So for readers who don’t know what the Eagle Network is – it is a crypto “mining” platform or app which incentivize its users to “mine” for token on their app and to refer to others to join the network. I have done a quick review on this here. In that review I am rather bullish about the network – as it is continuously being updated and features being pumped out much faster than the other projects. Of course it is near impossible to say whether it will eventually be successful or not, but I do have some high hopes. Note that it is very obvious English is not the native language of the developers. So if you read their website and their various social media platforms, you might have some problem understand what exactly are they trying to say. And the information seems to be scattered everywhere, which makes it kind of difficult to figure out exactly what is happening on their platform. But with that said, it seems that their roadmap is rather aggressive. I always thought that Eagle Network felt a bit too scammy but after seeing so much effort being put into their developing and adding features, I am way more confident now that they are not a scam.
Anyway I will try to explain their tokenomics the best that I can. I am not 100% sure I get it correct anyway. So if you discover some errors or mistakes, please let me know.
When you first start mining, you will receive this Eagle points. These are given to miners daily and as reward for playing their faucet. You can also play games to win Eagle points. Check out their website or app to see which games are supported. Note that this is just Eagle points and this does not seem to a cryptocurrency at all. Although their whitepaper claim that when you mine, you will get Eagle “cryptocurrency”, I don’t think this is the case. It is just a “value” in their platform. The real EagleToken can only be swapped from Eagle points when you stake the Eagle points in their wallet. If I am not wrong their wallet is currently in beta and will be launched soon. Once it has been launched and staking functionality enabled, you can start staking. So if you stake the Eagle for 30 days, you will get back 5% to 10%. This is pretty generous. Note that this is for each 30 days! I am also guessing this depends on the amount of Eagle being staked. Oh, you will also need to pass KYC as well. Note that the “stake” option on the Eagle Mining app is just a “test” and will only give you 1% in return and this will still be Eagle (NOT Eagletokens). At the moment, EagleTokens are based on the Binance Smart Chain. They claim that they will be developing their own blockchain technology in the future. So do watch out for this. Once this has been completed, it will be renamed Egoncoin? They even have a “DEX” token for their own Decentralized Exchange. I am also assuming that this DEX token can be traded as well. Anyway it seems to me that the Eagle developers are complicating things that do not need to be so complicated.
The main concern I have is that this Eagletoken or Egoncoin or whatever the name the developers want to call it, will not be worth that much. For most of the miners, it would take like a 3-4 months to mine around 2k Eagle and assuming that it is a 1:1 exchange to Eagletoken, that would mean 2k Eagletokens. In order for it to be worth while to mine, this would be getting monthly returns of like at least 10 USD. That would mean the price of each Eagletoken needs to be at least 0.02USD. Is this even possible, especially considering the huge supply for Eagletoken?
Well hope this clears everything up. If you find any mistake, please let me know. My referral code is u27g8mdm if you are interested in joining the Eagle Network.