MIP #62 - Reallocation of vlEGP Streaming Rewards to EGP Buybacks

Abstract

This proposal seeks to gather feedback from vlMGP holders on whether Magpie should support Eigenpie’s EIP #01 proposal. EIP #01 proposes redirecting 50% of vlEGP streaming rewards toward EGP token buybacks. These buybacks aim to bolster the EGP token price and enable strategic initiatives that drive ecosystem growth, incentivize protocol usage, and enhance Total Value Locked (TVL). Through this MIP, Magpie ensures that the community’s interests guide its decision-making on this matter.

Motivation

As a governance-focused platform, Magpie is committed to consulting its community on decisions impacting its SubDAOs. Supporting Eigenpie’s first proposal could enhance the utility and stability of EGP tokens, aligning with Magpie’s goal of fostering sustainable growth across its ecosystem. Redirecting a portion of streaming rewards to buybacks will: Support the EGP token price, directly benefiting holders by enhancing the value of their positions and reducing inflation. Strengthen Eigenpie’s reserves, supporting initiatives such as bribes for EGP/ETH and Eigenpie LRT liquidity pools on PancakeSwap, and incentives for restakers to maintain their positions. Fuel ecosystem growth and user engagement through targeted growth campaigns and liquidity incentives.

Specification

Vote on whether Magpie should support Eigenpie’s EIP #01 proposal to reallocate 50% of vlEGP streaming rewards to fund EGP buyback.

For more details, please read EIP #01 https://snapshot.org/#/eigenpiexyz.eth/proposal/0x67b2b76134923f2807ae8b311bc9adf2df1cc14545a0089071415cb3984f8932