Ethereum Foundation to have conflict of interest policy after EigenLayer crossovers

Here are some of the major developments in the world of crypto over the past few days.
some of the major developments in the world of crypto
some of the major developments in the world of crypto

Aya Miyaguchi, Ethereum Foundation's Executive Director, announced on May 24th a new conflict of interest policy. Emphasizing neutrality despite EigenLayer researchers' involvement, Miyaguchi noted Justin Drake and another Ethereum researcher joining Eigen Foundation as paid advisers, with Drake pledging to reinvest his incentives in the Ethereum ecosystem.

Crypto trader Jordan Fish, also known as Cobie, asked Ethereum co-founder Vitalik Buterin about foundation staff’s links to EigenLayDer the day before Drake made his adviser position public. Miyaguchi said in her X post, “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 problem for a while now.” Further information on this initiative is expected soon.

EigenLayer is an Ethereum layer-2 restaking protocol that allows Ethereum node operators and validators to earn fees by restaking liquid Ether ETH $3,772 they received in exchange for staking. EigenLayer launched on the Ethereum Goerli testnet in April 2023 and was partially launched on the mainnet in April.

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Solana Targets 2025 for Firedancer Launch Amid Surging DePIN Activity

Solana plans to release a full version of the Firedancer upgrade in 2025, with pared-down versions rolling out before then, according to Solana Foundation’s DePIN lead, Kuleen Nimkar. The upgrade aims to increase Solana’s overall reliability and scalability as network activity from decentralized infrastructure protocols continues to grow.

According to Kuleen, DePIN's use cases in the Solana ecosystem range from protocols for distributed energy solutions where homeowners create interconnected virtual power plants to GPU networking and data collection. Protocols to push DePIN activity to his Solana include Helium, Hivemapper, and Render.

Solana's transaction speeds and low costs are said to be an incentive for his DePIN project, but congestion and network outages remain challenges for developers. “First, we are very focused on making his Firedancer public,” Kuleen said of his client, an independent validator being developed at Jump Crypto.

BitGo's $100M Lawsuit Against Galaxy Cleared by Delaware Supreme Court

The Delaware Supreme Court has overturned a lower court's decision to dismiss BitGo's $100 million lawsuit against Galaxy Digital following its failed acquisition. The state Supreme Court concluded that it reversed the Delaware Chancery Court's decision regarding consideration of extrinsic evidence deemed appropriate to resolve this ambiguity.

The successful appeal, first submitted on Feb. 7, would seemingly allow BitGo another bite at the apple to file suit against Galaxy Digital. BitGo's representative, R. Brian Timmons, is pleased with the appeal's success and looks forward to the case moving to Chancery Court, cointelegraph reported.

The Delaware Chancellor's Office dismissed BitGo's lawsuit with a reservation in June 2023. Chancellor J. Travis Laster said that at that point Galaxy had the "right to fully terminate" its acquisition of BitGo. In November 2022, amid the collapse of cryptocurrency exchange FTX, Galaxy disclosed roughly $77 million in exposure to the firm before FTX filed for bankruptcy.

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