Eigenpie Initiates Priority Access Program, Offering 3.4M EGP In IDO
In Brief
Eigenpie introduced Eigenpie Priority Access, enabling users to join and secure their allocation in the EGP token sale.
SubDAO organization, which provides liquidity restaking services and is designed by the multi-chain yield protocol Magpie, Eigenpie (EGP) introduced Eigenpie Priority Access, enabling users to join and secure their allocation in the EGP token sale.
As per the announcement, the initiative will offer 3.4 million EGP at a fully diluted valuation (FDV) of $3 million through the Magpie Launchpad. This will provide early supporters with a chance to purchase EGP at a reasonable price.
Among the categories for Eigenpie Priority Access are the Eigenpie Season 1 Points Holders, who were granted 70.59% of the Priority Access quota, amounting to 2.4 million EGP. This allocation includes points generated via EIGEN staking before August 15th, which are also considered as Season 1 points.
Furthermore, vlMGP holders have the option to access 20.59% of the quota, equivalent to 700,000 EGP. Users burning MGP or vlMGP can access 8.82% of the quota, amounting to 300,000 EGP. Each group will receive a share of the EGP available for sale according to the level of contribution.
For vlMGP holders, MGP, and vlMGP burners, a snapshot will be conducted over the course of three days prior to the initial DEX offering (IDO). The minimum requirement for taking part in the campaign is 1 EGP.
Eigenpie To Allocate 50% Of IDO Proceeds To EGP Liquidity
The assets raised from the IDO will be distributed, allotting 50% to initial EGP liquidity and centralized exchange (CEX) market making, 30% will go for development and operations, 10% will be reserved for marketing and business development, and 10% will be allocated for auditing.
Eigenpie allows for the restaking of Ethereum liquid staking tokens (LSTs) via the EigenLayer. EGP represents the governance and reward token inside of its ecosystem. According to its tokenomics, the total EGP supply is capped at 10 million tokens, with 40% to be distributed to the IDO, 35% to community rewards, 15% to the Magpie Treasury, and 10% to early supporter airdrops.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
