" width="1405" height="748" src="https://www.cryptotimes.io/wp-content/uploads/2024/11/EIGEN-Price-Chart.png" alt="EIGEN Price Chart" class="wp-image-217893" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/11/EIGEN-Price-Chart.png 1405w, https://www.cryptotimes.io/wp-content/uploads/2024/11/EIGEN-Price-Chart-420x224.png 420w, https://www.cryptotimes.io/wp-content/uploads/2024/11/EIGEN-Price-Chart-860x458.png 860w" sizes="(max-width: 1405px) 100vw, 1405px">
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 Source: <a href="https://coinmarketcap.com/currencies/eigenlayer/" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
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In the past 24 hours alone, EIGEN has gained 15%, EIGEN is trading at around $3.59 with a market cap of $670.4 million, up 14% today. Trading volume reached $353.86 million in the last 24 hours, reflecting increased market activity. 
The rally is attributed to heightened market optimism around EigenGov’s novel features, including council-driven governance and tokenholder oversight, which aim to ensure transparency and security while fostering decentralization. 
EigenLayer has unveiled EigenGov V1, a governance system designed to decentralize decision-making while fostering collaboration among the EigenLayer ecosystem. The platform, focused on trustless coordination, aims to empower EIGEN holders, AVS developers, operators, and stakers in driving the network’s prosperity and reliability. 
The core of EigenGov V1 lies in its councils, specialized groups of domain experts entrusted with decision-making in areas such as protocol upgrades, incentives management, grants allocation, and governance oversight. Token holders retain ultimate authority, with veto power over council decisions and the ability to endorse contributors for council roles, fostering a transparent and accountable system. 
EigenGov also employs a dual-track model—Core and Vision—to ensure stability while testing experimental governance innovations. This approach allows the system to evolve incrementally, balancing robust operations with progressive decentralization. 
With an incubation strategy in place, EigenGov will initially operate under the Eigen Foundation’s stewardship while developing decentralized structures for council incentivization, alignment, and accountability. These efforts aim to establish EigenGov as a minimal, secure, and agile governance model, enabling effective long-term operation and open innovation. 
EigenLayer’s initiative reflects a commitment to advancing decentralized governance, drawing from past DAO models to create a modular, open-source governance system adaptable for diverse ecosystems. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
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EIGEN jumps 50% following announcement of EigenGov

The Crypto Times

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