Magpie

Overview

Magpie XYZ is an ecosystem of DeFi protocols focused on providing multi-chain yield services and enhancing the utility of veTokenomics across multiple networks and protocols.

Within its ecosystem, Magpie currently collaborates with projects like Wombat Exchange, Pendle Finance, Radiant Capital, Camelot DEX, and Pancakeswap, with plans for further expansion.

Magpie’s SubDAO model represents an innovative approach to fortifying veTokenomics-based protocols in the DeFi ecosystem. This model introduces SubDAOs (sub-decentralized autonomous organizations) that are designed to work in synergy with the parent protocol, creating a mutually beneficial alliance.

VeTokenomics, originally introduced by Curve, involves locking governance tokens as veTokens to boost APR for liquidity providers and confer voting power for governance token allocation.

However, the veToken model has encountered limitations (shown in the diagram below) in terms of user participation, passive income generation, and the cost of acquiring voting rights. These are the problems that Magpie is tackling with its SubDAOs, each of them focusing on a different project.

In addition to overcoming some of the tradeoffs of the original veToken design, Magpie also implements a token-locking mechanism for its own ecosystem with the $MGP governance and revenue-sharing token.

By locking $MGP, holders receive vlMGP in a 1:1 ratio, allowing them to earn rewards and a share of platform-generated revenue. This revenue is derived from the SubDAOs within the ecosystem: Magpie (Wombat), Penpie (Pendle), Radpie (Radiant), Campie (Camelot), and Cakepie (Pancakeswap).

This design allows vlMGP to benefit from the business model of SubDAOs as well:

Magpie is poised to integrate more protocols into its ecosystem, ushering in a series of SubDAOs. Each SubDAO will have a specific role within the DeFi ecosystem, complementing and harmonizing with its respective protocol. As these SubDAOs flourish, they will bring substantial value to Magpie, reinforcing its position in the market.

Wombat Exchange

Wombat Exchange is a multi-chain Decentralized Exchange (DEX) that implements a veTokenomics model with its native governance token, $WOM. This unique approach allows $WOM holders to lock their tokens as veWOM on Wombat, granting them governance rights and enabling them to earn higher APR as liquidity providers on the platform. The level of boosted emissions is directly proportional to the duration and quantity of $WOM tokens being locked.

veWOM holders play a crucial role in the Wombat Exchange ecosystem as they possess the privilege to vote on the Wombat Exchange voting gauge. This voting power empowers them to allocate $WOM emissions across different liquidity pools on the exchange. Furthermore, veWOM holders may receive incentives, such as bribes, for their votes, creating an additional source of potential income.

To fully leverage the benefits of veWOM, users opt to lock their $WOM tokens for a period of up to 4 years. This extended locking period ensures that their voting weight aligns with both the duration of their lockup and the quantity of $WOM tokens they’ve committed.

Importantly, veWOM holders also have the opportunity to earn bribes from Wombat Exchange partners. These partners seek to rent voting power and garner support for their pools, providing veWOM holders with yet another avenue for potential earnings within the ecosystem.

Magpie’s Supporting Values

Magpie is the first protocol within Magpie XYZ, focusing on providing yield and veTokenomics boosting services for Wombat Exchange.

Given the high opportunity cost of locking up capital for prolonged periods of time, some users might not want to participate in the system offered by Wombat, even though they might still want to access some of the benefits.

Magpie addresses this challenge by providing a multifaceted set of advantages to different user groups within the ecosystem.

mWOM

The process of achieving these benefits involves converting $WOM tokens into $mWOM and staking them on the Magpie platform to secure enhanced revenue share.

Crucially, when this conversion takes place, Magpie automatically locks the corresponding $WOM as veWOM on Wombat Exchange. This dual-purpose mechanism not only benefits $WOM holders but also grants Magpie governance rights and the ability to earn boosted APR as a liquidity provider on Wombat Exchange.

As a result, Magpie’s veWOM holdings offer a unique opportunity for liquidity providers to deposit a diverse range of assets, including Stablecoins, $BNB, Liquid Staked $BNB, $frxETH, $ETH, $WOM, and mWOM on the platform. This allows them to enjoy boosted rewards without the necessity of personally locking their $WOM tokens, as Magpie takes care of this process on their behalf.

Overall, the benefits include:

Boosted Rewards for $WOM holders:
- By converting $WOM tokens into mWOM, users automatically lock the corresponding $WOM as veWOM on Wombat Exchange.
- This process allows $WOM holders to earn boosted APR through mWOM on Magpie while enabling Magpie to gain governance power on Wombat through its veWOM holdings.
- Users retain flexibility by being able to swap mWOM back to $WOM on Wombat Exchange.
Boosted Rewards for Liquidity providers:
- Liquidity providers can access boosted rewards on Magpie without the need to lock $WOM tokens themselves.
- Magpie shares its yield-boosting benefits with liquidity providers, allowing them to earn high APR on single-sided pools without the requirement of locking $WOM.
Cost-Effective Voting Power & Passive Income for Wombat Voters (Real Yield):
- Magpie offers a cost-effective alternative for Wombat voters. $MGP lockers can control the voting power accumulated by Magpie through its veWOM holdings.
Decreasing $WOM circulating supply:
- Magpie’s mechanism of converting $WOM tokens into mWOM includes automatically locking the converted $WOM as veWOM on Wombat.
- This strategic move contributes to a gradual decrease in the circulating supply of $WOM tokens over the long term.
- The reduction in the $WOM circulating supply helps alleviate potential sell pressure.

In essence, Magpie streamlines and optimizes the user experience within the Wombat Exchange ecosystem while enhancing the utility of $WOM tokens.

The Magpie Bribery Market

The bribery market within Magpie’s ecosystem serves as an extra mechanism that allows users with vote-locked tokens to actively participate in governance decisions and, in return, receive bribes as rewards.

Protocols may choose to offer additional incentives to attract voters to their pools or proposals. These incentives can come in various forms and are designed to not only attract voters but also boost the liquidity and $WOM emissions within the pools.

Holders of vote-locked tokens, such as vlMGP, have the opportunity to participate in the governance process by voting on specific pools or proposals. In return for their votes, users can obtain bribes as rewards. These bribes are offered as an incentive for users to direct their governance votes in favor of particular pools. Voters for those pools will get the bribe..

Magpie and its SubDAOs have accumulated substantial amounts of governance tokens from underlying protocols within the DeFi ecosystem. As a result, vlMGP token holders can leverage these accumulated governance tokens to influence the governance decisions of the protocols.

When votes are directed towards specific pools, it has the effect of increasing the $WOM emissions for those particular pools. This boost in $WOM emissions enhances the overall rewards and incentives for liquidity providers within those pools.

$MGP and vlMGP

$MGP is Magpie’s governance and revenue-share token.

