Magpie

We’re excited to announce that Magpie XYZ — a yield-boosting DeFi platform — has integrated <a href="https://chain.link/automation" rel="noopener noreferrer nofollow">Chainlink Automation</a> live on BNB Chain mainnet. We are leveraging Chainlink Automation to help securely and cost-efficiently trigger the harvest function that claims rewards. As a result, Magpie XYZ users will benefit from more timely reward distributions.We decided to use Chainlink Automation to power Magpie XYZ’s automated yield harvest function because it is the most reliable Web3 automation service. The Chainlink Automation Network is operated by the same pool of time-tested, provably reliable node operators that currently help secure tens of billions of dollars in <a href="https://chain.link/education/defi" rel="noopener noreferrer nofollow">DeFi</a>, even during record levels of network congestion and extreme volatility. The proven infrastructure of Chainlink helps ensure that every automated harvest is executed on time in a trust-minimized manner, giving users additional guarantees that it will function exactly as intended.Magpie is a BNB Chain native yield boosting platform that maximizes governance benefits for ve-Token based protocols. Incubated by Wombat Exchange, Magpie XYZ offers liquidity providers the opportunity to deposit their assets in boosted pools to access high APR while allowing Wombat Exchange voters to cost-effectively acquire voting power and earn passive income through MGP — the governance and revenue-sharing token of Magpie XYZ. The platform offers WOM holders the chance to convert their tokens into mWOM to earn boosted rewards. Users can deposit their assets on Magpie to access yield over the long term.Magpie XYZ offers users the chance to boost rewards through its automated yield harvest function. Chainlink Automation helps ensure that every harvest is executed on time which helps distribute rewards to users in a timely manner.Chainlink Automation is a decentralized service purpose-built to manage tasks on behalf of <a href="https://chain.link/education/smart-contracts" rel="noopener noreferrer nofollow">smart contracts</a>. Chainlink Automation leverages decentralized, hyper-reliable, and economically incentivized automation nodes to wake up smart contracts when they need to perform critical on-chain functions, which usually take place at regular time intervals (e.g., every day at the same time) or based on external events (e.g., when an asset hits a specific price).Some of the notable features of Chainlink Automation include:<ul><li>Highly reliable, performant, and decentralized automation — Chainlink Automation ensures transactions are identified and confirmed quickly even during periods of heavy network congestion by leveraging Chainlink’s battle-tested transaction manager.</li><li>Time-tested infrastructure that helps save costs — Chainlink Automation enables us to eliminate in-house automation infrastructure costs, reduce resources spent on DevOps, and increase speed and efficiency.</li><li>Built to enable faster scaling — Chainlink Automation enables us to scale faster and avoid the challenges that come with building and maintaining the infrastructure needed to reliably automate across multiple chains.</li><li>Unlocks new use cases — With smart contract automation, we’re able to explore new use cases and unlock capabilities that would otherwise not have been possible</li></ul>As Magpie continues to evolve, we will integrate additional Chainlink services to further optimize Magpie XYZ so we can offer the best user experience possible.<blockquote>“We selected Chainlink Automation for our project because its infrastructure is both reliable and performant. Additionally, using Chainlink Automation has saved us a significant amount of DevOps work, allowing us to focus our resources on building a better product for our users.” — Alan, Project Lead of Magpie XYZ</blockquote>About ChainlinkChainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.Learn more about Chainlink by visiting <a href="https://chain.link/?utm_medium&#61;referral&amp;utm_source&#61;press-release" rel="noopener noreferrer nofollow">chain.link</a> or reading the developer documentation at <a href="https://docs.chain.link/?utm_medium&#61;referral&amp;utm_source&#61;press-release" rel="noopener noreferrer nofollow">docs.chain.link</a>. To discuss an integration, <a href="https://chain.link/contact?utm_medium&#61;referral&amp;utm_source&#61;press-release" rel="noopener noreferrer nofollow">reach out to an expert</a>.About Magpie XYZMagpie 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>

Magpie XYZ Integrates Chainlink Automation To Execute Yield Harvesting

Magpie XYZ

Other articles published on Dec 28, 2022

Four Crypto Experts Discuss the Future of Cryptocurrency

Crypto Bunny - A Free, Play to Earn Mobile Game

What Are Bitcoin Mixers and How Do They Work?

Caduceus Weekly Report 40

Where does the recovered plastic end up?

Humans are eating and breathing plastic particles

Join our free newsletter for daily crypto updates!