What is Magpie (MGP)?
Magpie is a protocol within the Magpie XYZ ecosystem. Created to support Wombat Exchange in increasing yield and veTokenomics. Developed by Wombat Exchange. Magpie focuses on holding WOM for governance and enhanced profitability as a liquidity provider on Wombat.
Magpie’s interface
The platform allows users to deposit tokens such as Stablecoins, BNB, ETH, WOM, and mWOM. Deposit these tokens into booster pools to earn high % APR. At the same time, it provides Wombat Exchange voters with effective voting rights on expenses and passive income through the MGP token.
Features of Magpie
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Convert WOM to mWOM: WOM holders can convert their tokens to mWOM to earn high %APR through Magpie.
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Lock MGP & Unlock: MGP holders can lock their Tokens as vote-locked MGP to earn passive income and participate in governance voting.
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Provide liquidity: You can provide liquidity to: main pool, WOM/mWOM, Side Pools, Innovation Pools, BNBx Pool.
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Claim rewards: The claim feature in Magpie helps users keep track of all the pools they have staked. Including rewards, displayed as a list. Everyone can receive rewards by choosing the Pool and reward they want to receive. Then click on the Claim box to complete.
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Bribery: vlMGP holders can vote to distribute rewards to Wombat Pools thanks to the amount of veWOM Magpie holds.
Magpie highlights
The purpose of creating Magpie is to help Wombat Exchange:
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Increased income for WOM holders – WOM holders can convert their tokens into mWOM to earn a share of revenue from Magpie.
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Gain a diverse user base – Risk-averse liquidity providers can earn increased returns without having to hold veWOM.
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Lower the voting bar – Magpie provides a cost-effective way to gain voting rights on Wombat by leveraging veWOM shares accumulated by the platform.
Tokenomcis
Basic information of the token
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Token Name: Magpie
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Ticker: MGP
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Blockchain: BNB, Arbitrum
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Token Contract:
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BNB Chain: 0xd06716e1ff2e492cc5034c2e81805562dd3b45fa
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Arbitrum One: 0xa61f74247455a40b01b0559ff6274441fafa22a3
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Token Type: Utility, Governance
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Total Supply: 1,000,000,000 MGP
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Circulating Supply: 263.02M MGP
Token Use Case
MGP is used to lock MGP as vlMGP to:
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Earn revenue share.
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Earn $MGP rewards.
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Maximum voting rights on Wombat Exchange.
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Administrative benefits on Magpie.
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Receive lost rewards from others
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Income Bribes
Allocation and token release
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Strategic sale (5%): Initial 0% unlock, followed by 3-month lock-in, then quarterly payments for the remaining 3 years.
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PancakeSwap IFO (7%): Unlock initial 30%, then pay in installments for the remaining 3 months.
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PancakeSwap Syrup Pool (2.4%): 0% initial unlock, followed by vesting in batches for the remaining 2 months.
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Liquidity Mining (45%): 0% initial unlock, followed by up to 2% unlock for the first 2 months, then up to 1% unlock per month.
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Ecosystem (9%): 0% initial unlock, followed by installment payments for the remaining 3 years.
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Airdrop (3%): Initial 5% unlock, followed by weekly payments for the remaining 1 year.
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Liquidity And Exchanges (1.1%): 100% initial unlock.
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Team & Advisors (17.5%): 0% initial lock-in, followed by a 6-month lock-in, followed by semi-annual vesting for the remaining 4 years.
Where to buy/sell and store MGP
Users can buy MGP tokens through decentralized exchanges (DEX) such as PancakeSwap, Uniswap, …
Users can store MGP tokens in any wallet that supports BNB Chain and Arbitrum networks, some reputable wallets include: Metamask, Trust Wallet…
Related: What Is iEXec RLC? Is iExec RLC a Good Buy?
Development team
Magpie project team
Magpie’s development team does not disclose personal information and only leaves it as a nickname:
Core Team: Alan, Grimmace, Desmen.
Funding round, investors and partners
Funding round, investors
August 2022: Strategic Round successfully raised $1M from the community through Pancake.
Partners
Partners
Conclude
Through the above overview article about the Magpie project, AZC News hopes readers will grasp basic information about this project to make their own investment decisions. Wishing you a successful investment!
