Magpie

This initiative aims to bootstrap Magpie’s veWOM holdings on Arbitrum, maximizing benefits for investors.
Earn mWOM + free USDT for each WOM you convert
The Arbitrum <a href="https://www.magpiexyz.io/stake" rel="noopener noreferrer nofollow">WOMboarding event</a> incentivizes BNB Chain users to convert WOM tokens into mWOM on Magpie, with each converted WOM token earning users 1 mWOM and extra (USDT) rewards, aimed at rewarding Magpie’s core supporters and enabling them to earn passive income through mWOM on Arbitrum.
Why the Arbitrum WOMboarding?
Through this event, Magpie can lock WOM tokens on Wombat Exchange as veWOM in the Arbitrum network, which is essential for Magpie to maximize its performance. WOM is the governance token of Wombat and can be locked as veWOM on the Exchange, resulting in increased yields as a liquidity provider and governance power for its holders. By accumulating veWOM on Arbitrum, Magpie can offer sustainable boosted yields in the long term for its participants, and also Wombat governance voters can acquire cost-effective voting power. This would potentially help bring more liquidity to Wombat Exchange as users on Arbitrum will be able to easily earn increased APR% on Magpie.
How does it work?
Converting WOM into mWOM
Users can access the Arbitrum WOMboarding through the “Staking” tab on our <a href="https://www.magpiexyz.io/stake" rel="noopener noreferrer nofollow">website</a> to convert their WOM tokens into mWOM. The conversion ratio is 1 mWOM for each WOM token converted, and users also receive extra USDT as rewards for each conversion.
<img src="https://miro.medium.com/v2/resize:fit:1400/0*qnkCemhuDX-0_tPm">
Bracket Reward System
The more WOM tokens users convert through the WOMboarding pool, the more USDT rewards they receive. Once users surpass a bracket, they will receive a corresponding amount of rewards in the next bracket based on the amount of WOM they have converted. Users can accumulate WOM conversions through different transactions to reach a higher bracket.
1. USDT Rewards per Bracket
<img src="https://miro.medium.com/v2/resize:fit:1286/1*SdVhv0zEZZtSp_pB5w3Uww.png">
Example:
<ul>
 <li>If User A converts 500 WOM, the user will receive 0.03 USDT * 500 = 15 USDT as well as the ability to claim 500 mWOM on Arbitrum.</li>
 <li>If User B converts 10,000 WOM, the user will receive 0.03 USDT * 1000 = 30 USDT for the first 1,000 WOM tokens converted, and 0.035 USDT * 4000 = 140 USDT for additional 4000 WOM token converted in 1,000 ~ 5,000 bracket, and 0.04 USDT * 5,000 = 200 USDT for additional 5000 WOM token converted in 5,000 ~ 20,000 bracket (total 30 + 140 + 200 = 370 USDT) as well as the ability to claim 10,000 mWOM on Arbitrum.</li>
 <li>Users can accumulate WOM conversions through various transactions to increase their total converted WOM and benefit from higher brackets of rewards.</li>
</ul>
2. Receiving USDT Rewards
Once users convert their WOM tokens through the WOMboarding Pool, they will automatically receive USDT as rewards on BNB Chain.
3. Receiving mWOM
After the WOMboarding ends, the team will take a snapshot to verify how many WOM tokens each user has converted and distribute the corresponding amount of mWOM to them on Arbitrum once we launch. This means that all of the mWOM obtained from WOM conversions will be available for users to claim on Arbitrum. Users will receive 1 mWOM on Arbitrum for each WOM token that was converted on the BNB Chain through the WOMboarding pool.
The USDT rewards will be sent to WOM converters via the BNB Chain, and the upcoming mWOM airdrop will be claimable on Arbitrum through Magpie using the same wallet that was used for conversions. Once WOM converters claim their corresponding mWOM tokens on the Arbitrum network, they can stake them on Magpie to earn increased revenue.
JOIN: <a href="https://www.magpiexyz.io/stake" rel="noopener noreferrer nofollow">Magpie’s Arbitrum On-boarding event</a>
About Magpie XYZ: Magpie is a Multi-chain platform providing Yield &amp; veTokenomics boosting services. 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’s Arbitrum WOMboarding event is live!

Magpie XYZ

Other articles published on Apr 1, 2023

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