Eigen Foundation: Stewarding a Network of Open Innovation

Eigen Foundation

• 2 min read
Eigen Foundation: Stewarding a Network of Open Innovation

EigenLayer is an engine for maximizing open innovation. Through its core mechanism of restaking, EigenLayer allows staked ETH or ERC20 tokens to be leveraged as cryptoeconomic security for a wide range of protocols beyond Ethereum. This flexibility empowers innovators to explore new applications of blockchain technology without the usual complexities and barriers. By establishing a market for programmable trust, EigenLayer alleviates complexities for entrepreneurs—whether it's issuing new assets, attracting staked capital, or building networks with the necessary security guarantees—all tasks that can be both time-consuming and resource-intensive.

Simply put, EigenLayer enables innovators to concentrate on what matters most: driving innovation. That’s why promoting open innovation is at the heart of what we do.

Coordinating Open Innovation

The EigenLayer protocol and EIGEN token exist as a set of smart contracts on Ethereum (Protocol), and many of these Protocol contracts are upgradeable. EigenLayer’s governance system will, in time, transition full control over Protocol upgrades and administrative smart-contract actions to community contributors. The path to that end state will be detailed in a future blog post outlining the Foundation’s  roadmap for progressive decentralization. 

Until later stages of this decentralization process, the Eigen Foundation will continue to play a key supporting role in stewarding the EigenLayer ecosystem. The Foundation’s key objectives are as follows:

  1. To foster, incentivize, and support the research, development, launch, use, and adoption of the Protocol and ecosystem; and
  2. To foster, incentivize, and support decentralized governance of the Protocol in a manner that is responsible, results in sustained, high-quality community participation, and is responsive to the concerns, proposals, and directives of the Protocol community and its stakeholders.

As these purposes indicate, the Foundation exists to serve the EigenLayer community, driving innovation and stewarding its progressive decentralization.

Although the EigenLayer protocol and community remain in their early stages, the Eigen Foundation will continue to proactively roll out governance as the protocol progressively decentralizes. Soon, we will take the first step of our journey: initiating EigenGov, EigenLayer’s governance system. 

As EigenGov evolves, the Eigen Foundation will continue to carry out specific functions, in line with its stated objectives and as outlined in its organizational documents.  Over time, the Eigen Foundation will responsibly hand over more and more decision making to the greater EigenLayer community.