Users have the option to lock their $MGP tokens on Magpie in exchange for Vote-Locked $MGP (vlMGP) at a 1:1 ratio.

vlMGP allows $MGP holders to earn passive income and participate in the governance of the platform. At the same time, the voting power accumulated by Magpie through its veWOM holdings is shared among vlMGP holders, enabling them to also take part in Wombat’s governance decisions.

vlMGP holders not only have voting rights but also earn a share of the platform’s revenue as well as rewards, resulting in the following benefits:

Shared Voting Power: The voting power accumulated by Magpie through its veWOM holdings is shared among vlMGP holders. This enables cost-effective participation in Wombat’s governance.
Revenue Share: vlMGP holders earn revenue share from the Magpie platform and can actively engage in Wombat Exchange’s governance while having the opportunity to receive incentives.
- 80% to liquidity providers.
- 12% to mWOM stakers.
- 8% to vlMGP holders.
Unlocking Period: Users should note that there is a 60-day waiting period to fully unlock their locked $MGP tokens.

Vote-Locked MGP

vlMGP stands for Vote-Locked MGP, which is the locked version of the MGP token. It represents governance power acquired by Magpie through the locking of $WOM on Wombat Exchange. vlMGP holders have the ability to control and participate in the shared governance power.

Users can acquire vlMGP by locking their $MGP tokens on the Magpie platform, following a 1:1 ratio for $MGP to vlMGP.

The benefits of being a vlMGP holder include:

Earn a share of revenue generated within the Magpie ecosystem.
Receive rewards in the form of $MGP.
Obtain maximum voting power on Wombat Exchange.
Gain governance privileges within the Magpie ecosystem.
Have the opportunity to claim forfeited rewards from others.
Earn incentives from participating in the bribery market.

Once $MGP is locked, it remains in a locked state indefinitely. However, users can initiate a 60-day unlock period known as “Cool Down” by selecting “Start Unlock.”

During the Cool Down period, vlMGP can only receive a share of Magpie’s revenue; it cannot vote or participate in the bribery market.

Additionally, users can opt to “Force Unlock” their vlMGP before the 60 days by paying a penalty fee. The penalty cost for force unlocking starts at 80% of the total locked $MGP tokens and decreases non-linearly over time.

Hence there are 3 states that vlMGP can be in:

Lock State: In this default state, vlMGP holders can vote for Magpie governance, receive a share of Magpie’s revenue, and participate in the bribery market on Magpie.
Cooldown (Unlocking) State: After initiating the “Start Unlock” process, vlMGP enters this state. During the cooldown, it can only receive revenue shares from Magpie but cannot vote or participate in the bribery market.
Expired State: After the “Cooldown” period ends, vlMGP moves to the expired state. In this state, it loses all functionalities, including voting and rewards. Rewards from expired vlMGP are forfeited and redistributed to other vlMGP users once claimed. The redistribution is proportional to the amount of expired vlMGP and the duration of their expired state.

Note that the community decides the use of tokens accumulated through penalties, ensuring a decentralized and community-driven approach.

Penpie

Penpie is the inaugural SubDAO venture under Magpie’s model. It was developed to accelerate the growth of Pendle Finance and its ecosystem. Penpie introduced its governance token, PNP, which was initially offered with a low Fully Diluted Valuation (FDV) of 3 million through the Camelot Launchpad on Arbitrum.

Pendle Finance

Pendle is a DeFi yield-trading protocol that allows users to execute yield management strategies in order to increase or decrease exposure to sources of yield. By creating a market for DeFi yield, Pendle enables users to buy assets at a discount, hedge against yield downturns, long yield, or fix yield rates for stable growth among other strategies.

To enable yield trading, Pendle Finance converts yield-bearing tokens into standardized yield tokens (SY) and further categorizes them into principal tokens (PT) and yield tokens (YT). These tokens can then be traded using a custom V2 Automated Market Maker (AMM).

The AMM is designed specifically for trading yield and allows users to take advantage of the behaviors of PTs and YTs. From a single PT/SY pool, users can buy or sell PTs against the underlying asset, thus facilitating swaps between YTs and PTs

PT + YT = SY

Buying PTs will increase the price of PT and decrease the price of the asset, hence decreasing the implied interest rate.
Selling PTs will decrease the price of PT and increase the price of the asset, hence increasing the implied interest rate.

The curve of the AMM changes in response to the amount of yield that is earned over time and narrows the price range of PT as it approaches maturity. This results in high capital efficiency due to the liquidity being concentrated in a specific price range.

Pendle is also an example of a protocol that implements veTokenomics. By locking the $PENDLE token as vePENDLE, $PENDLE holders can access exclusive benefits within the platform.

vePENDLE tokens enable holders to significantly boost their yields when providing liquidity on Pendle Finance. The magnitude of the boosted yield is directly proportional to the duration of the staking period (from as short as 7 days to as long as 2 years) and the amount of $PENDLE tokens staked.

As a vePENDLE holder, you get the following benefits:

Yield Boosting: One of vePENDLE’s main utilities is to enable its holders to earn boosted yields when providing liquidity on Pendle Finance. The boosted emissions are proportional to the staking period duration and the amount of $PENDLE staked by users.
Governance Rights: vePENDLE is fundamental for Pendle Finance’s governance system. vePENDLE holders can vote to allocate $PENDLE emissions across different Pendle Finance pools. The voting weight is proportional to the staking period and the amount of $PENDLE locked by users. More time staked, more voting weight.
Bribes: vePENDLE holders have the potential to earn bribes from Pendle Finance partners. Different protocols might compensate users for renting their voting power and supporting their pools.
Revenue Share: Holding vePENDLE on Pendle allows users to earn a share of the 3% fee charged on all yield generated by Yield Token (YT) holders. Additionally, vePENDLE holders can earn a portion of the yield generated by matured unredeemed PTs, providing an additional source of passive income.

Penpie’s Supporting values

Penpie is the first SubDAO developed by Magpie, focusing on providing yield enhancement services and veTokenomics boosting services for Pendle Finance, without having to lock their $PENDLE tokens, granting users the following benefits:

Liquidity Providers: Users can deposit various tokens into single-sided boosted pools to earn boosted yield as compared to just depositing on Pendle Finance.
Pendle Finance Voters: Voters can cost-effectively acquire voting power and earn passive income through the $PNP token.
$PENDLE Token Holders: Holders have the opportunity to earn a higher APR by converting their tokens into mPENDLE, allowing them to receive a share of the revenue generated by Penpie in the form of $PENDLE & $ETH without having to lock $PENDLE for up to 2 years.
Protocols: Penpie’s bribery market allows protocols to obtain a larger share of $PENDLE emissions by bribing vlPNP holders.

mPENDLE

When users convert $PENDLE into mPENDLE, Penpie takes the $PENDLE deposit and locks it in Pendle Finance as vePENDLE. By accumulating vePENDLE from deposits, Penpie can increase its voting power and benefit from Pendle’s boosted rewards.

mPENDLE, short for “Magpie PENDLE,” is a liquid version of vePENDLE that offers users passive income opportunities within the Penpie ecosystem. The conversion process involves exchanging $PENDLE tokens for mPENDLE tokens at a 1:1 ratio on Penpie. It enables $PENDLE holders to earn boosted APR (Annual Percentage Rate) on Penpie, since the protocol locks the equivalent amount on Pendle. This process of permanently removing tokens from circulation is known as “blackholing”. Once tokens are blackholed, this action cannot be reversed.

However, mPENDLE holders have the option to exchange their tokens for PENDLE on Wombat Exchange.

