Details of the PNP token
Token Information
- Name: Penpie Token
- Symbol: PNP
- Total Supply: 10 Million
- Token Type: ERC-20
PNP Token
- PNP — The governance and revenue-sharing token of Penpie, a product designed by Magpie to support the development of Pendle Finance and provide maximized benefits for users.
- vlPNP — By locking their PNP tokens, users can obtain Vote-Locked PNP (vlPNP) at a 1:1 ratio. Holding vlPNP allows PNP holders to earn passive income and participate in Pendle Finance’s governance, sharing the voting power accumulated from vePENDLE among vlPNP holders.
Locked PNP
Once users lock their PNP tokens as vlPNP, the vlPNP enters a default lock up status with unlimited lock up period. Users must “Start Unlock” in order to enter a 60 day cooldown period. vlPNP holders continue to earn passive income but cannot participate in voting while their tokens are in Cool Down. After the 60 day period is over, users can fully unlock their vlPNP to PNP.
Force Unlock
Users have the opportunity to “Force unlock” their vlPNP before the 60 day cooldown is completed. vlPNP holders can choose to pay a “penalty” fee in order to get their assets before the time agreed in the smart contract. On day 1, penalty cost is 80% of the total PNP tokens locked by the user and will decrease non-linearly over time.
PNP Token Distribution (Updated)
The PNP token distribution ensures a fair and transparent allocation of tokens. By incorporating a lock-up period and linear vesting for different allocations, the tokenomics promotes long-term growth and sustainability for the platform.
IDO Allocation Breakdown (Updated)
- 35% for xGRAIL holders
- 30% for mPENDLE holders
- 25% for vlMGP holders
- 10% Liquidity Providers
Magpie Treasury Allocation Details
20% of PNP Tokens are designated for allocation to the Magpie Treasury under a two-year vesting schedule. The allocation of PNP Tokens to the Magpie Treasury is an important aspect of our new integration, as it represents our commitment to rewarding our loyal vlMGP holders. We are incredibly grateful for the trust and support that our community has shown us, and we are committed to taking care of our vlMGP holders. The revenue generated from this allocation will be distributed among vlMGP holders, which is our way of saying thank you for your continued support. Rest assured that we will continue to work hard to bring more value for our vlMGP holders, and we look forward to a bright future together.
The carefully planned token distribution and vesting schedules aim to foster a thriving and sustainable ecosystem, ensuring the platform’s continued success and growth.
About Magpie XYZ: Magpie XYZ is a multi-chain platform built to boost yields for liquidity providers and governance token holders of veTokenomics protocols. Essentially the platform incentivizes governance token holders and liquidity providers to pool their assets together so that the platform can acquire governance tokens, convert them into veTokens, boost yield for liquidity providers, and in return share part of the protocol revenues derived from liquidity providers’ boosted profits back to governance token holders.