Eggs is a defi protocol and debase token experiment (remember all those fun rebase projects) currently on the Ethereum network but soon coming to Arbitrum, beginning with an airdrop for those staking their EGGS in the correct vaults.
Prepare to get egg-pilled. Which I think means consumed by the running joke that the price of eggs has skyrocketed this year.
The price of the EGGS token has already knocked off a few zeroes (and put one back on - probably too much snacking) but I'm sure you sophisticated investor degen types aren't bothered by that sort of stuff (NFA).
Allow me to eggsplain
"The evil Egg Cartel are going on a rampage and stealing EGGS." This egg theftery results in the EGGS supply being debased by 0.001% per block or around 7% per day. The general chaotic idea is that the burn will continue (and hence the price should increase) even if no one is buying or selling.
Users can purchase EGGS tokens, which are massively deflationary, and stake them in the protocol.
Staking the EGGS in the vaults is the only way to 'protec' your eggs from the massive supply burn, you can FULL protec, big protec or smol protec your eggs.
FULL protec - these eggs will be fully protected from debasing. This vault has a locking period of 7 days and offers partial withdrawals, with no relocking required.
Big and smol protec vaults only partially protect you from debasing by paying you EGGS, with a locking period of 24 hours. Claiming rewards resets the timer, and depositing or claiming the original stake will not extend the locking period. 10 million EGGS per block are distributed between these two vaults, the rewards are only debased upon claiming.
Haiz... so much fine print.
Big protec - EGGS stakers receive 9/10ths of the fees from the EGGS/ETH LP on Uniswap v2.
Smol protec - EGGS stakers receive 1/10th of the fees from the same liquidity pair.
FULL and big protec vaults will be eligible for the EGGS Arbitrum airdrop, which should be happening soon.
Tokenomics
Check the whitepaper for the initial supply details, I will just quote the stats currently displayed on the protocol to give you an idea.
Total supply - 1,735,503,330,041 EGGS
Supply locked in vaults - 1,580,689,082,454 EGGS (the protocol reminded me that this was over 91% of total supply)
Circulating supply - 154,754,540,833 EGGS (again I was reminded that this is under 9% of the total supply)
Due to the chaotic nature of this experiment, the figures are likely to change by the time you check for yourself.
TVL > $8.5 million
FDV > $3.2 million
Total liquidity (I guess for the EGGS/ETH LP) - $3,611,014
The dev has burned his initial LP tokens and the majority of the protocol liquidity is now community owned.
Below I have plotted an estimate for the decrease in the supply (at 7% per day) against the number of days. Over the next 40 days, 94% of the remaining supply would be burned. Forgive me for this very unsexy graph, but I hope it gets the point across.
Conclusion
Join in with the egg-joke-laden fun! Or wait for them to launch on Arbitrum. Your choice.
Eggselent.... couldn't help myself.
