The WOM UP Party is back

After successfully accumulating +3.3 million veWOM in just 2 weeks, we are excited to announce that the WOM UP Party is back!

The accumulation of veWOM is fundamental for Magpie as it provides governance power and increased WOM rewards for our users. We are committed to incentivizing users who support our core functionalities, and converting WOM into mWOM is one of them.

1,000,000 vlMGP have been allocated as rewards for users that participate in the event. For each WOM converted, users will receive 1mWOM + vlMGP rewards. Converters can unlock higher brackets of rewards by locking their WOM tokens in the mWOM Stability Vault upon converting. The more you convert & lock, the more vlMGP rewards you can get.

Rewards

Users have 2 options to participate in the WOM UP Party.

Option 1: Convert WOM into mWOM (No lock up)

As part of the WOM UP Party, users are provided with the option to convert their WOM tokens into mWOM at a ratio of 1:1 without lock up. For each converted WOM token, the user is rewarded with 1 mWOM and 0.5 vlMGP, presenting an opportunity to acquire mWOM tokens while also accumulating vlMGP.

Option 2: Convert WOM into mWOM & lock mWOM (mWOM Stability Vault)

Users have the option to participate in the “mWOM Stability Vault” by converting their WOM tokens to mWOM and locking them in. Users who choose the mWOMSV will receive a 100% bonus. To take advantage of this feature, users must select the “Lock upon convert option” when converting their tokens. If users opt to lock mWOM upon conversion, 50% of their WOM will be used to convert into mWOM at a 1:1 ratio, and the remaining 50% will be used to buy back from the Wombat WOM/mWOM pair (when the peg is below 90%) to obtain a ratio greater than 1:1. Users who decide to lock their mWOM in the mWOM Stability Vault will receive a 100% additional vlMGP bonus and more mWOM.

mWOM Stability Vault

The mWOM Stability Vault allows users to accumulate locked mWOM tokens over time, which can impact your conversion rate. For example, if you’ve already locked 3000 mWOM and decide to convert later without locking additional tokens, you’ll still receive a conversion rate of 0.70 vlMGP/WOM. The more mWOM tokens you lock, the better your conversion rate will be, and any previously locked mWOM tokens will continue to contribute to your cumulative total, even if you don’t lock any more in the future. This can be a valuable strategy for maximizing rewards and optimizing the conversion process.

It’s worth noting that mWOM tokens that are locked in the Stability Vault during the cooldown period won’t be counted when determining your reward bracket. If you start the cooldown process, your reward bracket will be lowered, and you may lose eligibility for the higher conversion reward rate unless you cancel the unlock. This is an important consideration when deciding whether to unlock your mWOM tokens during the cooldown period or wait until it expires to avoid the risk of losing your higher reward rate.

Brackets of rewards per WOM Conversion:

Lock more mWOM to unlock hihger rewards

Distribution of vlMGP Rewards

Upon conversion of their WOM tokens through the WOM UP Party, users will promptly receive the corresponding vlMGP rewards credited to their locked MGP balance.