Ethereum Foundation considering formal conflict of interest policy after community backlash

Aya Miyaguchi, executive director of the Ethereum Foundation, said the foundation shares the community’s concerns and is developing formal policies to address them.

The Ethereum Foundation (EF) is considering a formal conflict of interest policy in the face of backlash from the community after two prominent developers joined EigenLayer as advisors.

In a post on social media, Executive Director Aya Miyaguchi addressed the issue and highlighted the critical importance of maintaining credibility and neutrality within the organization. She said the Ethereum Foundation understands the community’s concerns and is committed to working hard to maintain trust.

Miyaguchi said: "It is obvious that relying solely on theoretical knowledge and personal judgment is not enough. We are already working on formulating a formal policy to solve this problem and have been doing so for some time. We will accelerate the pace of this work and soon We will update you on the latest progress.”

Community Disputes

The controversy began on May 18, when prominent crypto trader Jordan Fish, also known as Cobie, publicly questioned Ethereum co-founder Vitalik Buterin about the developers of the Ethereum Foundation (EF), who were based on the network. Ethical issues in building projects that gain significant financial incentives.

Cobie's tweet specifically cited EigenLayer as an example and sparked widespread discussion on social media about potential conflicts of interest. He wrote:

"For example, although it is only a theoretical hypothesis, let's take EigenLayer for example. If you are a core developer or researcher of the Ethereum Foundation who accepts generous compensation provided by projects based on the Ethereum platform, thereby assuming an advisory role, if What is your opinion on the conflicts between these projects now or in the future and the interests of Ethereum?”

The disclosure heightened concerns about transparency and potential conflicts of interest between EigenLayer and the Ethereum Foundation. Drake also said the information has been public since May 3, coincidentally with the timing of Cobie's tweet.

Following Cobie's tweet raising questions, Ethereum Foundation researcher Justin Drake disclosed the fact that he served as a consultant at EigenLayer on May 19. Drake revealed that he received Eigen tokens worth millions of dollars as an incentive, and these tokens will gradually vest in him within three years.

On May 21, another Ethereum Foundation researcher Dankrad Feist also disclosed his advisory role at EigenLayer. Feist, known for his work on "danksharding", confirmed that he had also received a large amount of EIGEN tokens and assured the community that his advisory role would not affect his stance on EigenLayer development.

Conflict of Interest Concerns

The disclosures raise questions about potential conflicts of interest, especially given the systemic risk EigenLayer could pose to Ethereum.

EigenLayer is a platform that allows users to deposit and “re-stake” Ether from a variety of liquid staking tokens to secure third-party networks or verification services.

Many blockchain experts have expressed concerns about the potential centralization and increased burden on stakers that comes with running a re-staking service.

Drake assured the community that he will reinvest or donate all proceeds to worthy projects in the Ethereum ecosystem and promised to terminate his advisory role if EigenLayer’s direction conflicts with Ethereum’s interests.

Feist emphasized in his disclosure that he would take an opposite view from EigenLayer, focusing on risk and decentralization. He wrote:

“I take on this position personally, not on behalf of the Ethereum Foundation, and focus on risk and decentralization. I do receive a fair amount of tokens from this position. I don’t think they change or impact my view of how the core protocol should be development perspective, but I think the community should know this so they can hold me accountable.”

The Ethereum Foundation's formulation of a formal conflict of interest policy is an important measure to respond to community concerns and maintain trust within the ecosystem. The foundation is expected to announce more details about the policy soon.

Conclusion:

Amid community backlash and concerns about conflicts of interest, the Ethereum Foundation is considering implementing a formal conflict of interest policy. Executive Director Aya Miyaguchi has pledged to expedite the development of this policy, assuring that the foundation is committed to maintaining transparency and trust.

In the future, as policies advance, the Ethereum Foundation will work hard to ensure the stability and sustainable development of the ecosystem.

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