Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
With a small airdrop share and 40% locked for half a year, is Eigenpie worth a pork trotter meal?

With a small airdrop share and 40% locked for half a year, is Eigenpie worth a pork trotter meal?

OdailyOdaily2024/09/18 12:05
By:Odaily

Original | Odaily Planet Daily ( @OdailyChina )

Author | Asher ( @Asher_0210 )

With a small airdrop share and 40% locked for half a year, is Eigenpie worth a pork trotter meal? image 0

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 US dollars, and 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 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.

With a small airdrop share and 40% locked for half a year, is Eigenpie worth a pork trotter meal? image 1

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 received 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 the total supply is used for airdrops, and only 60% is unlocked by TGE

The native token type of Eigenpie is ERC 20, with a total supply of 10 million. EGP can be locked as vlEGP in Eigenpie at a ratio of 1:1 to participate in protocol governance. When EGP is locked as vlEGP on Eigenpie, the token will be in an indefinite lock state; if users want to unlock vlEGP, they need to click the Start Unlocking option and wait for 60 days.

The specific distribution of Eigenpies 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 unlocking;

  • 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 by 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.

With a small airdrop share and 40% locked for half a year, is Eigenpie worth a pork trotter meal? image 2

EGP Token Economic Model

According to the EGP token economic model published 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 has only unlocked 60% of the tokens, and the remaining airdropped tokens will have to wait for another half a year to be released.

With a small airdrop share and 40% locked for half a year, is Eigenpie worth a pork trotter meal? image 3

Number of tokens airdropped to a community member

Second, the tokens will attract significant selling pressure six months after TGE. The token economic model shows that the remaining 40% of the tokens in the private placement round, airdrop tokens, and strategic investors will be unlocked six months after the TGE lock-up. Although all tokens except airdrop tokens are unlocked linearly, the market will still face great selling pressure every day.

EGP Token IDO will start 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, and 8.82% of tokens will be allocated to MGP / vlMGP destroyers;

With a small airdrop share and 40% locked for half a year, is Eigenpie worth a pork trotter meal? image 4

IDO token distribution in private placement round

  • 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 amount of funds raised divided by the total amount 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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Trump and Wall Street: How long will the love affair last?

Share link:In this post: Wall Street loved Trump’s win at first—stocks jumped, Bitcoin soared, and borrowing costs hit rock bottom, but some sectors started cracking fast. Tax cuts and deregulation made financial and energy stocks shoot up, but tariffs and plans to deport workers freaked out economists and markets. Tariffs mean higher prices for Americans, and even Walmart’s warning it’ll have to raise prices if Trump pushes through with his trade war.

Cryptopolitan2024/11/24 03:44

How AI could transform Germany’s economic future

Share link:In this post: Germany must innovate to stay competitive with rapid AI advancements. Germany prioritizes safety, slowing progress compared to risk-tolerant nations. Bold investments and ethical AI are key to Germany’s leadership.

Cryptopolitan2024/11/24 03:44

How Black Ops 6 plans to stop ranked play cheating

Share link:In this post: Treyarch has addressed the cheating issues in Call of Duty: Ranked Play mode in Black Ops 6. The mode was released last week and already getting complaints of cheating. Treyarch may be increasing its workforce to deal with increasing complaints.

Cryptopolitan2024/11/24 03:44

The clash of Bitcoin and benchmark stock indexes

Share link:In this post: The S&P 500 is up 25% this year, with financial and cyclical stocks leading, boosted by optimism around a Trump administration and steady economic growth. Bitcoin has surged 40% this month, nearing $100,000, driven by aggressive trading, retail investor enthusiasm, and headlines hinting at government support. MicroStrategy’s stock hit a $100 billion market cap, tripling its Bitcoin holdings’ value, but its wild 32% drop from intraday highs shows cracks in the frenzy.

Cryptopolitan2024/11/24 03:44