Overall the benefits include:

Boosted Rewards for $PENDLE Holders:
- Users can convert their PENDLE tokens into mPENDLE on Penpie to earn boosted APR.
- Penpie locks the equivalent PENDLE tokens on Pendle Finance, resulting in vePENDLE accumulation.
- vePENDLE holdings grant governance power on Pendle Finance and yield-boosting advantages.
- Users have the flexibility to swap mPENDLE back to PENDLE on the secondary market.
- mPENDLE rewards include $PENDLE and $ETH.
Boosted Rewards for Liquidity Providers:
- Liquidity providers can earn enhanced rewards on Penpie without locking $PENDLE tokens.
- Penpie shares its yield-boosting benefits with liquidity providers thanks to its vePENDLE holdings.
Cost-Effective Voting Power for Pendle Finance Users:
- Pendle Finance voters typically need to buy and lock $PENDLE tokens for 2 years to maximize their voting power, which can be cost-prohibitive.
- Penpie offers a cost-effective alternative by allowing users to lock $PNP tokens as vlPNP to control voting power accumulated by Penpie’s vePENDLE holdings.
Decreasing PENDLE Circulating Supply:
- Penpie plays a role in reducing the circulating supply of $PENDLE tokens.
- When $PENDLE tokens are converted into mPENDLE on Penpie, the equivalent $PENDLE is locked as vePENDLE on Pendle Finance.
- This locking mechanism helps decrease sell pressure on PENDLE tokens over the long term.

Staking mPENDLE

Staking mPENDLE provides the following benefits:

Revenue share
$PNP Rewards

mPENDLE can be obtained by converting $PENDLE into mPENDLE on Penpie, or buying it directly on the secondary markets and vice versa. Penpie locks all converted $PENDLE as vePENDLE.

Smart PENDLE Converter

The smart $PENDLE converter allows users to obtain a better rate when converting $PENDLE to mPENDLE via the following process

It first checks the current $PENDLE to mPENDLE rate on Wombat Exchange.
If the exchange rate shows mPENDLE trading below 95% of $PENDLE value, the Smart Converter will execute the swap, securing over 1 mPENDLE for each $PENDLE converted.
This dynamic rate optimization brings the mPENDLE conversion ratio closer to the 95% peg during periods of divergence, providing flexibility and favorable rates to the Penpie community.

The Smart PENDLE Converter taps into real-time market data to give users the best possible conversion rates.

mPENDLE Stability Vault

The mPENDLE Stability Vault allows users to earn attractive yields on deposited mPENDLE tokens.

Once mPENDLE is deposited into the Vault, it enters a locked state to begin accumulating yields. Unlocking requires an initiation, and has the following terms:

There is a 30-day cooldown period before funds can be withdrawn.
Each user may have up to 3 concurrent cooldown periods.
mPENDLE in cooldown still receives 100% revenue share.

The mPENDLE Stability Vault enables users to share in 4.8% of the total revenue generated by Penpie, representing 40% of the income allocated to mPENDLE stakers. Additionally, mPENDLE SV lockers can earn extra vlPNP rewards and gain access to future IDOs within the Magpie XYZ ecosystem through events like the PENDLE RUSH.

mPENDLE Liquidity

The mPENDLE liquidity pool on Pendle Finance allows $PENDLE holders to convert their tokens into mPENDLE and trade the yield of mPENDLE tokens. Users can take long or short positions by buying or selling Principal Tokens (PT) and Yield Tokens (YT), creating opportunities for increased revenue.

The Penpie Bribery Market

Penpie created the Penpie Bribery Market, enabling vlPNP token holders to influence the emission of $PENDLE. The introduction of vote-locked $PNP(vlPNP) allows users to vote on gauges while requiring a much shorter locking period on $PNP.

This allows them to direct the emissions of Pendle to their desired LP pairs, and in return obtain bribes from either other users or Penpie’s Bribery Market Partners.

Pendle Finance’s ecosystem partners or anyone who wants to support a specific pool can deposit bribe rewards for vePENDLE voters on Penpie, with 80% of the deposited amount going directly to vePENDLE Gauge and 20% allocated to the same pool on the vlPNP gauge, enhancing the partner’s efficiency.

$PNP and vlPNP

$PNP serves as the governance and revenue-sharing token for Penpie. Token holders of $PNP possess the authority to influence and make decisions regarding Penpie’s governance. This is achieved by converting assets into vlPNP tokens at a 1:1 ratio.

The voting power that Penpie accumulates by holding vePENDLE is distributed among vlPNP holders, allowing them to participate in Pendle Finance’s governance cost-effectively. Vote-Locked PNP holders also earn a revenue share from Penpie in $PENDLE & $ETH.

Governance Influence: Holders of vlPNP tokens play an active role in shaping the governance of both Pendle Finance and Penpie. Their votes and input contribute to decision-making processes within these platforms.
Revenue Share: vlPNP token holders are entitled to a share of the revenue generated by Penpie. This revenue can be in the form of $PENDLE and $ETH, providing an additional source of passive income.
Cost-Effective Governance: The voting power accumulated by Penpie through its vePENDLE holdings is distributed among vlPNP holders. This enables them to participate in Pendle Finance’s governance cost-effectively and efficiently.

It is also worth noting that $PNP has implemented the OFT V2 standard by LayerZero. This allows users to bridge across Ethereum, BNB Chain, and Arbitrum.

However, vlPNP does not follow the OFT standard. Therefore, all votes on Arbitrum, Optimism, and BNB Chain are aggregated and cast back to Ethereum, allowing voters to earn rewards on their votes.

Vote-Locked PNP

Vote-Locked PNP (vlPNP) is the locked version of $PNP and plays a key role in Penpie’s governance and incentives system.

Penpie accumulates governance power on Pendle Finance by locking PENDLE tokens. This voting power is shared with vlPNP holders, which will control and make it cost-effective for users to participate in Pendle’s governance while earning attractive APRs.

This results in the following benefits:

Passive Income: Holding vlPNP allows users to earn passive income.
Participation in Governance: vlPNP holders can actively participate in Pendle Finance’s governance decisions.
Penpie Revenue Share: Users holding vlPNP can share in the revenue generated by Penpie.
Voting for Bribes: vlPNP holders can vote to earn rewards from the bribery market.
Maximized Voting Power: By acquiring vlPNP, users can maximize their voting power on Pendle Finance.
Governance Benefits on Penpie: vlPNP holders enjoy governance benefits within the Penpie ecosystem.

Once $PNP tokens are locked, they remain in a locked state indefinitely. However, users can initiate an unlock process, triggering a 60-day cooldown period. To fully unlock vlPNP without penalty, users must wait for the 60-day Cool-down period to conclude.

During the Cool Down period, vlPNP holders continue earning passive income but cannot participate in voting.

Users can also opt for a “Force Unlock” to unlock vlPNP before the 60-day period, but this incurs a penalty fee. On day 1 of the unlock process, the penalty cost is 80% of the total PNP tokens locked by the user, with a non-linear decrease in penalties over time.

As a result, there are 3 states that vlPNP can be in:

Lock State: vlPNP is initially in the lock state, allowing voting on Penpie’s governance, receiving Penpie revenue share, and participating in the bribery market.
Cooldown (Unlocking) State: When users commence the unlock process, vlPNP enters the cooldown state. In this state, it can ONLY receive Penpie revenue share and cannot vote on Penpie’s governance or use the bribery market.
Expired State: After the Cool Down period ends, vlPNPs transition to the expired state. In this state, they cannot vote for Penpie governance, receive rewards, or engage with the bribery market. Rewards allocated to expired vlPNPs are forfeited and redistributed among active vlPNPs based on the amount and duration of their expired state.

