EigenLayer (EIGEN) is a cryptocurrency and a decentralized protocol that enables the creation of a shared security commons, allowing developers to leverage staked ETH or ERC20 tokens as cryptoeconomic security for various protocols beyond Ethereum. It aims to maximize open innovation and empower innovators to explore new applications of blockchain technology.

The EIGEN token is designed to empower the EigenLayer ecosystem by providing a mechanism to handle 'intersubjective' faults, or behaviors that are not identifiable on-chain but warrant a penalty. It introduces a process called 'intersubjective forking,' allowing users to opt into the version they deem valid.

Intersubjective faults refer to instances of misbehavior that cannot be objectively identified on-chain, yet are evident to all reasonable observers. Two individuals would agree that a penalty is deserved in such cases, and the EIGEN token provides a mechanism to address these faults.

EigenLayer's governance system, called EigenGov, is designed to transition full control over protocol upgrades and administrative smart-contract actions to community contributors. The Eigen Foundation will continue to play a key supporting role in stewarding the ecosystem until later stages of decentralization.

The Eigen Foundation is an independent, shareholder-less entity dedicated to accelerating the growth of the EigenLayer ecosystem. Its key objectives include fostering research, development, and adoption of the protocol, as well as supporting decentralized governance.

Programmatic Incentives V1 is a protocolized system of continuous rewards that provides predictable incentives to stakers and operators actively providing restaked security. It distributes EIGEN tokens based on activities, such as staking and delegating, and aims to strengthen incentive alignment and subsidize the restaking marketplace.

Programmatic rewards can be claimed by qualified stakers and operators every Tuesday at 19:00 UTC. Direct stakers and operators can claim via the EigenLayer dApp, CLI, or directly via smart contract, while LRT stakers should engage with their respective LRT protocols to understand how rewards will be managed.

EigenLayer and the EIGEN token offer a decentralized and secure way to leverage staked tokens as cryptoeconomic security for various protocols. It enables innovators to explore new applications of blockchain technology, provides a mechanism to handle intersubjective faults, and offers a shared security commons.