See a visual representation of how users voted below. These charts exclude the votes aggregated from CoinList, which averaged a desired limit of 30,029,266.
EGL Signals:
Voter Rewards
Total EGLs Earned from Voting: 18,867,924 EGLs($943K)
Average EGLs Earned Excluding Signals: 128,235 EGLs; APY of 561.06%
(That’s an average of $6,411.76 @ an estimated 5 cents/EGL)
EGLs to be Awarded in Week Two: 18,505,080 EGLs
Now that I’ve voted, what are the next steps?
Keep voting!
Remember, even if your desired gas limit has been achieved, not voting (once your lockup weeks expire) doesn’t leave the current limit as is. The gas limit rescinds 95% for every week a critical mass of users doesn’t vote. Learn more here.
Revote!
If you’ve voted, you now have Bonus Voting EGLs waiting in your wallet. They can be put to use with the Revote function! You can change your vote, or double down on your initial vote by adding additional EGLs. Want to know how much gas will be used for the various voting functions so you can plan accordingly? Here’s some numbers:
You can monitor websites like gasnow.org to see gwei prices.
Spread the Word!
Are you bullish about EGL? Do you think the gas limit should be decided by the community with the help of core devs? Help us spread the word by being an EGL Advocate! Miners ultimately want to be on the right side of the community, but until now there wasn’t a clear way to determine what users wanted. Now the community has a collective tool to make its wishes known. Tell others about how important EGL is to bettering the ETH ecosystem.
Some FAQ Reminders for Week Two
1. What if I don’t know what to vote? That’s okay. We’ve elevated the voices of experienced core devs to help clue you in to what the optimal desired gas level should be. Our leaderboard also includes investors and dApps. If you’re not sure what to vote, use these experts as a guidepost. Gradually, through research and experience, you’ll come to develop your own insights and in the future you’ll be able to delegate your vote to a trusted source.
2. Why vote more than 1 million? Voting more than 1 million above or below the current gas limit allows you to not have to revote each week if your desired gas limit is more than 1M from the current gas. Let’s say you wanted the gas limit to be 19 million and the current gas limit was 15 million. You’d have to go in and vote every week +1 million for at least 4 weeks to get to 19 million (assuming the vote passed at +1M each week). By simply voting 19 million, you save time and gas fees.
3. Why limit the vote to 4M? EGL is built to adjust the gas limit gradually. In a perfect world EGL holders would vote each week, the miners would listen, and the next week’s vote would reflect those learnings. In reality, it might take several weeks before the effect of a gas limit change becomes apparent, and some EGL holders may not be watching the network that vigilantly. Having a 4M range to vote balances these two variables.
4. What’s to stop community members from freeloading; i.e. simply benefiting from others’ voting without voting themselves? EGL has designed a two-part solution to this problem: A certain threshold of votes must be hit each week, and this threshold will gradually increase over time. If the threshold isn’t met, the desired gas limit will be set to 95% of the current gas limit each week that threshold isn’t met, addressing the tragedy of the commons problem by incentivizing all community members to vote.
Conclusion
We’re thrilled that the first round of voting with EGLs transpired smoothly, further solidifying EGL’s durability as a sustainable community tool. But the work is just beginning. In order to ensure EGL has value and impact in the ETH ecosystem, we need the community to speak up! Tell others about EGL’s importance in democratizing the gas limit as we move towards Proof of Stake. Miners will listen to the community — it’s just good business! With EGL, the community’s voice can now be crystal clear.