Radpie

Radiant Capital

Radiant Capital is an omnichain money market platform designed to address the fragmentation of liquidity in the DeFi landscape. Radiant’s innovative solution is to allow users to deposit any major asset on any major chain and borrow various supported assets across Arbitrum and BNB Chain. This offers a seamless experience for users to borrow and lend.

Instead of locking $RDNT into a vote-locked format, the token is only used as an emission reward to incentivize ecosystem participants to provide utility to the platform as dynamic liquidity providers (dLP). Radiant Protocol requires a minimum of 5% locked dLP tokens relative to the size of the user’s deposit (in USD terms) to activate $RDNT emissions.

$RDNT Liquidity mining emissions can be instantly claimed for the total amount on the condition that they are zapped into locked dLP tokens by pairing the claimed $RDNT with wstETH/BNB. Alternatively, emissions may be vested for three months. Vesting RDNT may be claimed early for an exit penalty to receive 10-75% of rewards, decaying linearly during the three-month vesting period.

Only users with locked dLP activate eligibility for $RDNT emissions on their deposits or borrows. dLP is obtained by zapping assets such as $ETH, $BNB, $USDC, etc, which are then locked for between 1 to 12 months depending on the user’s selection.

Users locking dLP for up to 12 months enjoys the following benefits:

Activate $RDNT emissions on deposits & borrows.
Share in platform fees comprised of blue-chip assets such as Bitcoin, Ethereum and stablecoins.
Obtain voting power for governance via the Radiant DAO.

Radpie’s Supporting Values

Radpie has identified several areas where it can help provide a more efficient DeFi experience for users while supporting Radiant’s long-term development at the same time.

No Lockup Requirement to boost yields: The necessity to lock a minimum of 5% of the deposited amount in dLP tokens to get $RDNT emissions and increased protocol fees may deter some users who prefer more flexibility with their assets. Radpie allows users to earn boosted passive income without the need for them to lock any dLP.
Lockup Duration: dLP are locked for a period of one to twelve months, which means that dLPs cannot freely access these assets during this period. If market conditions change, they may not be able to react swiftly. Radpie allows dLP holders to easily sell their dLP without any vesting through mdLP.
Cost-Effective Governance Power: Radiant voters can potentially acquire governance power efficiently through Radpie.
dLP support: By locking dLP on Radiant, Radpie positively impacts the long-term sustainability development of Radiant.

Converting dLP into mdLP allows users to earn passive income on Radpie, without having to go through a lock-up period.

Radpie also introduces the esRDNT mechanism. Essentially, each esRDNT corresponds to one $RDNT that has been earmarked and is in the queue to be vested on the Radpie platform. This provides Radpie depositors an opportunity to withdraw their pending $RDNT rewards earlier as esRDNT instead of waiting for the vesting period, which is then tradable on the market at the existing rates.

This also opens an opportunity for long-term Radiant users to purchase esRDNT at a discount on the market, and redeem it at 1:1 $RDNT ratio after the 3 months vesting period.

mdLP

mdLP is Radpie’s version of Radiant’s Dynamic Liquidity Provision. dLP holders can convert their assets into mdLP via Radpie to generate optimized passive income, without any required lock-up period.

Radpie locks the dLP token in order to access Radiant’s benefits, offering it back to the users. These includes:

Boosted Rewards for users
Cost-Effective Voting Power & revenue share
Supporting Radiant’s dLP in the long term

Converting dLP

mDLP can be obtained by the following steps:

Converting dLP into mdLP
- Navigate to the Stake tab on Radpie.
- Selecting the mdLP Staking Pool.
- Converting dLP into mDLP
Zapping $ETH or $BNB into mDLP
- Navigate to the Stake tab on Radpie.
- Select the mdLP Staking Pool.
- Select the Zap function
- Choose either $ETH or $BNB

esRDNT

Instead of waiting for $RDNT to be fully vested, Radpie depositors can withdraw their pending $RDNT income prematurely as esRDNT. esRDNT is tradable for $RDNT on the secondary market, offering an immediate liquidity option for users and allowing them to monetize their future $RDNT income in the present.

Through esRDNT, users are offered an opportunity to purchase $RDNT at reduced prices depending on market rate and after a 3-month period, they can redeem esRDNT back to $RDNT at 1:1 ratio within Radpie.

Getting esRDNT

$RDNT earnings are accumulated when users deposit their assets on Radpie. If users do not wish to enter a 90 days vesting period, they can claim the reward as esRDNT.

The Radpie Bribery Market

The Radipie bribery market will only be introduced in V2. In addition, a system will be introduced to allow different LST projects to offer incentives to vlRDP holders to increase their pool’s quota.

$RDP and vlRDP

$RDP is Radpie’s governance and revenue-share token.

Users have the option to lock their $RDP tokens on Radpie in exchange for Vote-Locked $RDP (vlRDP) at a 1:1 ratio, allowing holders to earn passive income and share governance benefits from Radiant & Radpie.

By leveraging vlRDP, users can earn $RDP rewards and also receive a portion of the platform’s revenue, which is earned in $RDNT and through protocol fees.

Vote-Locked RDP

Vote-Locked $RDP is the locked version of $RDP. The governance power that Radpie has acquired by locking dLP on Radiant is shared and controlled by vlRDP holders. Users interested in participating in Radiant’s governance can buy voting power cost-effectively through RDP while earning high APR at the same time.

vlRDP providers holders with the following benefits:

Earn revenue share from Radpie.
Maximized voting power on Radiant.
Governance benefits on Radpie.

Once RDP is locked, it is in a lock state indefinitely. Users must “Start Unlock” to start a 30-day unlock period known as “Cool Down”, and must wait 30 days for the Cool Down period to end without a penalty. Otherwise, users can “Force Unlock” to unlock their vlRDP before 30 days by paying a penalty fee.

vlRDP holders continue to earn passive income but cannot participate in the voting process while their tokens are in Cool Down. On day 1, the penalty cost is 80% of the total RDP tokens locked by the user and will decrease non-linearly over time.

There are 3 states of vlDRP, which are:

Lock state: vlRDP by default is in a lock state, can vote on Radpie’s governance and receive Radpie’s revenue share.
Cooldown (or unlocking) state: vlRDP will be in cooldown state once users start unlocking. You can choose the amount of vlRDP to start the unlocking schedule. vlRDP in cooldown state can only receive Radpie revenue share and are not able to vote on Radpie’s governance
Expired state: Once the “Cooldown” period ends, those vlRDP will be in an expired state. Expired vlRDP cannot do all the following actions
- Vote on Radpie’s governance
- Receive any rewards: The rewards will still be titled to expired vlRDP, but once the user claims, rewards will be forfeited and redistributed to all other vlRDP. The Forfeit part is proportional to the amount of expired vlRDP and how long they stay in the expired state.

Campie

Camelot DEX

Camelot is an ecosystem-focused, community-driven DEX and Launchpad built on Arbitrum.

