Ethereum Eagle Formed A Partnership With Coinlist

The Ethereum Eagle project (EGL) is a community led effort to bridge the incentive misalignment and lack of transparency between the community and block producers (miners). EGL holders can influence ETH’s gas limit and miners are rewarded for listening to the community’s preference.

Ethereum Eagleis excited to announce that CoinList will be offering its customers access to participate in EGL’s Genesis event, providing an access point to Genesis and staking services for the community.

EGL’s decentralized Genesis and fully functional smart contract create a unique opportunity for ETH users interested in governing gas limits to impact their community. EGL’s open-source nature also means that wallet providers, exchanges, and stakers like CoinList are able to offer access to their customers without having to ask us for permission. This is true decentralized finance at work.

Any ETH holder can participate in the EGL Genesis. Users can stake ETH during Genesis, and after Genesis closes, the contract will match all the ETH staked with 750 million EGLs. It will then send the ETH and EGLs to a 50–50 Balancer pool. The pool will mint Balancer Pool Tokens (BPTs). Genesis participants will receive their pro-rata BPT tokens as well as Bonus Voting EGLs that they can use to immediately start voting on their desired gas limit.

The Genesis will run from Saturday, August 7th to Friday, August 13th or until the maximum amount of 25,000 ETH is staked.

HOW IT WORKS?

Starting on July 27th, CoinList will collect staked ETH for 2 weeks, or until the CoinList contribution cap is reached. Once the EGL Genesis opens, CoinList will join the Genesis by staking ETH to the contract like everyone else.

BENEFITS

• CoinList will interact with the smart contract, abstracting away complexity from the end-user
• Users will not individually pay ETH transaction fees to participate in Genesis or to vote with their bonus EGLs
• Users will be able to vote for their desired Gas Limit prior to participation. Users should note that, by registering through CoinList, they will be unable to change their gas limit vote throughout the lock-up period. The inability to change voting preference during the lock-up period may negatively impact the amount of bonus EGLs earned
• Participants can seamlessly stake ETH and receive EGL tokens
• Users can receive compounding token rewards as CoinList will continually re-vote to maximize rewards

CoinList will stake ETH to the EGL smart contract at the beginning and end of the Genesis. Earlier stakers receive earlier unlock dates and later stakers receive more bonus EGLs. Thus, by doing so, CoinList participants may receive both the earliest unlocked EGLs and the most bonus tokens available through the Genesis event. CoinList plans to stake 1,000 ETH in the first transaction of the EGL Genesis and up to 14,000 ETH as the last transactions in the Genesis event.

ABOUT Ethereum Eagle
EGL is a community led effort focused on solving the misalignment of incentives and lack of transparency between the community and miners in a way that maximizes value for all Ethereum stakeholders. EGL follows in the footsteps of Flashbots by tackling protocol level attributes without requiring a hard fork.

ABOUT CoinList
CoinList is where you get access to the best new tokens before they list on other exchanges.

RESOURCES
Medium