Monetize your voting power on Magpie
The Magpie Bribery Market Explained
- Cost-efficient voting power
Magpie holds a considerable position in the Arbitrum network, controlling +31% of the total veWOM. This grants vlMGP holders substantial influence over the allocation of WOM emissions among the various Wombat pools.
By acquiring vlMGP, Wombat voters can obtain a higher degree of voting power compared to an equivalent investment in veWOM. It is important to note that vlMGP holders are subject to a 60-day lock-up period, while veWOM holders require 4 years to achieve maximum voting power. Despite this difference, vlMGP holders continue to exert a greater degree of control over Wombat’s voting power in the network.
- More bribes
By controlling a greater amount of veWOM through vlMGP, Wombat voters automatically enhance their potential bribe rewards via Magpie.
The Magpie bribery market has been designed to offer a cost-effective and user-friendly experience, enabling users to actively participate in Wombat Exchange governance and get the most rewards from their voting power.
Who can participate?
In order for users to have a say in the decision-making process of Wombat Exchange via the Magpie bribery market, it is necessary for them to obtain MGP tokens and lock them as vlMGP on Magpie. However, it is important to note that vlMGP holders who initiate the “start unlock” process will be unable to cast their votes during the subsequent cooldown period. Nonetheless, users do have the option to cancel this cooldown period and participate in the Magpie bribery market, thereby providing an opportunity to earn bribes.
New Bribe Pools for Arbitrum users!
vlMGP holders have numerous options for monetizing their voting power. The governance power, owned by Magpie and controlled by vlMGP holders, is particularly significant for protocols featuring liquidity pools on Wombat Exchange as they are interested in receiving more WOM emission. By allocating their votes to different pools, vlMGP holders can increase the WOM emissions for those specific pools. In this way, a greater number of votes can translate to higher WOM APR for users, potentially leading to increased participation and a higher TVL.