Original | Odaily Planet Daily (@OdailyChina)
Author | Asher (@Asher_ 0210 )
On September 14, Eigenpie announced the economic model of its token EGP. On the same day, Bitget Wallet announced that it would launch the re-staking project Eigenpie (EGP) on the Launchpad platform on September 23, and EGP would be listed on the Bitget exchange on September 25. On September 17, Eigenpie announced that the dAPP front-end already supports querying the airdrop amount and IDO share (click here to jump to the query link). According to the official Discord community feedback, many early participants expressed dissatisfaction with the EGP token economic model.
TVL once exceeded $1.6 billion, Arbitrum Foundation participated in the investment
Eigenpie is an Ethereum liquidity re-staking protocol that provides Liquid Staking Token holders with the opportunity to re-stake their assets and expand their profit potential. By creating a dedicated liquid re-staking version for each LST accepted on the platform, Eigenpie effectively isolates the risks associated with any specific LST.
Eigenpie creates a dedicated liquid re-staking version for each LST
DefiLlama data shows that in July this year, Eigenpie TVL once exceeded 1.6 billion US dollars, ranking at the forefront of Ethereum liquidity re-pledge protocols. Currently, Eigenpie TVL is 1.028 billion US dollars, ranking third among Ethereum liquidity re-pledge protocols.
In September this year, Eigenpie announced that it had obtained strategic investment and completed its seed round of financing. The specific amount has not been disclosed yet. Arbitrum Foundation, Robot Ventures, PancakeSwap, Relayer Capital and Bitget CEO Gracy Chen, Frax Finance founder Sam Kazemian, Zircuit co-founder Angel Xu, GMX core contributor coinflipcanada and others participated in the investment.
11% of total supply is used for airdrops, TGE only unlocks 60%
The native token type of Eigenpie is ERC20, with a total supply of 10 million. EGP can be locked as vlEGP in Eigenpie at a 1:1 ratio to participate in protocol governance. When EGP is locked as vlEGP on Eigenpie, the token will be locked indefinitely; if users want to unlock vlEGP, they need to click the "Start Unlocking" option and wait for 60 days.
The specific distribution of Eigenpie’s native token EGP is as follows:
34%: Magpie Launchpad IDO (private placement round), 6 months lock-up period, followed by 2 years of linear unlocking;
2%: Magpie Launchpad IDO (public round), all unlocked by TGE;
1%: Third-party Launchpad, 18-month linear unlock;
2.77%: CEX listing (including Launchpad, Launchpool and listing fees), TGE fully unlocked;
15%: Magpie Treasury, unlocked linearly over 2 years;
15%: Community incentives, 10% unlocked by TGE, followed by linear unlocking over the next 18 months;
11%: Airdrop, 60% unlocked at TGE, and the remaining 40% unlocked after 6 months after TGE starts;
5%: Liquidity, all TGE unlocked;
5.34%: Strategic investors, 6-month lock-up period, followed by 2 years of linear unlocking;
8.89%: Ecosystem, 20% unlocked by TGE, followed by linear unlocking over the next 24 months.
EGP Token Economic Model
According to the EGP token economic model released by Eigenpie, there are two points that caught the attention of community members.
First, although the airdropped tokens account for 11% of the total supply, only 60% will be unlocked at the TGE, and the rest will be released after being locked for half a year. The project party delayed the release of some airdropped tokens in order to reduce the selling pressure after the TGE and stabilize the coin price, which will help the long-term development of the project.
However, many community members reported that they only received a small amount of tokens when participating in the first season of the staking activity. According to community feedback in the official Discord, early participants staked LST-related assets for nearly half a year, but only received a small amount of tokens. Some members reported that they staked LST assets worth about 1 ETH for 3 to 4 months, but only received 1.5 tokens. In addition, TGE only unlocked 60% of the tokens, and the remaining airdropped tokens will have to wait for another half a year to be released.
Second, the tokens will attract significant selling pressure 6 months after TGE. The token economic model shows that the remaining 40% of the tokens in the private round, airdrop tokens, and strategic investors will be unlocked 6 months after the TGE lock-up. Although all tokens except the airdrop tokens are unlocked linearly, the market will still face great selling pressure every day.
EGP Token IDO will be launched on September 20
According to official information, the EGP token IDO is scheduled to start at 9 pm Beijing time on September 20 and end at 9 pm on September 24. The IDO will be held on Magpie Launchpad through Arbitrum, and snapshots will be taken between September 18 and 20 to determine the IDO quota allocation for vlMGP holders, MGP, and vlMGP destroyers. The IDO will consist of two rounds, with the following details:
Private placement round (FDV 3 million USD): price 0.3 USD, lasting 24 hours, 70.59% of tokens will be allocated to Eigenpie points holders, 20.59% of tokens will be allocated to vlMGP holders, 8.82% of tokens will be allocated to MGP/vlMGP destroyers;
Private placement round IDO token distribution
Public round (FDV $6 million): Price starts at $0.6, lasts for 72 hours, open to everyone, and the final price is determined by the final total funds raised divided by the total number of tokens sold in this round.
The community also has many complaints about the upcoming token IDO. The private placement round has a small allocation and needs to be locked for half a year. After unlocking, it is not released all at once, but gradually unlocked linearly over the next two years; although all public round tokens will be unlocked at TGE, the starting price is $0.6 (the private placement round price is fixed at $0.3), and the final price is proportional to the funds raised, that is, the more funds involved, the higher the price of public round tokens.