Camelot has been built as a highly efficient and customizable protocol, allowing both builders and users to leverage their custom infrastructure for deep, sustainable, and adaptable liquidity. Camelot moves beyond the traditional design of DEXs to focus on offering a tailored approach that prioritizes composability.

Camelot’s token, $GRAIL, can be obtained on the market or via liquidity mining. xGRAIL can be obtained by converting $GRAIL at a 1:1 ratio, allowing lockers to obtain additional utility from the $GRAIL token. These benefits include:

Allocate xGRAIL to dividends to earn rewards.
Allocate xGRAIL through yield booster to boost your positions’ APR.
Allocate xGRAIL to the Launchpad plugin to get exposed to Launchpad-related benefits.

Additionally, xGRAIL can also be obtained via liquidity mining.

xGRAIL can be unlocked by going through a vesting process, which returns the underlying $GRAIL tokens in amounts relevant to the vesting duration. The minimum vesting duration is 15 days (50% $GRAIL output), and the maximum duration is 180 days (100% $GRAIL output). As your xGRAIL vests, 50% of the amount is automatically staked in dividends, earning you rewards during the vesting period

Campie Supporting Values

Campie intends to support the long-term development of Camelot, as part of their commitment to enhancing the yield in the DeFi ecosystem.

This includes the accumulation of $GRAIL tokens and locking them as xGRAIL within the platform. This strategy enables Campie to provide Arbitrum users with simple and flexible opportunities to take advantage of the benefits offered by Camelot. This comes in the form of mGRAIL, which is obtained by holders depositing their $GRAIL tokens into Campie. Staking mGRAIL on Campie then provides users the following benefits:

Allows users to receive increased revenue share from the platform in the form of $GRAIL.
Enables $GRAIL holders to earn enhanced xGRAIL rewards as passive income.
Provides cost-effective voting power to Camelot Exchange voters.
Allows liquidity providers to benefit from increased APR% without the requirement of locking $GRAIL tokens as xGRAIL.

mGRAIL

Campie provides $GRAIL holders the chance to earn significant rewards by converting their governance tokens ($GRAIL) into mGRAIL. Users can stake their mGRAIL on Campie to receive increased revenue share from the platform in the form of GRAIL.

When users convert their $GRAIL into mGRAIL, Campie automatically locks the converted $GRAIL as xGRAIL within Camelot Exchange. This mechanism allows $GRAIL holders to receive more substantial rewards through mGRAIL, while also providing Campie with governance rights and increased APR% as a liquidity provider on Camelot.

Overall, mGRAIL providers users the following benefit:

$GRAIL holders: $GRAIL holders have the option to convert their tokens into mGRAIL, allowing them to receive a share of the revenue generated by Campie in the form of $GRAIL.
Liquidity providers: Risk-averse liquidity providers can achieve higher yields without the need of locking $GRAIL and holding xGRAIL on their own. The xGRAIL holdings of Campie allows the platform to provide depositors with boosted passive income.
Governance voters: Campie offers an affordable approach to obtaining voting rights on Camelot Exchange thanks to the xGRAIL accumulated by the platform. Users can acquire CMP tokens and lock them on Campie as vlCMP to cost-effectively control the xGRAIL accumulated by Campie and influence the governance of Camelot Exchange while earning maximized revenue share with a shorter lock up period.

$CMP and vlCMP

$CMP is Campie’s governance and revenue-share token.

Users have the option to lock their $CMP tokens on Campie in exchange for Vote-Locked $CMP (vlCMP) at a 1:1 ratio, allowing holders to earn passive income and share governance benefits from Camelot and Campie. The voting power amassed by Campie via its xGRAIL holdings is distributed among vlCMP holders, enabling them to participate in Camelot Exchange’s governance in a cost-effective manner.

Holders of Vote-Locked CMP can get a share of the platform’s revenue and influence the governance of Camelot Exchange efficiently while maximizing their rewards at the same time. Users are required to wait for 15 days for their vlCMP to be fully unlocked and converted back to CMP.

Vote-Locked CMP

When users lock their $CMP tokens to obtain vlCMP, the $CMP goes into a default status with an indefinite lockup period. To begin the unlocking process, users need to select the “Start Unlock” function, which initiates a 15-day cooldown period. During this time, vlCMP holders can still accrue passive income, but they cannot participate in voting. After the 15-day period ends, users can fully unlock their vlCMP back to $CMP.

Users have the option to “Force Unlock” their vlCMP before the 15-day cooldown period concludes. Doing so requires them to pay a “penalty” fee to access their assets ahead of the timeline specified in the smart contract. On the first day, this penalty constitutes 80% of the user’s locked $CMP tokens, and the fee reduces non-linearly as time progresses.

vlCMP provides the following benefits:

Generates passive income for holders.
Participate in the governance of Campie and Camelot.

Cakepie

PancakeSwap

PancakeSwap is an multichain DEX that began on BNB Chain, and is currently one of the largest DEX on BNB Chain.

Pancake allows users to do the following:

Swap tokens across multiple chains.
Provide liquidity to earn fees and incentives.
Trade perpetuals.
Bridge assets across chains.
Play various games
NFT marketplace

Pancake’s token, $CAKE, can be staked and converted into veCAKE. The amount of veCAKE received depends on the duration staked, ranging from a week to 4 years, with the maximum duration giving a 1:1 return on staked $CAKE.

veCAKE allows holders the following benefits:

Weekly Rewards: Claim $CAKE rewards regularly through $CAKE Staking and Revenue Sharing.
Gauges Voting Participation: Engage in Gauges Voting every 2 weeks, with results applied bi-weekly. Adjust your voting preferences for each gauge at intervals less frequent than 10 days.
Vote Incentives: Access additional incentives by claiming votes from other protocols through external markets.
Governance: Vote on governance proposals for matters related to gauge approvals, protocol changes, emission adjustments, etc.
Emission Boost: Influence and boost $CAKE emissions in your preferred pools.
Liquidity Rewards: Amplify $CAKE rewards akin to bCAKE when providing liquidity to v3, v2, stableswap, or position managers sequentially. This sequence commences with BNB Chain v3 on November 27th, 2023, followed by BNB Chain v2 and Position Managers.

Cakepie Supporting Values

Cakepie’s goal is to enhance the core functionalities of PancakeSwap’s new veCAKE design. Through this initiative, they aim to further the reach and impact of DeFi, opening up new possibilities for users and the broader community.

The main focus of Cakepie is to accumulate $CAKE tokens and lock them as veCAKE in order to gain enhanced yield benefits and governance power within the platform. Cakepie offers $CAKE holders an opportunity to earn enhanced $CAKE rewards as passive income. It also provides cost-effective voting power to PancakeSwap voters and allows liquidity providers to enjoy higher APR% without the need to lock any of their $CAKE tokens as veCAKE.

$CAKE holders can convert the token into mCAKE, which can be staked on Cakepie, allowing users the following benefits:

To earn an increased revenue share from the platform in the form of $CAKE.
Deposited $CAKE are immediately locked by Cakepie into veCAKE within Pancake, allowing more governance strength and increased APR.
LPs can benefit from Cakepie yield without having to lock veCAKE.
Cost-effective way for voters to acquire voting rights on Pancake.

mCAKE

mCAKE is Cakepie’s version of the $CAKE token from PancakeSwap. Users can convert their $CAKE into mCAKE at 1:1 ratio. mCAKE allows $CAKE holders to access boosted revenue share from Cakepie without any lockup period.

