April Wrap-Up: Magpie’s Expansion to Arbitrum Enhances DeFi Functionality

As the DeFi landscape continues to evolve and expand, Magpie has emerged as a prominent player with its innovative approach to building and growing the ecosystem. In this article, we take a closer look at Magpie’s remarkable progress during the month of April, from our collaboration with Wombat Exchange and launching on Arbitrum, to boosting liquidity pools and rewarding the community with the WOM UP Party.

The month of April saw a significant achievement for Magpie. We collaborated with Wombat Exchange and the subsequent launch of both platforms on Arbitrum, a Layer 2 scaling solution for Ethereum. This strategic partnership not only enhanced the functionality of Magpie and Wombat Exchange but also contributed to the growth of the entire DeFi ecosystem. By leveraging Arbitrum, users can now perform tasks they typically do on Ethereum, but with faster and more cost-effective transactions. Consequently, Magpie’s expansion to Arbitrum has opened up new opportunities and strengthened its standing as a vital participant in the DeFi space. Let’s take a look at some of our accomplishments from April.

Platform

• 1.20 veWOM accumulated through the WOMboarding event
• Wormhole partnership announcement
• MGP Syrup Pool live on PancakeSwap v3 (Stake CAKE earn MGP)
• Launched bribes for mWOM/WOM Pools on Arbitrum
• Trader Joe Partnership & MGP listed on Trader Joe for Arbitrum users
• Magpie went live on Arbitrum
• mWOM airdrop for WOMboarding participants
• +10 million TVL
• Arbitrum stats + pools tracked on DefiLlama yield board
• The Arbitrum WOM UP Party went live
• Deployed the mWOM Stability Vault
• Boosted liquidity pools went live on Arbitrum
• MetaCRM partnership announcement
• New bribe pools deployed (ankrBNB, MIM, Overnight.fi)
• The WOM UP Party went live
• Overnight.fi partnership announcement
• PancakeSwap v3 liquidity migration (MGP-BNB)
• Magpie is available through the OKX Web3 platform
• MIP #6 went live & Approved
• ankrBNB Booste Pool deployed on Magpie
• MIP #7 went live & Approved
• sfrxETH Boosted Pool deployed on BNB Chain + Arbitrum
• More bribes for Wombat Voters
• Launched Smart WOM Converter on Arbitrum

Social

• Magpie is live on Arbitrum campaign
• Wormhole AMA
• Trader Joe AMA
• Arbitrum AMA
• Arbitrum Insider AMA
• MIP #6 Voting Campaign
• MIP#7 Voting Campaign

WOM events recap:

In preparations to the launch on Arbitrum, we initiated the WOMboarding event to provide BNB users with the opportunity to convert WOM and receive mWOM on Arbitrum, along with additional rewards. This event led to Magpie accumulating over 1.2 million veWOM. Later, we launched the WOM UP Party on the Arbitrum network to reward our core supporters, resulting in an additional 3 million veWOM. Participants earned 1mWOM and vlMGP rewards for each WOM conversion and had opportunities to unlock higher rewards. In total, Magpie gathered more than 3.5 million veWOM on Arbitrum through these initiatives.

Thanks to the significant veWOM accumulation, Magpie is now able to offer improved benefits to users interested in serving as liquidity providers or participating in Wombat voting. At present, Arbitrum users on Magpie can enjoy higher yields without having to acquire and lock WOM on Wombat. This opportunity is made possible because the platform has already collected a considerable amount of veWOM, allowing users to take advantage of it and increase their earnings. Furthermore, users can achieve greater voting power through vlMGP rather than veWOM, with the same investment amount and a shorter lock-up period of 60 days, compared to 4 years. We have also deployed new pools, bribe pools, mWOMSV, and the Smart Converter, in our commitment to offer the best opportunities for our users and also new proposals have been approved, aimed at optimizing the functionality of Magpie.

As we move forward, Magpie remains dedicated to fostering a robust DeFi platform, with continuous improvement and innovation at the core of our vision. We are grateful for the unwavering support of our community and are eager to continue delivering outstanding results in the months ahead. Thank you for being an integral part of Magpie’s journey, and we look forward to sharing many more milestones with you in the future.