EGL
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Voting

Who should vote with EGLs?

Anyone who holds Ethereum and is invested in its future. This is especially true for Ethereum users, VCs, DApps, and developers.

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.

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.

Can you change your vote?

No problem, you can always revote.
When you revote, any rewarded EGLs will be added to your revote and the amount of weeks you lock up your vote for will become your new multiplier.

Can I revote and lock up my EGLs for less than the original vote?

While you can technically revote for less weeks and this will become your new multiplier, your EGLs will still be locked for the original lock term because your EGLs are always locked for the longer term. For example, if you originally voted for 8 weeks, 2 weeks pass and you revote (so 6 weeks are left) and pick 3 weeks, then your new multiplier will be 3 but your EGLs will still be locked for the 6 weeks left on your original vote. Thus, it is suggested that you always revote for at least as long as your EGLs are still locked.

What happens when we’ve hit my desired gas limit? Can I stop voting and sell my EGLs?

No. Optimizing the gas limit to its maximal safe value creates value for the entire ecosystem, but also opens the door for the tragedy of the commons; every actor will ask herself why should it fall upon her to invest capital and effort to hold EGLs and vote. To incentivize the participation EGL leverages a two-step mechanism:
  1. 1.
    For a weekly tally to pass, a minimal threshold of EGLs must participate in the vote, and this threshold gradually increases over time.
  2. 2.
    If the threshold is not met, the desired gas limit does not remain unchanged. Instead, it is set to revert to 95% of the current gas limit. Thus, failure to participate in voting begins to revert the value EGL creates.
The rationale beyond this unconventional design choice is the community benefits greatly from EGL. Therefore they are significantly better off locking some capital in EGL and voting compared to losing the value they capture from EGL.

Can I delegate my vote?

No, but this functionality can be added in the future should the community want it.
Last modified 1yr ago