$CKP and vlCKP

$CKP is Cakepie’s governance and revenue-share token.

$CKP can be locked as vlCKP to earn revenue from the platform and simultaneously participate in the governance of both Cakepie and PancakeSwap.

The voting power that Cakepie has accumulated through veCAKE is distributed among vlCKP holders, enabling them to participate efficiently in PancakeSwap’s governance. Holders of vlCKP can earn a share of the platform’s revenue and influence PancakeSwap’s governance, maximizing their rewards in the process. Users must wait 30 days for their vlCKP to be fully unlocked and converted back to CKP.

Vote-Locked CKP

Upon locking $CKP on Cakepie as vlCKP, the tokens enter an indefinitely locked status. Users wishing to unlock their tokens must select the “Start Unlock” option, which initiates a 60-day waiting period. During this cooldown, vlCKP holders will continue to earn revenue from Cakepie but will not be able to vote. After the waiting period is completed, users can unlock their vlCKP back into CKP.

Users can also choose to force unlock their vlCKP by paying a “penalty” fee to access their assets earlier than the timeframe stipulated in the smart contract. The penalty fee starts at 80% of the total $CKP tokens locked by the user on the first day and gradually decreases according to a nonlinear scale as more time passes within the cooldown period.

vlCKP provides the following benefits:

Vote on the governance of Cakepie and PancakeSwap.
Vote on the Cakepie Bribery Market to distribute $CAKE emissions across PancakeSwap liquidity pools and earn bribes
Earn a share of revenue from Cakepie.

Eigenpie

Eigenpie was introduced on January 22, 2024.

It is a subDAO focusing on Liquid Restaking, with the following goals:

Enhancing the security, decentralization, and evolution of Ethereum.
Eigenpie allows users to restake their ETH positions, thereby maximizing their passive income potential.

EigenLayer

EigenLayer is a protocol built on Ethereum that introduces restaking, a new primitive in cryptoeconomic security. This primitive enables the reuse of $ETH on the consensus layer. Users that stake $ETH natively or with a liquid staking token (LST) can opt-in to EigenLayer smart contracts to restake their $ETH or LST and extend cryptoeconomic security to additional applications on the network to earn additional rewards.

With EigenLayer, Ethereum stakers can help secure many services by restaking their staked $ETH and opting in to many services simultaneously, providing pooled security. Reusing $ETH to provide security across many services reduces capital costs for a staker to participate and significantly increases the trust guarantees to individual services.

Anyone building a new decentralized service for Ethereum must bootstrap a new trust network to secure their system, fragmenting security. EigenLayer solves this problem by enabling any service, regardless of its composition (e.g. EVM compatibility), to tap into the pooled security of Ethereum’s stakers, creating an environment for permissionless innovation and free-market governance.

EigenLayer has the following features:

Custom Decentralization
- The number of native ETH restakers is expected to grow exponentially over time. With EigenLayer, native stakers can opt in to securing services that specifically want high decentralization, such as by specifying that only native stakers can participate. Examples of services that may optimize for decentralization are those that enable censorship resistance via multilateral ordering and secret sharing, and MPC over several nodes.
- To maximize opt in from native Ethereum stakers, it is important that services that significantly value decentralization keep their off-chain software container requirements light. This will ensure that stakers can participate with a minimal required increase in their infrastructure capabilities.
Custom Slashing
- EigenLayer provisions cryptoeconomic security through various slashing mechanisms, which levy a high cost of corruption. The terms and conditions of slashing are all specified in the slashing contract deployed by each service. By opting to restake with a particular service, stakers accept the risk of being subjected to slashing according to the rules in the slashing contract. Restakers who opt in to EigenLayer earn additional rewards on their staked ETH, while validators who participate gain additional revenue from the services that benefit from their validation operations. Whenever a dispute arises, EigenLayer uses the service’s slashing contract to verify whether the staker behaved maliciously, and then slashes the staker.
Operator Delegation
- Stakers may be interested in participating in EigenLayer, but may not want to run software containers of services themselves. EigenLayer provides an avenue for these stakers to delegate EigenLayer operations to operators, who offer to run actively validated services software modules on their behalf.
- Stakers would choose to delegate to operators based on multiple criteria:
  - Trust of operator. A staker must do due diligence on operators before delegating its stake to an operator, because if their delegated operator doesn’t fulfill its obligations in the services it participates in, then staker assets will be subject to slashing.
  - Rewards. Stakers might delegate to operators that offer maximum rewards on delegated stake.
  - Preference for services. Stakers may prefer services based on their personal interests, due diligence on slashing risks, or rewards, and hence they may delegate their stake to only operators who are opted in to those particular services.
  - Those stakers who want to take a trust-minimized approach will always have the flexibility to be their own operator.

Eigenpie Supporting Values

The main focus of Eigenpie is to maximize passive income opportunities while contributing to the long-term development of the Ethereum ecosystem.

On Eigenpie, participants are provided with the chance to deposit their LSTs to receive a liquid restaked version of their tokens. Through this restaked version of their assets, users can effectively add another layer of yield to their $ETH positions, hence gaining more flexibility and increasing their capital efficiency.

To segregate the risks associated with any particular LST from the rest supported by Eigenpie, Magpie intend to generate a “Restaked” variant of each LST that is approved for deposit on their platform. This approach significantly diminishes the risk of vulnerabilities linked to the depletion of a single LST, which could influence their Restaked token and potentially other LSTs that are involved.

Isolated Liquid Restaking (ILR)

Isolated Liquid Restaked Tokens are LSTs restaked by Eigenpie that can only be minted by depositing a specific LST, not a basket of different LSTs. Users can deposit their LSTs on Eigenpie to receive a liquid restaked version of their specific assets.

Magpie aims to enable support for an array of LSTs from various platforms, making them available for Isolated Liquid Restaking on Eigenpie. To facilitate a seamless transition into restaking, the Isolated Restaked tokens that users receive upon depositing their LSTs into Eigenpie will retain their original names, with the prefix “m” added.

Isolated Liquid Restaked ETH

Isolated Liquid Restaked ETH are isolated, liquid, restaked $ETH tokens created by Eigenpie. LST holders have the opportunity to maximize their rewards by converting their assets into Isolated Liquid Restaked ETH. With ILR $ETH, they can effectively add an additional layer of income to their $ETH positions while continuing to earn yield from their underlying LSTs. Each Isolated Liquid Restaked $ETH token is backed by one specific asset.

Upon minting Isolated Liquid Restaked $ETH via Eigenpie, users will observe a gradual increase in the value of their liquid restaking token relative to $ETH. Additionally, Eigenpie will offer users the opportunity to explore further DeFi opportunities through isolated Liquid restaked ETH tokens, thereby amplifying their potential for higher returns.

$EGP

$EGP, the governance and revenue-sharing token of the Eigenpie ecosystem, promotes decentralized decision-making and financial benefits for its holders. By integrating with various protocols and fostering innovation, Eigenpie enhances its utility, attracting a wider user base. This approach aligns the platform’s growth with participant prosperity, driving user engagement and success.

