🗳️Vote-Locked EGP

vlEGP

Vote-Locked EGP is the locked version of EGP.

Vote-Locked EGP is the locked version of EGP

Users must lock EGP as vlEGP to:

• Earn rewards on Eigenpie

  • EIGEN Tokens

  • Zircuit Tokens

  • Zircuit Points

  • Swell Network Points

  • Fee from restakers

• Participate in the governance and decision-making of Eigenpie

How can I get vlEGP?

Users can lock EGP on Eigenpie to get vlEGP at 1:1 ratio.

How does lock / unlock work?

• Once EGP is locked, it is in lock state indefinitely.

• Users must "Start Unlock" to start a 60 day unlock period known as "Cool Down".

• Users can "Force Unlock" to unlock their vlEGP before 60 days by paying a penalty fee.

• To fully unlock vlEGP without penalty users must wait 60 days for the Cool Down period to end.

• vlEGP holders are not able to earn rewards or participate in voting during the Cool Down period for their tokens.

• At day 1, penalty cost is 80% of the total EGP tokens locked by the user and will decrease non-linearly over time.

There are three states of vlEGP:

1. Lock state: By default, vlEGP is in the locked state and has the ability to vote for Eigenpie governance and earn rewards on Eigenpie.

2. Cooldown (or unlocking) state: Once you "Start Unlock," your vlEGP will enter a cooldown state. At this point, you can select the amount of vlEGP to begin the unlocking process. While in the cooldown state, your vlEGP will not earn rewards and will not be able to vote for Eigenpie governance.

3. Expired state: After the "Cooldown" period concludes, your vlEGP will enter the expired state.

What happens with tokens accumulated from penalty?

The community will determine the use of the accumulated penalty.