Eigenpie

Eigenpie is a restaking protocol on EigenLayer built by MagpieDAO — an ecosystem of various DeFi apps built on multiple DEXs, offering users cost-effective voting power, boosted yields, and staking of the native tokens of those DEXs.

Similar to other LRT protocols like Swell Network, Mellow Protocol, or Ether.fi, Eigenpie enables users to restake their $ETH or Ethereum LSTs (Liquid Staking Tokens) to receive LRT tokens in exchange, pegged to $ETH at a 1:1 ratio. Over time, as EigenLayer distributes rewards for contributions to its restaking services, they are reallocated directly into these LRTs, meaning they grow in value over time according to the exact APR promised by Eigenpie. This approach allows users to have a completely liquid token to trade, use as collateral, or contribute to LPs across multiple DEXs while earning rewards from both staking and restaking.

💧 Isolated Restaking: Eigenpie has further developed its LRT protocol by enabling "isolated liquid restaking" for ETH and LSTs. This allows users to link the performance of their LRT to the specific LST that was restaked and not to any other tokens. This means that if a security issue affects any LST, only the holders of its isolated liquid restaked version will be directly impacted.

For example, if you restake swETH (Swell Restaked ETH), you will receive mswETH, or if you restake $ETH, you will get the $egETH version of LRT. This gives users a more security-focused restaking option, protecting them from risks related to the depegging of other LSTs since they receive a distinct LRT.

🪙 Eigenpie Token: Eigenpie is powered by the governance token $EGP and its locked version, vEGP. Both $EGP and ;vEGP allow users to vote within the protocol’s DAO, but $vEGP also enables users to earn rewards for active engagement on the platform.

However, note that users can convert ;vEGP back into ;EGP only 60 days after the lock, or earlier with a penalty of a certain percentage of tokens, which decreases over time according to a nonlinear scale as the cooldown period progresses. For example, if a user locks $EGP and wants to convert it back on the same day, the penalty will be 80%. The day after, the penalty percentage will be lower.

On September 13, 2024, the platform officially confirmed the release of its token and Eigenpie airdrop, followed by an IDO announcement on Bybit five days later.

Given the significant attention from the community, CoinLaunch conducted comprehensive research on the Eigenpie crypto project and identified some notable pros and cons. Here are the results:
✅ Eigepie pros:

• Great concept and design of the product;
• Low FDV of the token ($6M) with a big upside potential. For instance, $ETHFI - token of the main competitor in the space currently owns a $1,4B FDV while was launched with ~$4B FDV; 
• Decent Initial M. Cap of the token ($1,26M);
• Presence of audits from several security companies;
• High Growth Marketing and PR performance;
• Above the average SMM coverage;
• Diverse network of the top tier partners, actively collaborating with the project;
• Unlike most protocols in the field, Eigenpie had both private and public funding rounds, potentially allowing the community to have much more control of the token’s price and avoid selloffs. 

📛 Eigenpie cons:

• The narrative, related to LR protocols built upon the EigenLayer isn’t as trended as it was a few months ago;
• A large portion of the tokens (39.34%) is allocated for the token sale, which may cause volatility in the market once the token is launched. However, considering the previous experiences of other LRT platforms and potential sell-offs from private investors, it might not be such a bad decision.
• Below the average Marketing Infrastructure, and SEO scores;
• Poor Influencer Marketing performance; 
• Lack of private investments from the top tier backers;
• No publicly available info on the core team members of the project;
• No roadmap.