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EigenLayer leaders have today admitted to withholding the full truth about its massive insider allocations, specifically that they claimed a majority of its supply was not for sale (in ‘full lock’) despite wealthy insiders being allowed to cash out rewards. Back in April, EigenLayer became one of Ethereum’s largest yield-boosting protocols with $15.7 billion in assets. Fast-forward to today, and its fully diluted value has crashed 60%. EigenLayer admitted its sneaky practices in a belated transparency disclosure. Eigen Labs and Eigen Foundation posted disclosures on the treatment of investor staking rewards, which we summarize in this tweet, responding to community questions. – Eigen Labs disclosure: https://t.co/SYspTxM3Nd – Eigen Foundation disclosure: https://t.co/xPebLKNtj9… — EigenLayer (@eigenlayer) October 2, 2024 Buoyed by $100 million from Andreessen Horowitz (a16z) and tens of millions from other Silicon Valley luminaries, EigenLayer claimed it could c...

The native token of the synthetic dollar protocol developer Ethena (ENA) surged by more than 45% this week as the project rolled out multiple new products. Ethena aims to provide a crypto-native solution for money not reliant on traditional banking system infrastructure via a synthetic dollar called USDe. The protocol also offers a dollar-denominated savings instrument called “the Internet Bond.” ENA is trading at 0.361 at time of writing, up from around $0.248 one week ago. The 115th-ranked crypto asset by market cap is also up more than 14% in the past 24 hours. On Tuesday, Ethena announced that its partnership with the Ethereum (ETH) restaking protocol EigenLayer (EIGEN) went live. Explained Ethena earlier this month, “We are excited to share that Ethena has partnered with EigenLayer and Ether.fi to introduce USDe as the first dollar-denominated token that can be used as security within its generalized shared security platform. Expanding restaked coll...