Abstract
This proposal seeks decision from vlMGP holders on whether Magpie should support Eigenpie’s EIP #2, which introduces a monthly adjustment mechanism to maintain a consistent 50% APR for vlEGP holders. Any rewards exceeding this APR cap will be redirected into a dedicated EGP buyback fund, aimed at reducing circulating supply and reinforcing long-term token value.
Motivation
EIP #2 responds to community feedback advocating for more sustainable emissions and stronger alignment with long-term value capture for EGP. By introducing a monthly APR cap and automating the redirection of excess rewards, the proposal aims to:
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Provide predictable and consistent incentives, targeting a 50% APR for vlEGP holders
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Reduce circulating EGP supply via buybacks
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Support long-term EGP value by reducing sell pressure
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Improve reward efficiency and alignment across the ecosystem
Surplus rewards—distributed in EIGEN, ZRC, or USDT—will be evaluated monthly. Any amount that exceeds the 50% APR ceiling will be diverted into a buyback fund. EGP purchased through this mechanism will be transferred to the Eigenpie Treasury and made available for future governance-directed initiatives.
More details: EIP #2
Specification
Vote on whether Magpie should support Eigenpie’s EIP #2, which proposes a capped 50% APR for vlEGP rewards and redirection of surplus incentives to an automated EGP buyback program.
Options:
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For – Endorse EIP #2 and support Eigenpie’s implementation of monthly APR adjustments and EGP buybacks.
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Against – Do not support the proposed reward distribution cap and buyback mechanism.