Author: Haotian ( @tmel0211)
How to understand the new token paradigm of Intersubjective work proposed by @eigenlayer? So interesting! In my opinion, $EIGEN is a new type of token between ERC20 circulation tokens and staking functional tokens. It incorporates "social consensus" into the process of defining the legitimacy of tokens. In the future, tokens may be infinitely forked and always anchored to the "longest chain". Still think it's abstract? Next, let's talk about my understanding:
1) From a conceptual point of view, @0x_Todd has already done some specific popular science. Intersubjective is a fact between objective facts and subjective facts. For example: Objective facts: BTC is a public chain; Subjective facts: BTC, BCH, and BSV all say that they are the public chains that best represent the prospects of Bitcoin; Intersubjective facts: What you say is useless, it depends on which "longest chain" the "mass group" miners are on; In the end, the BTC original chain won and became the irreplaceable Bitcoin in the minds of the public.
In fact, as far as the BTC chain is concerned, various small "forks" are happening all the time. For example, different miners solve the proof-of-work problem almost at the same time and broadcast new blocks. Miners may continue to follow different blocks, which is equivalent to forking the chain. In the end, only the "longest chain" is legal, and the short-lived forked chain will be abandoned.
Intersubjective tokens are simply understood as tokens that have not yet determined their legal status. Any AVS node or even any individual can fork the Eigenlayer protocol, and the protocol that the majority of people choose to support is ultimately legal. This means that tokens that choose the wrong side may be destroyed, and only EIGEN tokens that are always in the "longest chain" queue are legitimate.
2) Why is the EIGEN token designed to be an "uncertain state"? This shows a great Tokenomics design philosophy and is very forward-looking. Because the Eigenlayer protocol aims to provide AVS active verification service nodes with the ability to commercialize the Ethereum Validators security consensus to the outside of the chain through users staking native or derived ETH.
This means that Eigenlayer must always ensure that the AVS nodes that receive user collateral will not be at risk of malicious behavior. In addition, the EIGEN token will play a greater practical value to ensure its practicality rather than speculation.
In short, a token that may be forked at any time, may refresh the Supply at any time, and may face redistribution or confiscation at any time can greatly promote the self-discipline and correct value orientation of token holders, with the goal of ensuring that the EIGEN token can always play its positive value to the Eigenlayer protocol.
3) Briefly describe the possibility of three typical forks of EIGEN tokens in the future:
1. Users want to delegate ETH pledge to different AVS nodes. There is a situation where Node A obtains a large number of user votes and has an absolute monopoly on the total pledge amount. What should be done if it starts to fail to comply with the agreement?
Eigenlayer supports everyone to initiate voting with EIGEN tokens to fork a new Eigenlayer protocol. The A node, which originally occupied the majority of the collateral, will be forced to withdraw ETH and other collateral, and its staked EIGEN tokens will be destroyed. Other AVS nodes represented by B, C, D, etc. will become the new Eigenlayer protocol leaders to eliminate the risk of AVS having too much power and monopoly.
2. Most users do not participate in staking or voting governance after receiving EIGEN tokens, but only speculate on the secondary market. As a result, one day, Eigenlayer found that only 20% of the tokens were staked in the protocol, while 80% of the tokens were speculated on the secondary market. What should we do?
Any Builder of Eigenlayer can initiate a vote to fork a new Eigenlayer protocol, and only EIGEN tokens that have been staked are legal. After the proposal is issued, holders in the market can either choose to stake their tokens to the new forked protocol or choose to continue to circulate. As a result, if the fork vote is successful, a large number of EIGEN tokens circulating in the market will become MeMe coins. Of course, the holders of circulating tokens can also continue to build the old Eigenlayer protocol, and it depends on whether they can outperform the new protocol. (Will the problem of tokens plummeting after staking be solved in this way?
3. Users found that the Eigenlayer protocol team continued to do nothing, resulting in the protocol development not meeting expectations. AVS nodes and EIGEN holders can initiate a vote to fork the Eigenlayer protocol. If a large number of AVS and EIGEN holders choose the new protocol, it is equivalent to the original team's rights being deprived, such as the potential future Token issuance and control rights, and even the investment rights of the original protocol investors.
However, this possibility is small, because the Eigen voting weight held by the development team in the early stage must be the largest. This is only possible after the tokens are fully circulated and the turnover rate is very high.
Of course, there are many possibilities for forks due to protocol bugs, inconsistent consensus on major protocol parameter adjustments, or even inconsistent roadmap plans for future strategic development.
However, it should be noted that mainstream tokens such as ETH pledged by users will be transferred as the "longest chain" protocol is determined, and will not be subject to security threats. It is more the EIGEN tokens themselves. If users stand on the wrong side during the fork proposal period, the entrusted EIGEN tokens and the rewards generated by the pledge may not be protected.
Moreover, the fork will not happen overnight, so there is no need to panic or worry too much. Time is the greatest social consensus. Most Holders who hold EIGEN will definitely consider maximizing their interests to get an optimal solution.
But in any case, holding EIGEN, Delegate EIGEN, and Staking EIGEN will become particularly important, because once a fork is successful, it will inevitably involve the shuffling and redistribution of a large number of chips.
Overall, at a time when the practical value of staking is wavering, Eigenlayer’s upgrade and launch of such a new token paradigm is highly decentralized and practical value-oriented, and is particularly worthy of recognition.