Why the Project was Created

The overarching goal of Magpie is to maximize DeFi yield opportunities by increasing the capital efficiency of liquidity providers and maximizing the profitability of holding governance tokens.

Introduced by Curve.fi, veTokenomics are an incentives token model where users must lock their governance tokens as veTokens (vote-escrowed tokens) for a fixed period of time. The longer the locking period the greater the voting power and APR boost from token emissions. This system allows protocols to align the incentives of liquidity providers and token holders by controlling and distributing the inflation of the governance tokens to those users who are more likely to become long-term holders.

However, there are drawbacks to this token design:

Expensive acquisition of voting power – since users must buy and lock governance tokens in order to have a say on the decision-making process of the DAO.
High opportunity cost – veToken holders earn limited income despite the opportunity cost of locking their tokens for a period of time.
Limited reach – The requirement to buy and lock governance tokens can prevent the most risk-averse participants from engaging with the system.

Roadmap

There is no official roadmap. However, upcoming milestones include launching on Ethereum mainnet and expanding the Magpie ecosystem by collaborating with other partner projects.

Sector Outlook

Competitive Landscape

Magpie has established a strong reputation in the yield boosting sector, gaining a position in the top few yield protocols according to the DeFiLlama. While it is still considered small in comparison to older protocols like Convex Finance, Magpie is considerably younger and it encompasses more protocols than Convex does.

Magpie’s advantage lies in its SubDAOs ecosystem, enabling it to integrate itself with various protocols instead of being focused on one. Convex is layered only on top of Curve Finance and Aura is layered only on top of Balancer, while Magpie and its SubDAOs currently have the following protocols that they have built on top of or are integrating:

Wombat Exchange
Pendle Finance
Radiant Capital
CamelotDEX
PancakeSwap

The reason behind this setup is because the key challenge with accumulating governance tokens and issuing a derivative liquid token is the high costs associated with maintaining the peg between the two. By creating a SubDAO for every individual project they can raise capital for their new governance token as well. This makes it possible to then use those funds for the development costs of the new SubDAO as well as to incentivize the peg of the liquid derivative token.

For instance, $PNP is used as a reward to incentivize users to convert $PENDLE into mPENDLE (Penpie’s version of the vePENDLE liquid token). This results in a higher and tighter peg while widening the gap in accumulating more tokens than other competitors.

Potential Adoption

One of the biggest appeals for obtaining Magpie and its relevant SubDAOs’ tokens is the fact that it allows for exercising governance power while still being able to remain liquid. Apart from normal users, protocols looking to enhance their governance power to increase emissions for their liquidity may find it appealing to do so without having to lock up part of their treasury in ve-tokens for multiple years.

Additionally, holders of vlMGP have been included in all of the SubDAOs IDO allocations, according to the following ratios:

Penpie: 25%
Radpie: 20%
Campie: 10%
Cakepie: To be launched

This means that holding vlMGP has been a very consistent way of obtaining governance tokens of the various SubDAOs, which in turn provides governance of the underlying protocols.

Magpie provides compelling opportunities for users and protocols. With strategic partnerships and a more streamlined UX, its SubDAOs can significantly enhance veTokenomics, which might lead to a more broader adoption of this tokenomics model.

Enhanced Yield Strategies: Magpie’s veTokenomics model empowers users to optimize their yield strategies by locking tokens as veTokens. This enables users to access boosted rewards, governance rights, and revenue-sharing benefits across various DeFi protocols. The addressable market can grow further as more protocols join this tokenomics model
SubDAO Partnerships: Magpie’s SubDAO model fosters collaboration with emerging DeFi protocols. These SubDAOs are designed to align with the parent protocol’s objectives, creating a symbiotic relationship that benefits users, liquidity providers, and governance participants.
Cost-Effective Governance: Magpie offers a cost-effective way for users to participate in governance across multiple DeFi platforms. By locking and converting tokens into veTokens, users can wield voting power and influence protocol decisions without sacrificing passive income. This lowers the barrier to entry and might be a possible solution to encourage more DAO voting activity.
Increased Liquidity: Magpie’s support for liquidity providers means that users can maximize their yield by participating in single-sided pools without the need to lock specific tokens. This approach enhances liquidity across various DeFi ecosystems.
Reduced Token Circulation: Through its veToken model, Magpie actively locks tokens on partner platforms, decreasing token circulation and potentially reducing sell pressure. This can have a positive impact on the long-term value of partner tokens as well.
Bribery Market: The innovative bribery market allows users to monetize their voting power by participating in governance decisions and receiving rewards from protocols. This feature incentivizes active participation and engagement.

Chains

The following chains are available on Magpie and its SubDAOs:

Magpie: BSC, Arbitrum.
Penpie: BSC, Arbitrum, Optimism, Ethereum.
Radpie: BSC, Arbiturm, Ethereum
Campie: Arbitrum
Cakepie: BSC

Using the Protocol

Magpie

Liquidity Providers

LPs can choose the following pools to deposit into:

Main Pools
WOM/mWOM Pools
Side Pools
Innovation Pools
BNBx Pool

Users can choose to deposit their assets on Magpie, which will go directly into the Wombat pool. Alternatively, users can also choose to deposit their assets on Wombat in exchange for the relevant LP token, which can then be deposited into Magpie pools.

LPs will earn boosted rewards depending on the pools chosen.

mWOM and vlMGP

mWOM and vlMGP can be obtained according to the following steps:

Navigating to the Stake tab.
Selecting either one of the mWOM pools for mWOM.
Selecting the vlMGP pool for vlMGP.

This is an irreversible process as there is no reverse conversion. However, the secondary market allows users to trade their mWOM tokens for $WOM at the existing market rate.

mWOM Stability Vault

The mWOM Stability Vault allows users to lock their token in order to obtain a revenue share and additional $MGP rewards, and has higher APR than the staking pool due to its cooldown mechanism.

Leaving the vault requires users to go through the unlocking process, which has a 30 day cooldown period before the tokens are withdrawable. mWOM in cooldown still receives 100% revenue share and $MGP rewards.

mWom Staking

Users who do not wish to lock their tokens can stake mWOM in the staking pool, which can be withdrawn anytime. However, they obtain lesser yields as compared to staking in the stability vault.

VLMGP Staking

The Vote-Locked $MGP (VLGMP) staking pool allows users to lock their $MGP tokens at a 1:1 ratio, allowing them to obtain rewards from revenue share, voting bribes and forfeited rewards from others.

Leaving the vault requires users to go through the unlocking process, which has a 60 day cooldown period before the tokens are withdrawable. VLGMP in cooldown still receives 100% revenue share and $MGP rewards, but are unable to take part in votes. Users can also choose to force unlock before 60 days by paying a penalty fee.

Penpie

Liquidity Providers

Users may provide liquidity into their choice of pools on Penpie, in order to earn boosted rewards as compared to depositing into Pendle directly. Deposits are available on Ethereum, Binance Smart Chain, Arbitrum and Optimism.

The maturity system is a mechanism by Pendle. However, users can always exit the pool and withdraw their underlying assets at any time before the maturity date.

