Magpie

It has been 1 month since Magpie was launched on BNB Chain’s Mainnet. The #MagpieArmy continues to grow steadily thank you for your support! Despite the current market conditions we feel like its the best moment to build n build! Let’s take a look at some data and how users can benefit from the platform.<h2 id="header-0">What is Magpie?</h2><a href="https://www.magpiexyz.io/" rel="noopener noreferrer nofollow">Magpie</a> is a BNB Chain native yield boosting platform that maximizes governance benefits for ve-Token based protocols. Incubated by <a href="https://www.wombat.exchange/#" rel="noopener noreferrer nofollow">Wombat Exchange</a>, Magpie offers users the opportunity to deposit their assets in boosted pools to earn high APR % while it allows Wombat Exchange voters to cost-effectively acquire voting power and earn passive income through MGP. WOM holders can convert their tokens into mWOM to earn staking rewards on Magpie.<h2 id="header-1">What is MGP?</h2><a href="https://coinmarketcap.com/currencies/magpie/" rel="noopener noreferrer nofollow">MGP</a> is the governance and revenue sharing token of Magpie. Users can lock their MGP as Vote-Locked MGP on the platform to participate in Wombat’s governance while earning passive income at the same time.Token Type: BEP20Total Supply: 1,000,000,000Contract: <a href="https://bscscan.com/token/0xD06716E1Ff2E492Cc5034c2E81805562dd3b45fa" rel="noopener noreferrer nofollow">0xD06716E1Ff2E492Cc5034c2E81805562dd3b45fa</a>Buy MGP: <a href="https://pancakeswap.finance/swap?outputCurrency&#61;0xD06716E1Ff2E492Cc5034c2E81805562dd3b45fa" rel="noopener noreferrer nofollow">PancakeSwap</a>On Wombat, liquidity providers have to buy <a href="https://docs.wombat.exchange/docs/tokenomics/about-wom" rel="noopener noreferrer nofollow">WOM</a> and lock it to get better APR %. WOM holders must lock their tokens as <a href="https://docs.wombat.exchange/docs/tokenomics/about-wom/vewom" rel="noopener noreferrer nofollow">veWOM</a> to earn boosted yields as liquidity providers and share governance voting power. In order to get the highest benefits users must lock WOM as veWOM for 4 years without directly earning staking rewards with their locked tokens.<ul><li>Liquidity providers cannot get boosted yields without buying and locking WOM.</li><li>Locking WOM on Wombat alone won’t give users any rewards unless they are also liquidity providers at the same time.</li><li>Voters cannot get voting power cost-effectively because they have to buy &amp; lock WOM without earning passive income.</li></ul>Magpie is designed to give users more flexibility while allowing them to get the maximum benefits from Wombat Exchange at the same time. The platform focuses on locking WOM tokens in Wombat to get the governance rights / increased yields benefits from the protocol and give these benefits back to the users.<ul><li>High rewards for WOM holders: On Magpie, WOM holders can convert their tokens into mWOM to earn high APR %.</li></ul><img src="https://miro.medium.com/max/1400/0*Ak6dY63rABRWUKbw" /><ul><li>Boosted yields for liquidity providers: Users can deposit Stablecoins, BNB and Liquid staked BNB on Magpie boosted single-sided pools to earn high rewards thanks to the platform’s accumulated veWOM.</li></ul><img src="https://miro.medium.com/max/1400/0*33jtzvMfjca4kA4Q" /><ul><li>Cost-effective voting power: Users can buy more Wombat voting power through MGP than through veWOM with the same amount of money while earning passive income at the same time.</li></ul><img src="https://miro.medium.com/max/1400/0*S2m2QXiVgTDm7713" />How is this possible?Magpie has locked &#43;8,695,000 WOM tokens as veWOM on Wombat Exchange for 4 years. Each time a user converts WOM into mWOM on Magpie, the platform automatically locks the converted WOM as veWOM on Wombat. WOM converters get mWOM tokens that can be staked to earn high rewards while Magpie gets governance and boosted yield benefits by locking WOM. Magpie veWOM holdings allow users to earn boosted yield in the platform without the need to lock any WOM. Magpie shares its increased APR % with liquidity providers on the platform and the MGP token is entitled to control the governance power that Magpie has accumulated by locking WOM on Wombat. Magpie currently holds &#43;27% of the total veWOM.