Magpie

Magpie is a yield boosting platform designed to maximize the benefits of Wombat Exchange by providing users with increased passive income and more significant voting power. Wombat Exchange uses a tokenomics model called “veTokenomics,” and Magpie offers cost-effective access to these benefits. With veTokenomics at its core, Magpie helps DeFi users earn higher returns and actively participate in the governance of Wombat.What is veTokemomics?Is a decentralized finance tokenomics design first implemented by Curve where users can lock their governance tokens as veTokens.veTokens &#61; Vote Escrowed Tokens.A type of governance token model used in DeFi protocols. Through this design, users can lock up their assets for different periods of time in order to participate in the governance of a particular platform.How does it work?To receive governance benefits and increased yields as a liquidity provider, users must lock their governance tokens. The veToken model incentivizes long-term participation in governance by granting greater voting weight and rewards to users who lock up their governance tokens for longer periods. This reduces the supply of governance tokens available in the market and ensures that governance power is only granted to holders who are willing to support the protocol in the long-term. Short-term investors who are not interested in locking up their tokens cannot participate in governance.Wombat Exchange: Unlocking Benefits with veTokenomicsWombat Exchange is a scalable, low-slippage, and single-sided staking stableswap that implements the veTokenomics model in its governance token, WOM. WOM holders can lock up their tokens on Wombat as veWOM to gain governance benefits and earn increased yields as liquidity providers. veWOM represents “Vote Escrowed WOM”.<img src="https://miro.medium.com/max/1400/0*Ulx3kGu9BlvWtWH5" />Wombat offers users the opportunity to lock their WOM tokens as “veWOM” for periods ranging from 7 days to 4 years. The longer the tokens are locked, the more governance voting power users can control. This incentivizes long-term participation and helps to reduce the supply of tokens available in the market.<img src="https://miro.medium.com/max/1400/0*4VanycU5MnPnlxML" />veWOM benefits:<ul><li>Governance: WOM token holders can participate and vote on governance decisions by locking their tokens as veWOM.</li><li>Boosting: veWOM holders can earn additional WOM from the Boosting Pool. Locking any amount of WOM applies a boost to all pools. The more WOM locked and longer the lock up entitles the users to more benefits.</li><li>Bribes: veWOM holders can participate in the Wombat voting gauge to earn bribes as rewards.</li></ul><img src="https://miro.medium.com/max/1400/0*AbrzN9gvBKzVS3DC" />Magpie: A BNB Chain native yield-boosting platform that maximizes governance benefits on Wombat Exchange.Magpie is a yield boosting platform built on top of Wombat Exchange that focuses on supporting the long-term development of Wombat while also providing users with maximized benefits. Unlike Wombat, Magpie does not use the veTokenomics model. Instead, it leverages the benefits of Wombat to help users earn higher returns and participate more actively in the governance of the platform. By offering boosted passive income and increased voting power, Magpie can help users maximize their returns and have a greater impact on Wombat’s decision making.Governance MechanismMagpie is a platform that aims to maximize the benefits of Wombat Exchange users by offering boosted passive income and cost-effective voting power. To achieve this, Magpie is committed to lock as many WOM tokens as possible on Wombat to reap the maximum benefits of veWOM. This accumulation of veWOM gives Magpie a significant portion of the total governance power on Wombat Exchange. By locking WOM tokens for 4 years on Wombat, Magpie can maximize its veWOM benefits and distribute them to users. To participate in the governance of Wombat cost-effectively, users can purchase MGP and lock it on Magpie, thereby gaining control over the voting power obtained through Magpie’s veWOM holdings with a shorter lock up period.MGP TokenMGP is the governance token of Magpie. MGP holders can lock their assets as Vote-Locked MGP (vlMGP) on Magpie to control governance power and earn revenue share from the platform.<img src="https://miro.medium.com/max/1400/0*UErWoSnBlDvqEHdc" />Also, Wombat voters can maximize their bribes earnings by participating in the governance of Wombat Exchange through the Magpie bribery market. vlMGP allows users to acquire more voting power than veWOM with the same investment amount.<img src="https://miro.medium.com/max/1400/1*OSfge5aebp4OsZRu4U1G5g.png" />Through vlMGP users can access the governance of Wombat, Magpie and real yield sources.Vote-Locked MGP benefits:<ul><li>Maximized governance power in Wombat with shorter lock up time</li><li>Governance rights on Magpie</li><li>Earn revenue share from the platform</li><li>Earn bribes for voting in the Magpie bribery market</li></ul>Unlock vlMGPFor users to unlock their locked MGP tokens on Magpie, they must use the “Start Unlock” function on the platform. The unlock period lasts 60 days, but users can pay a “penalty” fee to unlock their vlMGP before this time. This “Cool Down” process allows users to access their locked assets and continue to earn passive income from their holdings on Magpie, but they will not be able to participate in governance during this time.Once the 60-day unlock period ends, users will no longer earn passive income from their holdings and in order to continue earning passive income and participate in governance, they will need to lock their MGP tokens as vlMGP again. After the Cool Down period is finished, vlMGP can be unlocked without paying any penalty..Supporting Wombat ExchangeMagpie supports Wombat Exchange by locking WOM tokens, which allows users to earn boosted rewards and acquire cost-effective voting power. WOM holders who want to earn a high APR % can convert their tokens into mWOM on the Magpie Weekly Wom Up. This process allows users to receive mWOM while Magpie locks all the converted WOM as veWOM on Wombat, gaining all the benefits of veWOM and decreasing the circulating supply of WOM.<img src="https://miro.medium.com/max/1400/0*x3YgB62XPJSiUPQN" />By locking WOM tokens on Wombat, Magpie helps to support the long-term growth of the platform and provide users with flexible access to the rewards and benefits of veTokenomics. This allows users to earn higher returns on their assets and participate more actively in the governance of Wombat Exchange.In addition to the benefits of locking WOM tokens on Wombat, users can also deposit stablecoins, BNB, or Liquid BNB on Magpie to earn boosted rewards. This allows them to earn higher returns on their assets without committing to a long-term lock-up period. Overall, Magpie’s support of Wombat Exchange helps to provide users with access to the rewards and benefits of DeFi in a cost-effective way.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>

Cost-Effective Governance Power on Wombat Exchange

Magpie XYZ

Other articles published on Feb 17, 2023

Biggest crypto seizure made by Norwegian police, Seizes $5.9M From Crypto Game!

Borrowing USDC with $BAT: A Guide

Multi-Chain Options Protocol Optix Launches With $1.8M Investment Boost

Editorial: Will China drive the next bull run?

Quantum Noesis: the game, the story and the art

Reasons that support bitcoin over the currencies!

Join our free newsletter for daily crypto updates!