The steps are as follow:

Users choose a pool of their choice and select it
Click on the “Get LP” hyperlink
Either deposit the asset or use the Zap function along with “Zero Impact Price Mode”
This will return LP tokens, which can be deposited into Penpie.

mPENDLE and vlPNP

mPENDLE and vlPNP can be obtained according to the following steps:

Navigating to the Stake tab.
Selecting either one of the mPENDLE pools for mPENDLE.
Selecting the vlPNP pool for vlPGP.

This is an irreversible process as there is no reverse conversion. However, the secondary market allows users to trade their mPENDLE tokens for $PENDLE at the existing market rate.

mPENDLE Staking

Users can stake their mPENDLE in the staking pool to earn 80% revenue share from Penpie and $PNP incentives. mPENDLE can be unstaked immediately.

mPENDLE Stability Vault

The mPENDLE Stability Vault allows users to lock their token in order to obtain a revenue share and additional $PENDLE rewards, and has higher APR than the staking pool due to its cooldown mechanism. There are also additional $ARB incentives due to Pendle’s successful STIP application.

Leaving the vault requires users to go through the unlocking process, which has a 30 day cooldown period before the tokens are withdrawable. mPENDLE in cooldown still receives 100% revenue share and $PNP rewards.

VLPNP

The Vote-Locked $PNP (VLPNP) staking pool allows users to lock their $PNP tokens at a 1:1 ratio, allowing them to obtain rewards from revenue share, voting bribes and forfeited rewards from others.

Leaving the vault requires users to go through the unlocking process, which has a 60 day cooldown period before the tokens are withdrawable. VLPNP in cooldown still receives 100% revenue share, but are unable to take part in votes. Users can also choose to force unlock before 60 days by paying a penalty fee.

Radpie

Liquidity Providers

Users may provide liquidity into their choice of pools on Radpie, in order to earn boosted rewards as compared to depositing into Radiant Capital directly. Deposits are available on Ethereum, Binance Smart Chain, and Arbitrum.

The steps are as follows:

Users choose a pool of their choice and select it
Deposit the asset relevant to the pool

mDLP, vlRDP and esRDNT

vlRDP has not been launched yet.

mDLP and esRDNT can be obtained according to the following steps:

Navigating to the Stake tab.
Selecting the mDLP Staking pool for mDLP.
Selecting the $RDNT pool for esRDNT.

This is an irreversible process for mDLP as there is no reverse conversion, while esRDNT will be unlocked after 100 days. However, the secondary market allows users to trade their mDLP and esRDNT tokens for at the existing market rate.

DLP is Radiant Capital’s Dynamic Liquidity. Users can obtain DLP by

Selecting the mDLP Staking pool.
Clicking on the “Get dLP” link
Zapping assets such as $ETH, $USDC, $USDT and more Radiant’s page.
Converting dLP to mDLP.

mDLP Staking

Users can stake their mDLP in the staking pool to earn revenue share from both Radiant and Radpie. mDLP can be unstaked immediately.

$RDNT Fixed Yield

The $RDNT staking pool allows users to lock their $RDNT tokens as esRDNT, allowing them to earn fixed $RDNT yield via a 90-100 days lock. This allows users to claim more $RDNT than originally provided after the vesting.

Leaving the vault requires users to go through the unlocking process, which has a 90-100 days vesting period before being able to claim the principal and yield.

Campie

Liquidity Providers

Campie has yet to be launched.

mGRAIL and vlCMP

Campie ($CMP) tokenomics were introduced on November 21, 2023.

Users will be able to lock $CMP as Vote-Locked $CMP (VLCMP) in order to earn passive income and governance power. Leaving the vault requires users to go through the unlocking process, which has a 15 day cooldown period before the tokens are withdrawable. VLCMP in cooldown still earns passive income, but is unable to take part in votes. Users can also choose to force unlock before 15 days by paying a penalty fee.

$GRAIL holders and stakers will be allocated 45% of the IDO token supply.

Cakepie

Liquidity Providers

Cakepie is currently undergoing its IDO Cake Rush event till December 16. Please see the $CAKE Stakers section for more information.

mCAKE and vlCKP

Cakepie is currently in its IDO Cake Rush process, which will last from November 9 to December 16. Cakepie has allocated 3% of the total $CKP supply for the Cake Rush event.

Under this IDO, users will be able to convert $CAKE or veCAKE tokens into mCAKE, while also earning points for an allocation of the $CKP token. $CKP tokens will be rewarded via a tiered points system as follow:

The conversion of veCAKE to mCAKE is irreversible. While there will be a mCAKE-CAKE liquidity pair set up after the TGE of $CKP, these conversions will be subject to market conditions.

Investing Strategies

There are multiple strategies that users can utilize on Magpie and its SubDAOs.

Liquidity providers can deposit assets and enjoy boosted rewards without having to lock any tokens.

Users wishing to obtain regular yield can lock the protocol token and the underlying token for a period of time. For example, locking $WOM into mWOM allows users to obtain rewards by staking it into the pools, while locking $MGP as vlMGP allows users to obtain revenue share and bribes.

Business Model

Magpie and its SubDAOs core product fit revolves around providing a boost to yield on top of the respective protocols existing yields, consolidating users’ tokens and locking it to direct emission as a whole. In return, users are provided a liquid version of the locked tokens, enabling them to avoid having assets locked for years while still enjoying yields.

The team has an incentive to continue improving all of the products they launch, since there is no team allocation for the governance tokens of each SubDAO. The only token held by them is $MGP.

$MGP stakers not only get staking rewards from inflationary emissions. They also have access to participate in SubDAO IDOs, and there is a sizable chunk of each IDO allocation reserved for vlMGP holders.

As a result, $MGP in itself is not just a launchpad token. Instead, it is a governance aggregator for Wombat, Pendle, Radiant, Camelot, Pancake and any upcoming project that they choose to integrate with.

This way, by offering a shorter unlock period, boosted yield, and IDO allocations, users have an incentive to lock their $MGP tokens.

Revenue Streams

Magpie, as the main DAO, is entitled to 20% of the total token supply from each SubDAO following a 2-year vesting period; this approach provides governance benefits and a new source of income for vlMGP holders. As Magpie continues to integrate more partners, the main treasury will continue to grow.

vlMGP holders also enjoy having IDO allocations to all its SubDAOs during their launches.

The following are the revenues from Magpie and its SubDAOs:

Revenue from Campie and Cakepie will be included when the information is available.

Fee Breakdown

The following are the fees that can be incurred:

Magpie
- vlMGP Early Unlocking: 80% on day 1 decreasing over 60 days.
Penpie
- vlPNP Early Unlocking: 80% on day 1 decreasing over 60 days.
- Boosted SY reward yield: 8% fee deducted for bribery incentives.
- Swap fees on mPENDLE liquidity pool
Radpie
- vlRDP Early Unlocking: 80% on day 1 decreasing over 30 days.

Operating Expenses

Tokenomics

Magpie and its SubDAOs revolve around the concept of users staking and locking the native tokens, as well as the main protocol that the boosting layer is built on top of. These include:

Magpie ($MGP) and Wombat ($WOM)
Penpie ($PNP) and Pendle ($PENDLE)
Radpie ($RDP), Dynamic Liquidity Provisioning (dLP) and Radiant ($RDNT)
Campie ($CMP) and Grail ($GRAIL)
Cakepie ($CKP) and Cake ($CAKE)