In the field of cryptocurrency, innovation and cooperation are the core driving forces for development. Recently, Eigenpie announced the upcoming Initial Coin Offering (IDO) of its governance token $EGP, providing an exciting opportunity for investors and community members. This article will delve into EGP token information, issuance details, and its importance in the Eigenpie ecosystem.
Basic information about EGP tokens
$EGP is Eigenpie’s governance token and aims to create a unified and collaborative ecosystem by combining decision-making power with rewards for active participation. Users holding this token can not only participate in governance voting, but also receive additional rewards by locking EGP tokens (vlEGP).
In the Eigenpie ecosystem, 8.59 million Zircuit tokens, Zircuit Season 2 points and Swell points will be distributed to vlEGP holders in return for their active participation. This mechanism ensures a fair distribution of voting rights among vlEGP holders and enhances the democratization of platform decision-making.
IDO Time and Participation Methods
The IDO of $EGP will start at 1 pm UTC on Friday, September 20, 2024, and end at 1 pm UTC on Tuesday, September 24, 2024. The entire event will last for four days. Participants can participate in this event by contributing USDT tokens through the Arbitrum network.
Eligibility and Priority Access: To ensure IDO is inclusive and accessible, Eigenpie has launched a Priority Access Program. The program provides Eigenpie Point holders, vlMGP holders, and users who burn MGP and vlMGP with priority opportunities to participate. These users will be whitelisted for the EGP IDO private placement round, which has allocated 34% of the total tokens.
For the public round, there will be 2% of the total token allocation. Unsold tokens from the private round will be transferred to the public round, but the total limit for public sales is 6%. This means that up to 4% of the tokens in the private round can be transferred to the public round, while the remaining tokens will go into the community incentive pool.
Release details at a glance
EGP IDO will be divided into two stages: private placement round (Eigenpie priority access)
The private placement round has an FDV of $3 million and a 24-hour term.
Whitelisted users can invest 100% of their allocated IDO quota within the first 24 hours.
The distribution ratio is: 70.59% goes to Eigenpie Points holders, 20.59% goes to vlMGP holders, and 8.82% goes to MGP/vlMGP destroyers.
public sale
Public sales of FDV start at $6 million and last for 72 hours.
The price of each EGP token will be calculated based on the total amount of USDT pledged by participants and the total number of EGP tokens available in the public round.
Participants have the flexibility to withdraw committed funds within 48 hours of the start of the public sale, after which withdrawals will no longer be allowed.
The future of EGP tokens
The issuance of EGP tokens not only injects new blood into the Eigenpie ecosystem, but also provides participants with an opportunity to influence future development. The active participation of token holders will directly affect the governance and development direction of Eigenpie.
It is worth noting that there are eligibility requirements to participate in IDO, and users need to hold a quota of at least 1 EGP to qualify. The EGP token is scheduled to begin trading on September 25, 2024 (around 10:00 AM UTC), which will provide investors with additional liquidity options.
About Eigenpie
Eigenpie is an innovative SubDAO created by Magpie that focuses on re-staking ETH LST through EigenLayer. As a liquidity re-staking platform for Ethereum, Eigenpie’s core mechanism enables users to convert their native ETH and Liquidity-Staking ETH Tokens (LST) into isolated Liquidity Re-staking ETH Tokens (LRT). This process enables users to earn passive income from Ethereum staking and EigenLayer earnings simultaneously, without the need for a lock-up period.
Conclusion: As the IDO of $EGP approaches, the future of the Eigenpie ecosystem is full of hope. We look forward to more users participating in this exciting journey and witnessing the development of Eigenpie. Stay tuned for upcoming updates and thank you for being an integral part of our community!