<img src="https://miro.medium.com/max/1400/0*kp-Tl9nwI_vaQIIT" />WOM converters get mWOM tokens that can be staked to earn high rewards. More than 3,500 unique stakers have deposited their mWOM on Magpie and currently there are over 1,700 mWOM token holders.<img src="https://miro.medium.com/max/1400/0*hDtS4Jh4wMnayDt5" />Users can lock MGP as Vote-Locked MGP on Magpie to participate in Wombat’s governance while earning passive income at the same time. WOM can be locked for different periods of time, from 7 days to 4 years. The longer the WOM locked, the more veWOM a users can get, so the more voting power. Each veWOM has the same amount of voting power. Magpie has locked every converted WOM for 4 years on Wombat Exchange. So Magpie controls the maximum amount of voting power for each WOM locked.<img src="https://miro.medium.com/max/1400/0*J28WhTJOobahjs-I" />Through locked MGP users can acquire much more voting power on Wombat than through veWOM, for the same amount of money while also earning passive income at the same time. Thanks to Magpie veWOM holdings the platform owns governance rights and boosted yields benefits from Wombat.Cost-Effective Voting Power for usersMagpie’s accumulated veWOM voting power is divided between the Vote-Locked MGP holders that decide to vote. vlMGP tokens that are in the Cool Down period won’t be able to vote.For example:Magpie has locked &#43;8,695,000 WOM tokens for 4 years on Wombat and is entitled to its voting power, this voting power is shared between vlMGP holders that decide to vote. Let’s say there are 24,209,000 Vote-Locked MGP tokens in total. From that amount there are 7,399,200 vlMGP in “Cool Down” period and are not eligible to participate in voting. So there are 16,809,800 vlMGP that can actually participate in voting and will share the voting power of 8,695,000 veWOM.8,695,000 veWOM ÷ 16,809,800 vlMGP &#61; 0.517This means that each vlMGP controls 0.517 veWOM. For the price of 1 veWOM users can get 10 vlMGP.1 veWOM &#61; 1 WOM price: 0.19c1 vlMGP price: 0.019c0.19c ÷ 0.019 &#61; 10 MGPThis means that voters can buy 10 MGP tokens for the same price they buy 1 WOM token while each locked MGP controls 0.517 veWOM. So vlMGP has &#43;5.1 times more voting power than veWOM for the same investment amount. Another benefit is that Vote-Locked MGP holders can vote on Wombat while earning passive income at the same time.Benefits for Vote-Locked MGP holders<ul><li>More voting power than veWOM holders (Cost-effectively get 5.1 times more voting power per investment value)</li><li>Passive income</li><li>Shorter lock up period</li></ul>TVLMagpie’s first month closes with &#43;$39,000,000 in TVL. Check on <a href="https://defillama.com/protocol/magpie" rel="noopener noreferrer nofollow">DefiLama</a>.<img src="https://miro.medium.com/max/1400/0*hOQODc-e9L8V10hy" />Moving ForwardThe cryptocurrency market keeps evolving and new innovative protocols emerge to offer users sustainable benefits in the long term by providing real yield source platforms. Magpie is honored to support BNB Chain’s DeFi ecosystem by offering users new opportunities to earn sustainable boosted passive income and the benefit to participate in governance. Currently many users around the world are getting into crypto and we welcome them with a platform audited by top tier security companies. Let’s continue building during the bear market, it’s an awesome moment to be in crypto.About Magpie XYZ: Magpie XYZ is a platform built on BNB Chain 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.<a href="https://www.magpiexyz.io/" rel="noopener noreferrer nofollow">Website</a> / <a href="https://twitter.com/magpiexyz_io" rel="noopener noreferrer nofollow">Twitter</a> / <a href="https://discord.com/invite/magpiexyz" rel="noopener noreferrer nofollow">Discord</a> / <a href="https://t.me/magpiexyz_io" rel="noopener noreferrer nofollow">Telegram</a> / <a href="https://docs.magpiexyz.io/" rel="noopener noreferrer nofollow">Gitbook</a> / <a href="https://link3.to/magpiexyz" rel="noopener noreferrer nofollow">Link3</a> / <a href="https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-Magpie-v1.0.pdf" rel="noopener noreferrer nofollow">Peckshield Audit</a> / <a href="https://github.com/zokyo-security/audit-reports/blob/main/Magpie_Zokyo%20audit%20report.pdf" rel="noopener noreferrer nofollow">Zokyo Audit</a>

Boosted Yields and Maximized Governance Benefits on BNB Chain

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Magpie XYZ

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