eIP 61: Mint EUL on Base network ahead of bridging
Author
Euler Labs
Date
2025-01-07
Summary
Ahead of EUL token bridging being finalised, we propose minting EUL on the Base network in order to offer rEUL rewards. When the bridging is ready, a corresponding amount of mainnet EUL will be allocated to balance the allocations.
Motivation
In order to replicate the success of the mainnet launch, reward issuance is necessary on the Base network. This proposal would allow us to decouple the launch of Base from the finalisation of the bridging infrastructure, and not delay Base launch timeframes any longer than necessary.
Specification
- 50K EUL will be minted on Base network, using the already existing EUL token contract.
- The community will be consulted as to how the official EUL token bridge should function. Once finalised, the allocations will be normalised.
Voting
Given Euler’s recent move to an optimistic governance framework, no formal on or off-chain voting is currently required for this proposal to pass. However, we encourage the Euler DAO and community members to provide feedback, share suggestions, and voice their opinions on this initiative. Community input will, as always, be crucial to ensuring that Euler remains relevant, competitive, and risk-managed.
Implementation
Unless any concerns are raised or the DAO would like more time for consideration of this proposal, the proposal will be actioned by the Euler Foundation in 2 days’ time.
Disclosures, disclaimers and copyright
The author of this proposal, Euler Labs, is contracted to provide software development services by Euler DAO. Copyright is waived via CC0.