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

Abstract

This proposal seeks to gather votes from vlMGP holders on whether Magpie should support the Updated Eigenpie’s EIP #01. The proposal recommends allocating 20% of vlEGP streaming rewards for EGP token buybacks during a 3-month trial. The intent is to stabilize EGP’s token price, foster ecosystem growth, and enhance Total Value Locked (TVL). Feedback from vlMGP holders will guide Magpie’s stance, ensuring alignment with stakeholder interests.

Motivation

Consulting vlMGP holders on key decisions impacting SubDAOs ensures informed and democratic governance. Supporting the Updated EIP #01 could provide stability for EGP’s token price while creating opportunities for ecosystem growth and incentivizing protocol use. This aligns with Magpie’s broader objectives of fostering a robust and collaborative DeFi ecosystem, benefiting all stakeholders.

Specification

Vote on whether Magpie should support the allocation of 20% of vlEGP streaming rewards for EGP token buybacks over a 3-month trial period.

Read EIP #01 https://snapshot.box/#/s:eigenpiexyz.eth/proposal/0x9c48ffc54fabf2b3f30ee8641c0efa44f91a482d38d33998b210e395ebbab09f