TL;DR: CoinList will offer access to EGL’s Genesis and staking services.
We are extremely 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. CoinList has been an active member and pioneer in the Ethereum community, pushing forward Ethereum’s vision from the early days by offering early access to Filecoin to being a leader in staking services today.
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.
Go here to use CoinList to stake ETH and participate in the Genesis. You can use an existing account or create one. There is no allocation difference* between using CoinList or talking directly to the contract: This is merely another option for those who favor staking their ETH with a wallet provider.
*CoinList may charge various fees for their services
EGL’s Genesis
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. Those that vote for the first year are eligible to share in the weekly EGL Voting Reward. Both BPT tokens and the Bonus Voting EGLs will be locked for at least ten weeks.
The Genesis will run from Saturday, August 7th to Friday, August 13th or until the maximum amount of 100,000 ETH is staked.
How CoinList + EGL will work
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 of staking with CoinList include:
- 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.
Prior to contributing ETH through CoinList for Genesis, each contributor must vote for a gas limit. To claim the bonus EGLs, post-Genesis, CoinList will vote on behalf of users based on users’ desired gas limit.
CoinList will initially vote for the maximum period (8 weeks) to receive the highest possible voting rewards. After that, CoinList will continue to vote in accordance with individual user selections for the maximum period each week in order to compound the EGL voting rewards. Regardless of the timing of users’ contributions on CoinList or their desired gas limits, all CoinList participants in the Genesis event will receive their pro-rata share of all accumulated voting rewards earned by users.
Check out our Medium posts about EGL!
About Us
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.
Legal Disclaimer
This post is being distributed by bloXroute, a blockchain development company. Participation in the Genesis is at your own discretion and risk. These services do not offer investment, financial, or tax advice. None of the information or services involving EGL constitute an offer or invitation to buy a particular product or token or to invest. All information provided in this post is impersonal and not tailored to the needs of any person, entity, or group of persons and is not sufficient upon which to base a decision on whether or not to make a purchase. EGL is intended solely as a means of collective voting on the Ethereum gas limit; users should have no expectations of profits. Decisions to stake or hold tokens involve considerable risk; please consider carefully whether such activity is suitable for you in light of your financial condition and ability to bear financial risks and, as appropriate, obtain professional advice. Under no circumstances shall CoinList be liable for any loss or damage you or anyone else incurs as a result of any information or activity related to the Genesis. Use of EGL may be subject to other rules and restrictions, including those set by the EGL community and the EGL smart contract.
CoinList operates CoinList Services LLC (“CLS”), a technology company that offers compliance and technology infrastructure solutions for token issuers, and CoinList Markets LLC (“CLM”), a licensed money services business (NMLS #1785267), and EC Securities LLC (“ECS”), a registered broker-dealer, member FINRA/SIPC. None of CoinList, CLS, CLM nor ECS provides legal, banking or tax services. Nothing in this post shall constitute or be construed as an offering of securities or as investment advice, tax advice or investment recommendations (i.e., recommendations as to whether to enter or not to enter into any transaction involving any specific interest or interests) by CoinList, CLM, CLS, ECS or any of their affiliates
CoinList’s services are not required to participate in Genesis. The services offered by CoinList Services LLC are provided for the benefit of token issuers, their supporters, developers, users and community, and the listing of tokens and token-based securities on the CoinList website does not suggest the future or expected value of any token or explicitly or implicitly recommend or suggest an investment strategy of any kind. These types of purchases involve a high degree of risk (including risk of total loss), and potential purchasers should consult with their own advisors. CoinList’s services related to EGL and Genesis are not available in jurisdictions and/or to customers where the provision or use thereof would not comply with applicable laws. CoinList will not offer or sell EGL to US persons or in the United States, Canada, or other prohibited jurisdictions and nothing in this communication shall be construed as an offer made to residents in those jurisdictions. Certain services may be limited to residents of certain jurisdictions, and certain disclosures are required in certain jurisdictions, available here.
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections.
Use of the CoinList website is subject to certain risks, including but not limited to those listed here. The information contained in this post is subject to change without notice, and this post is subject to the terms available here.
CoinList does not receive compensation for publishing, giving publicity to, or circulating notices or communications that describe securities.
