Monetize your voting power on Magpie
Magpie is an innovative DeFi platform that offers Yield and veTokenomics boosting services on both Arbitrum and BNB Chain. Basically, users can deposit their Stablecoins, frxETH, ETH, WOM, mWOM tokens, and more into single-sided boosted pools on Magpie to enjoy increased APR percentages. Moreover, Magpie empowers Wombat Exchange voters by offering a cost-effective approach to acquire voting power while maximizing bribe earnings through the governance token of the platform, MGP. Users can lock MGP as vlMGP to participate in the Magpie bribery market, control veWOM cost-effectively with shorter lock-up period, and earn revenue share from the protocol simultaneously.
The Magpie Bribery Market Explained
The Magpie Bribery Market is a feature that enables users to leverage their Vote-Locked MGP tokens to support different pools and exercise their governance voting rights on Wombat Exchange. Locking MGP tokens (vlMGP) grant users the authority to manage the veWOM accumulated by Magpie. By holding vlMGP, users can cast votes through the Magpie bribery market to determine which pools on Wombat should receive a boost in WOM emissions.
- 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.
Where to buy MGP on BNBchain: PancakeSwapWhere to buy MGP on Arbitrum chain: TraderJoe
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.