In a proactive move to address community concerns and maintain its credible neutrality, the Ethereum Foundation has announced that it will expedite the development of a formal policy to manage potential conflicts of interest. This decision comes in the wake of revelations that two of its researchers, Justin Drake and Dankrad Feist, have received substantial incentives in the form of EigenLayer tokens for serving as advisors to the Eigen Foundation.

Executive Director Aya Miyaguchi, in a statement on X (formerly Twitter), emphasized the vital importance of the Ethereum Foundation's credible neutrality for its role in the ecosystem. She acknowledged the ongoing discussions about potential conflicts of interest and shared the community's concerns, stating that relying solely on culture and individual judgment has proven insufficient. The foundation has been working on a formal policy to address this issue for some time, and in light of the recent revelations, they will now accelerate this effort and provide an update to the community soon.

The urgency for this policy was sparked by Justin Drake's disclosure of receiving a significant incentive from EigenLayer upon becoming an advisor to the Eigen Foundation. This revelation came amidst a broader discussion on potential conflicts of interest initiated by Ethereum co-founder Vitalik Buterin and crypto trader Jordan Fish, also known as Cobie. Drake revealed that the advisory role came with a considerable EIGEN token incentive, potentially surpassing the combined value of his other assets, primarily ETH. Despite the substantial financial gain, Drake pledged to reinvest all proceeds into valuable Ethereum ecosystem projects, either as investments or donations. He also emphasized that his advisory role would focus on researching restaking risks and maintaining a critical stance on EigenLayer.

Following Drake's disclosure, another Ethereum Foundation researcher, Dankrad Feist, announced his advisory role with EigenLayer under similar conditions. Feist clarified that his position was personal, not representative of the Ethereum Foundation, and would prioritize risks and decentralization. Unlike Drake, Feist did not commit to reinvesting or donating his proceeds.

The Ethereum Foundation's move to establish a formal conflict of interest policy is a proactive step towards maintaining transparency and integrity within the ecosystem. This initiative is expected to address the community's concerns and reinforce the foundation's position as a neutral entity in the rapidly evolving crypto landscape. By implementing clear guidelines and procedures, the Ethereum Foundation aims to prevent potential conflicts of interest and ensure that its researchers and employees prioritize the interests of the Ethereum ecosystem above all else.

As the Ethereum Foundation accelerates the development of this policy, it sends a strong message to the community about its commitment to upholding the highest standards of ethics and accountability. This move not only strengthens the foundation's reputation but also sets an example for other organizations within the crypto space to follow suit in prioritizing transparency and integrity in their operations.