Author: Eigenpie, Source: Twitter @Eigenpiexyz_io, Medium; Translated by: Tao Zhu, Golden Finance
$EGP is the governance token of @Eigenpiexyz_io. Eigenpie was developed by @magpiexyz_io to promote the sustainability of the EigenLayer Liquid re-staking ecosystem.
$EGP is an ERC-20 token with a total supply of 10 million that can be locked as vlEGP (Vote Locked EGP) within Eigenpie. Once locked as vlEGP, the token will not be transferable.
Token Information
Name: Eigenpie Token
Code: EGP
Total supply: 10 million
Token Type: ERC-20
EGP Token
EGP — EGP is the governance token of Eigenpie, a SubDAO built by Magpie to ensure the long-term sustainability and success of the EigenLayer Liquid re-staking landscape.
vlEGP — EGP can be locked in Eigenpie at a 1:1 ratio as Voting Locked EGP (vlEGP). Holding vlEGP allows users to earn participation rewards and participate in Eigenpie’s governance decisions.
EGP Allocation:
▫️ 34% - Magpie Launchpad IDO (Private Equity Round)
▫️ 2% - Magpie Launchpad IDO (Public Offering)
▫️ 1% - Third-party Launchpad
▫️ 2.77% - CEX listing
▫️ 15% - Magpie Treasury
▫️ 15% - Community Incentives
▫️ 11% - Airdrop
▫️ 5% - Liquidity
▫️ 5.34% - Strategic Investors
▫️ 8.89% - Ecosystem
vlEGP
When EGP is locked as vlEGP on Eigenpie, the token will be in an indefinite lockup state. To unlock vlEGP, users must select the "Start Unlocking" option, which will trigger a 60-day waiting period. During this period, vlEGP holders will continue to receive rewards from Eigenpie, but will lose voting rights. After the 60-day cooldown period, users can redeem their vlEGP back to EGP.
vlEGP can be used to:
Participate in the governance of Eigenpie.
Users are rewarded for their active participation on the platform.
vlEGP holders will be eligible to receive rewards for their active participation on the platform and can participate in the governance of Eigenpie.
When $EGP is locked as vlEGP on Eigenpie, it enters an indefinite lock period by default.
To unlock, users must activate the “Start Unlocking” function, which will initiate a 60-day waiting period during which rewards will continue to accrue, but voting rights will be temporarily suspended.
If a user chooses to "force unlock" their#vlEGPbefore the 60-day cool-off period is over, a penalty will be charged.
The distribution of $EGP tokens has been carefully designed to prioritize fairness and transparency, reinforcing our commitment to fostering the continued growth and long-term viability of @Eigenpiexyz_io.
Priority access allocation details
The EGP token sale for Eigenpie Priority Access will be held on the Magpie Launchpad. Users can join any of the listed groups to gain priority access and secure their EGP IDO allocation.
Funding Allocation Details
The Magpie Treasury will receive 15% of the total EGP tokens, which will be distributed according to a two-year vesting schedule. This allocation is part of our strategic plan and underscores our commitment to valuing vlMGP holders. We appreciate the trust and support of the community and are committed to advancing vlMGP. Funds from this treasury allocation will be distributed to vlMGP holders as a token of our gratitude. Our ongoing goal is to increase value for vlMGP holders and we look forward to a future of success and collaboration.
The token distribution and vesting plan has been carefully designed to support a strong and sustainable ecosystem and promote the continued development and growth of the platform.