How to understand the new token paradigm of Intersubjective work proposed by @eigenlayer? So interesting! In my opinion, $EIGEN is a new type of token between ERC20 circulation tokens and staking functional tokens. It incorporates "social consensus" into the process of defining the legitimacy of tokens. In the future, tokens may be infinitely forked and always anchored to the "longest chain". Still think it's abstract? Next, let's talk about my understanding:
1) From a conceptual point of view, @0x_Todd has already done some specific popular science. Intersubjective is a fact between objective facts and subjective facts. For example: Objective facts: BTC is a public chain; Subjective facts: BTC, BCH, and BSV all say that they are the public chains that best represent the prospects of Bitcoin; Intersubjective facts: What you say is useless, it depends on which "longest chain" the "mass group" miners are on; In the end, the BTC original chain won and became the irreplaceable Bitcoin in the minds of the public.
In fact, as far as the BTC chain is concerned, various small "forks" are happening all the time. For example, different miners solve the proof-of-work problem almost at the same time and broadcast new blocks. Miners may continue to follow different blocks, which is equivalent to forking the chain. In the end, only the "longest chain" is legal, and the short-lived forked chain will be abandoned.
Intersubjective tokens are simply understood as tokens that have not yet determined their legal status. Any AVS node or even any individual can fork the Eigenlayer protocol, and the protocol that the majority of people choose to support is ultimately legal. This means that tokens that choose the wrong side may be destroyed, and only EIGEN tokens that are always in the "longest chain" queue are legitimate.
2) Why is the EIGEN token designed to be an "uncertain state"? This shows a great Tokenomics design philosophy and is very forward-looking. Because the Eigenlayer protocol aims to provide AVS active verification service nodes with the ability to commercialize the Ethereum Validators security consensus to the outside of the chain through users staking native or derived ETH.
This means that Eigenlayer must always ensure that the AVS nodes that receive user collateral will not be at risk of malicious behavior. In addition, the EIGEN token will play a greater practical value to ensure its practicality rather than speculation.
In short, a token that may be forked at any time, may refresh the Supply at any time, and may face redistribution or confiscation at any time can greatly promote the self-discipline and correct value orientation of token holders, with the goal of ensuring that the EIGEN token can always play its positive value to the Eigenlayer protocol.
3) Briefly describe the possibility of three typical forks of EIGEN tokens in the future:
1. Users want to delegate ETH pledge to different AVS nodes. There is a situation where Node A obtains a large number of user votes and has an absolute monopoly on the total pledge amount. What should be done if it starts to fail to comply with the agreement?
Eigenlayer supports everyone to initiate voting with EIGEN tokens to fork a new Eigenlayer protocol. The A node, which originally occupied the majority of the collateral, will be forced to withdraw ETH and other collateral, and its staked EIGEN tokens will be destroyed. Other AVS nodes represented by B, C, D, etc. will become the new Eigenlayer protocol leaders to eliminate the risk of AVS having too much power and monopoly.
2. Most users do not participate in staking or voting governance after receiving EIGEN tokens, but only speculate on the secondary market. As a result, one day, Eigenlayer found that only 20% of the tokens were staked in the protocol, while 80% of the tokens were speculated on the secondary market. What should we do?
Any Builder of Eigenlayer can initiate a vote to fork a new Eigenlayer protocol, and only EIGEN tokens that have been staked are legal. After the proposal is issued, holders in the market can either choose to stake their tokens to the new forked protocol or choose to continue to circulate. As a result, if the fork vote is successful, a large number of EIGEN tokens circulating in the market will become MeMe coins. Of course, the holders of circulating tokens can also continue to build the old Eigenlayer protocol, and it depends on whether they can outperform the new protocol. (Will the problem of tokens plummeting after staking be solved in this way?
3. Users found that the Eigenlayer protocol team continued to do nothing, resulting in the protocol development not meeting expectations. AVS nodes and EIGEN holders can initiate a vote to fork the Eigenlayer protocol. If a large number of AVS and EIGEN holders choose the new protocol, it is equivalent to the original team's rights being deprived, such as the potential future Token issuance and control rights, and even the investment rights of the original protocol investors.
However, this possibility is small, because the Eigen voting weight held by the development team in the early stage must be the largest. This is only possible after the tokens are fully circulated and the turnover rate is very high.
Of course, there are many possibilities for forks due to protocol bugs, inconsistent consensus on major protocol parameter adjustments, or even inconsistent roadmap plans for future strategic development.
However, it should be noted that mainstream tokens such as ETH pledged by users will be transferred as the "longest chain" protocol is determined, and will not be subject to security threats. It is more the EIGEN tokens themselves. If users stand on the wrong side during the fork proposal period, the entrusted EIGEN tokens and the rewards generated by the pledge may not be protected.
Moreover, the fork will not happen overnight, so there is no need to panic or worry too much. Time is the greatest social consensus. Most Holders who hold EIGEN will definitely consider maximizing their interests to get an optimal solution.
But in any case, holding EIGEN, Delegate EIGEN, and Staking EIGEN will become particularly important, because once a fork is successful, it will inevitably involve the shuffling and redistribution of a large number of chips.
Overall, at a time when the practical value of staking is wavering, Eigenlayer’s upgrade and launch of such a new token paradigm is highly decentralized and practical value-oriented, and is particularly worthy of recognition.
