EGGS uses a debase mechanism to incentivise locking in vaults: $EGGS on Ethereum mainnet debase 0.001% per block (approximately 7% per day), whereas $aEGGS on Arbitrum debase 0.002% per block (approximately 14% per day). The rewards on each network reflect these differing debase rates: 10 million $EGGS are rewarded per block, and 20 million $aEGGS are rewarded per block. Rewards are discussed further down this page.
This table below summarises the tokenomics of $EGGS and $aEGGS:
|Token Name||Network||Initial Supply||Debase Rate (per block)||Rewards (per block)|
|EGGS||Ethereum Mainnet||3,324,324,324,357||0.001%||10 million|
An LBP on Copper/Fjord was created on 28th January, which accrued 188.78 ETH for the sale of approximately 2.15 Trillion $EGGS, before the LBP ended on 2nd February. 185 ETH from the LBP was then paired with 175,000,000,000 $EGGS to create a Uniswap V2 pool, with a price just below the final LBP price. Once sufficient liquidity had been added by the community, the initial liquidity added by the dev was burned, so the remaining LP is community-owned which makes it safe from being rugged.
The $aEGGS supply on Arbitrum was airdropped on March 18th, and distributed based on which mainnet vaults people were using at the time of the snapshot - 70% went to people using the Big vault, 20% went to people using Full, 4% was used to provide LP on Sushiswap and the final 6% was used for 'Shell Protector' wallets. The utility of Shell Protector wallets has not been announced yet.
Important links / transactions:
- LBP on Copper/Fjord - https://fjordfoundry.com/pools/mainnet/0x04EEECa0d37a238B46DeD385F04F956F6D9656A2 (opens in a new tab)
- Initial LP created for Uniswap v2 - https://etherscan.io/tx/0x862aacc2f1ba0d2cdffb47654df8d97ccaada43e57066bd9d826ff7b0b4b0d53 (opens in a new tab)
- Burning initial LP - https://etherscan.io/tx/0xc47b5b001c916453dd9e3497f318aa090b80014c5b372b3daa41862e683a0df0 (opens in a new tab)
If you stake your tokens in either Big or Smol vaults, you will receive a proportion of the rewards for each block. At the moment 90% of rewards are distributed to Big vault, and 10% to Smol, but these numbers could be changed in the future.
A simple example of rewards distribution: if there are 10 million $EGGS rewarded per block on mainnet, and Smol vault receives 10% of rewards, then 1 million $EGGS will be distributed to people using Smol.
The rewards you receive will not start to debase, until you claim or compound them.
EGGS token has a mint function but the owner is a Timelock contract which has been set to 3 days. So everyone has time to react for 3 days if dev does something.
- EGGS Token Contract (opens in a new tab)
- EggChefV2 Farm Contract (New) (opens in a new tab)
- EggChef Farm Contract (Old) (opens in a new tab)
- Full Protect Contract (opens in a new tab)
- Timelock Contract (opens in a new tab)