The PENDLE RUSH is live!

Rewarding PENDLE Deposits on Penpie

Participating in the PENDLE RUSH program provides users with the opportunity to earn valuable rewards in the form of PNP tokens. PNP serves as the governance token of Penpie, which is Magpie’s latest product designed to promote the growth of Pendle Finance. Magpie has set aside a substantial prize pool of 200,000 PNP tokens to be distributed as incentives for users who deposit their PENDLE during the limited 15-day event. This accounts for 2% of the total token supply. By taking advantage of this unique opportunity, PENDLE holders can maximize their assets and benefit from passive income on Penpie after TGE.

Limited-Time Event: 15 Days

The PENDLE Rush is a 15-day event, during which it is essential for users to deposit their PENDLE tokens within the limited timeframe to fully take advantage of the rewards offered.

Earning Points Based on Deposits

During the PENDLE RUSH event, participants will accumulate points based on their PENDLE deposits, with a higher deposit amount providing more points. Users can unlock higher brackets of points per PENDLE by depositing more PENDLE. PENDLE depositors will receive varying amounts of PNP rewards based on the different points brackets they reach.

Points are assigned according to the following brackets:

To determine each participant’s share of the 200,000 PNP rewards pool, a quota percentage calculation will be used. This calculation is based on the following formula: user points / total points of all users.

Example:

1. User A deposits 1,000 PENDLE

User A deposits fall into the first tier. User A will receive 1 point per each of his 1,000 PENDLE deposited, receiving 1,000 points.

• 1,000 PENDLE x 1 point = 1,000 points

2. User B: Deposits 12,000 PENDLE

User B’s deposit falls into three tiers. For the first 1,000 PENDLE, User B will receive 1 point per PENDLE, for the next 4,000 PENDLE, will receive 1.1 points per PENDLE, and for the remaining 7,000 PENDLE, User B will receive 1.3 points per PENDLE. The calculation is as follows:

• 1,000 PENDLE x 1 point = 1,000 points
• 4,000 PENDLE x 1.1 points = 4,400 points
• 7,000 PENDLE x 1.3 points = 9,100 points
• Total points for User B = 14,500 points

Each user’s share will be calculated by dividing their individual points by the total points earned by all participants. This method ensures that the distribution of the PNP rewards pool is proportionate to the PENDLE deposits and points earned by each user, making it an equitable and informative approach to allocating rewards.

Claiming mPENDLE Tokens at a 1:1 Ratio

When the official launch takes place, users will have the option to claim mPENDLE tokens. For each PENDLE token deposited during the event, users will receive 1 mPENDLE. This process ensures a clear and fair exchange for all users who participate in the PENDLE Rush.

PNP Claim and Vesting Schedule:

Following the Token Generation Event (TGE), users can claim 30% of the PNP tokens they’ve earned during the PENDLE Rush event. The remaining 70% of their PNP tokens will be gradually released over a one-year period, following a linear vesting schedule. This means that PENDLE RUSH participants will steadily receive their remaining PNP tokens throughout the year.

PENDLE RUSH Access on Ethereum and Arbitrum:

To make the PENDLE Rush event widely accessible, it has been made available on both the Ethereum and Arbitrum networks. This ensures that users can easily participate in the event, regardless of their preferred blockchain network.

The PENDLE Rush offers PENDLE holders a time-limited opportunity to deposit their assets on Penpie. Users will receive 1 mPENDLE for each PENDLE deposited and can earn rewards in the form of PNP tokens. Subsequently, users will be able to utilize their mPENDLE to earn additional PENDLE rewards on the Penpie platform.