EGL is governed by its community, via Discord and forum discussions. At launch, EGL is fully functional: EGL holders can vote on their desired gas limit and miners can follow the vote. Any EGL holder can, and is encouraged to, actively participate in any future development of EGL.
At launch the EGL smart contract are governed by multisig wallets of independent and decentralized actors. The multisig members are trusted members of the DeFi & Ethereum ecosystem. Specifically,
- A wallet deploys Genesis and passes through a parameter that sets the contract's ownership to the Genesis multisig wallet.
- A wallet deploys the EGL Token Contract and passes through a parameter assigning all 4 billion EGLs to the Genesis multisig wallet.
- Upon Genesis ending, all ETH staked is transferred the to Genesis multisig wallet.
- The Genesis multisig wallet deploys a ETH-EGL Balancer with all the staked ETH and 750M EGLs
- A wallet deploys the Voting Contract and passes through a parameter setting the contract's ownership to the Voting multisig Wallet
- The Genesis multisig wallet moves the remaining 3.250M EGLs to the Voting Contract
- The voting contract can be upgraded with the Upgrade mutlisig wallet
The multisig wallets require 3 of 5 members to sign a transaction for it to be approved.
The Genesis multisig members are:
The Voting Contract multisig members are:
The Upgrade multisig members are: