Eagle Network's EgonSwap DEX: The New DeFi Innovation

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1 year ago

The Eagle Network project started in 2021. They launched their miner app 26th of February of that same year. The said app allows users to do a cloud mining and mine Eagle tokens for free. The free mining is temporarily put on hold last May 31 and will resume on the 6th of August this year. As per announcement, in the new mining algorithm the miners will no longer be mining Eagles but they will be mining the token project that is built on its own blockchain- the EgonChain.

Just September last year the team launched the EgonSwap DEX, a unique decentralized crypto exchange project that allows users to participate in the emerging popularity of decentralized finance (DeFi). It is a Binance Smart Chain-based DEX with the latest technological innovations that enable users to trade cryptocurrencies in a quick and simple way.

Users of the DEX can also earn through staking, providing liquidity and farming just like in PancakeSwap. But it is way better than the latter because EGON's supply will always be lesser than that of PancakeSwap's CAKE because there is only 0.1 EGON minted per block in EgonSwap while there are 40 CAKEs minted per block in PancakeSwap. And yes, EgonSwap's native token- EGON is already listed in PancakeSwap just last June 2022. It is also listed and tracked in CoinMarketCap, Crypto.com, Binance.com, Coinbase.com, PooCoin, DEX Tool and many more.

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Below is taken from the Eagle Network's Telegram Announcement Channel:

EgonSwap Dex offers additional token mining for users of the DEX. EGON token can be mined by Staking EGON. By adding liquidity into the DEX and Farm your LP tokens.

The Egon token reward is minted by the system using a fixed minting algorithm. The initial supply for EgonSwap token was 52m. The Egon reward is minted only if there are users adding Stake, adding liquidity and farming. If no users no additional Egon will be minted.

The fixed minted Egon is distributed according to users Stake amount and liquidity amount and the duration before unstake. Longer time more Egon reward.

Below are the fixed Egon minted as users Stake, add liquidity and farm LPs:

These minted Egon is distributed to users according to amount staked.

0.1 Egon per block
This is the current situation as low numbers of holders.
2870 per day
86100 per month
1,033,200 per year
10,332,00 after 10 Years
This is the current situation in addition to current supply.

0.5 Egon per block
This can be the next stage after Egon sale to give more reward to stakers, yet to be activated.
14,350 per day
430,500 per month
5,166,000 per year
51,660,000 after 10 Years
This is in addition to current supply if activated.

1 Egon per block
This is most unlikely.
28,700 per day
861,000 per month
10,033,200 per year
103,320,000 after 10 Years
This is in addition to current supply if activated.

How To Increase Egon Stake Reward?

The Eagle Network community and EgonSwap Token Holders can vote to effect an increase in Stake and Liquidity Rewards. Note that should the vote be positive then Egon supply will increase according to the above scenarios.

Only community vote can increase supply and increase Stake Reward.

Voting Methods
Voting mechanism is for the purpose of increasing the minting algorithm of dex. Team will set it up when it becomes necessary and left to run for minimum 30 days so as to collect maximum VOTEs.

If the vote turns out to be positive then it means more egon will be rewarded for every stake holders, liquidity providers and those who farm their LP. This minting rewards is managed by the masterchef smart contract on the fly and not by team.

Price Up or Down

Increasing Egon reward do not mean to fall the price of Egon. At best it offers more rewards for investors over time. Other coin/Token are still mining more and price do not fall. Eg, Bitcoin, Ethereum, etc

Let's remember that a collective community holding assets for long time increases price as well.

It is definitely an interest in every Egon we put on the dex, this is reasonable as we who support the project should be equally rewarded base on the amount of tokens invested on the dex.

Remember that price of Egon depends upon the holders.

More Selling - price fall
More holders and buyers - price pump

What has given the top cryptos the price today? The answer are investors

Only more users buying and holding increases the crypto price. If all users mine without anyone buying price will fall to zero.

⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️
IMPORTANT
PLEASE read this post carefully to understand how Egon supply works. This is the same way Pancakeswap CAKE supply works as well.

Let's compare EGON and CAKE
CAKE minting - 40 CAKE per block
EGON minting - 0.1 EGON per block.

~Eagle Network Team

The DEX of course is audited by Techrate and by CyberSecurity

Below are some of the statistics of EgonSwap DEX as of July 2022:

Market Capitalization: $1,095,650
Total Minted: 52,998,965
Total Burned: 2,400,000
Circulating Supply: 50,598,965
Total Value Locked (TVL): $259,156.283

Eagle Network also has its own CryptoKara wallet where users can safely and securely send, receive, and store Bitcoin and other cryptocurrencies and digital assets. The said wallet is based on the Trustwallet source code.

In the 4th quarter of this year, the EgonChain blockchain of Eagle Network is due to be launched too.

Below is their roadmap's progress:
EgonSwap Dex ✅
CryptoKara App ✅
EgonSwap Token ✅
EgonCoin Blockchain ☑️
Egon Bitcoin Browser ☑️
Metaverse NFT Cards ☑️
Egon Payment Gateway 🛠
Decentralized Social Hud
Cryptocurrency Exchange
Egon P2P Trading Module 🛠
Egon Transborder Payments 🛠
Egon Online Merchant Plugin 🛠 CoinVila Price Analysis Relaunch 🛠

✅️ - Completed and Launched ☑️ - Ongoing Private Testing 🛠 - Ongoing Development