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Eigenpie (EGP)

Past
Total Raise: $270,000
Date: 13 Sep - 25 Sep 2024

Eigenpie is a multi-chain LRT protocol built on EigenLayer, offering users isolated staking technology. It enables users to restake their $ETH and LSTs in exchange for LRTs, similar to other platforms, but with the unique feature of pegging LST and $ETH tokens to specific, isolated LRT tokens. The platform is powered by the governance token $EGP and its staked version, $vEGP, which allows users to earn rewards for engaging with the platform.

Since its inception in 2023, the company has managed to raise over $1.33M from PancakeSwap, Robot Ventures, the Arbitrum Foundation, and other funds.

❗️ ❗️ âť— IMPORTANT:

Please be aware that all information, including our ratings and reviews, is presented purely for educational purposes. CoinLaunch doesn’t provide financial advice, nor does it intend for the information to be perceived as investment advice or recommendations. Our project evaluation methodology encompasses 80+ distinct variables/metrics, refined over time through the team's rich 7-year experience.

Eigenpie Overview

Ticker: EGP
Country: British Virgin Islands
Industry: Blockchain Service
Founded: 2022
Whitelist: No
Blockchain Network: Ethereum, BNB Chain, Arbitrum.
KYC: No
Bounty: Yes
MVP: Yes
Type: IDO, IEO, Equity
Security Audit: Yes

Eigenpie Review

Eigenpie is a restaking protocol on EigenLayer built by MagpieDAO — an ecosystem of various DeFi apps built on multiple DEXs, offering users cost-effective voting power, boosted yields, and staking of the native tokens of those DEXs.

Similar to other LRT protocols like Swell NetworkMellow Protocol, or Ether.fi, Eigenpie enables users to restake their $ETH or Ethereum LSTs (Liquid Staking Tokens) to receive LRT tokens in exchange, pegged to $ETH at a 1:1 ratio. Over time, as EigenLayer distributes rewards for contributions to its restaking services, they are reallocated directly into these LRTs, meaning they grow in value over time according to the exact APR promised by Eigenpie. This approach allows users to have a completely liquid token to trade, use as collateral, or contribute to LPs across multiple DEXs while earning rewards from both staking and restaking.

đź’§ Isolated Restaking: Eigenpie has further developed its LRT protocol by enabling "isolated liquid restaking" for ETH and LSTs. This allows users to link the performance of their LRT to the specific LST that was restaked and not to any other tokens. This means that if a security issue affects any LST, only the holders of its isolated liquid restaked version will be directly impacted.

For example, if you restake swETH (Swell Restaked ETH), you will receive mswETH, or if you restake $ETH, you will get the $egETH version of LRT. This gives users a more security-focused restaking option, protecting them from risks related to the depegging of other LSTs since they receive a distinct LRT.

🪙 Eigenpie Token: Eigenpie is powered by the governance token $EGP and its locked version, vEGP. Both $EGP and ;vEGP allow users to vote within the protocol’s DAO, but $vEGP also enables users to earn rewards for active engagement on the platform.

However, note that users can convert ;vEGP back into ;EGP only 60 days after the lock, or earlier with a penalty of a certain percentage of tokens, which decreases over time according to a nonlinear scale as the cooldown period progresses. For example, if a user locks $EGP and wants to convert it back on the same day, the penalty will be 80%. The day after, the penalty percentage will be lower.

On September 13, 2024, the platform officially confirmed the release of its token and Eigenpie airdrop, followed by an IDO announcement on Bybit five days later.

 

Given the significant attention from the community, CoinLaunch conducted comprehensive research on the Eigenpie crypto project and identified some notable pros and cons. Here are the results:
âś… Eigepie pros:

  • Great concept and design of the product;
  • Low FDV of the token ($6M) with a big upside potential. For instance, $ETHFI - token of the main competitor in the space currently owns a $1,4B FDV while was launched with ~$4B FDV; 
  • Decent Initial M. Cap of the token ($1,26M);
  • Presence of audits from several security companies;
  • High Growth Marketing and PR performance;
  • Above the average SMM coverage;
  • Diverse network of the top tier partners, actively collaborating with the project;
  • Unlike most protocols in the field, Eigenpie had both private and public funding rounds, potentially allowing the community to have much more control of the token’s price and avoid selloffs. 

đź“› Eigenpie cons:

  • The narrative, related to LR protocols built upon the EigenLayer isn’t as trended as it was a few months ago;
  • A large portion of the tokens (39.34%) is allocated for the token sale, which may cause volatility in the market once the token is launched. However, considering the previous experiences of other LRT platforms and potential sell-offs from private investors, it might not be such a bad decision.
  • Below the average Marketing Infrastructure, and SEO scores;
  • Poor Influencer Marketing performance; 
  • Lack of private investments from the top tier backers;
  • No publicly available info on the core team members of the project;
  • No roadmap.

Eigenpie Token Economy

Total Raise: $270,000
Total Supply: 10,000,000
Private/Pre-sale: 3,934,000 (39.34%)
Public Sale: 300,000 (3%)
Fully Diluted Valuation (FDV): $6,000,000
Initial Circulation Supply: $1,268,000 (21.13% of FDV)

Eigenpie Token Sale (ICO & IDO) Rounds

Seed: Sep 2024 Past

Price: N/A
Tokens for sale: N/A
Raise: N/A
Lock-Up: 6 months cliff, then 2-year vesting.
IDO: Sep 2024 Past

Price: $0.3
Tokens for sale: 3,600,000
Raise: $1,140,000
Lock-Up: Private: 6 month cliff linear unlock over 2 ...
Launchpad: Magpie XYZ logo Magpie XYZ
IEO: Sep 2024 Past

Price: $0.6
Tokens for sale: 166,667
Raise: $100,000
Lock-Up: 100% Unlock
IFO : Sep 2024 Past

Price: $0.6
Tokens for sale: 100,000
Raise: $60,000
Lock-Up: Linear vesting over 18 months
Launchpad: PancakeSwap Logo PancakeSwap
IEO: Sep 2024 Past

Price: $10
Tokens for sale: 5,000
Raise: $50,000
Lock-Up: No Lockup

Eigenpie Token Release Schedule

Eigenpie Vesting Schedule

Eigenpie Funds and Backers

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13 numbers of
investment
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2 numbers of
investment
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Eigenpie Marketing Activity

Search Engine Optimization
Social Media & Community Management
PR & Traffic
Marketing Infrastructure
Influencer Marketing
Growth Marketing
Last Update:  20 Sep 2024 Upgrade

Eigenpie News

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