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Magpie’s MGP Token IFO to be hosted on PancakeSwap


Magpie’s MGP Token IFO to be hosted on PancakeSwap

Magpie XYZ

By Magpie XYZ

6 months ago
3 mins read
Magpie’s MGP Token IFO to be hosted on PancakeSwap
Hello Magpies! We are so excited to announce our MGP IFO on PancakeSwap! The IFO proposal was successful and it’s time for the MGP Token Generation Event (TGE).

What is $MGP?

MGP is Magpie’s governance and revenue sharing token. Users can lock their MGP to get Vote-Locked MGP ( vlMGP ).
Vote-locked MGP — vlMGP

$MGP has the following utilities:

  • Revenue sharing: Earn passive income.
  • Governance benefits: Delegated voting power on Wombat Exchange.

IFO Sale Details on PancakeSwap

  • Sale start time: ~12:00 UTC on Thu 27 Oct 2022
  • Sale end time: ~14:00 UTC on Thu 27 Oct 2022
  • Amount to be raised: $1,750,000 USD in CAKE tokens
  • $MGP Tokens to be sold: 70,000,000 MGP (7.0% of MGP total supply)
  • Token price: 1 MGP = $0.025 USD
  • Token Vesting Schedule: 30% will be unlocked at Sale end time (~14:00 UTC), with the remaining 70% released block-by-block over 90 days.
  • IFO link:
Method: Public Sale and Private Sale (Both conducted via the Overflow method).

What is the “Overflow” sale method?

Basically, the more you put in, the more you will get, and you’ll get back anything that doesn’t get spent. More details below in the Overflow Multiplier Table.

Participation Fee:

How to participate?

Refer to the IFO participation guide and iCAKE article.

iCAKE and locked CAKE cannot be used to buy tokens in the IFO, so you would need a separate amount of CAKE to commit to the IFO.

The MGP Syrup Pool:

Stake CAKE tokens to earn MGP!

  • Total Tokens for Syrup Pool: 24,000,000 MGP
  • Distribution duration: 120 days (yes you read that right… 120 days of good vibes)
  • Start time: Shortly after the IFO ends
  • Finish time: Approx. 120 days after Syrup Pool launch
  • Token rewards per block: 6.944 MGP

Max Stake per Wallet:

100 CAKE for the first 5 days, then unlimited CAKE staking thereafter — the cap will enable everyone to enjoy pool rewards at a high APY.

For the first 5 days, you need an active PancakeSwap Profile in order to stake in the IFO Syrup Pool. No PancakeSwap Profile requirement thereafter.

The MGP-BUSD Farm:

Pancakeswap will host a MGP-BUSD farm that will have 1x CAKE rewards for the first week and thereafter, a targeted 0.5x CAKE rewards.

Over the course and towards the end of the 120-day period — approx. 14:00 UTC on 24 Feb 2023 — the farm will have its rewards adjusted to 0.1x unless the following metrics is comparable with other 0.5x multiplier farms: average daily volume, 14-day volume, unique token holders on BNB Chain, and there are no fundamental token issues etc.

Is there another way to get MGP?

WOM UP Party: WOM UP Party is live. Convert WOM tokens into mWOM to get MGP Tokens. Users will get 5 MGP Tokens for each WOM converted.
  1. Convert WOM into mWOM on Magpie.
  2. Receive MGP Airdrop. WOM UP Party participants will be able to claim their MGP airdrop 7 days after IFO is completed. There is a weekly vesting for the next 12 months. This means that WOM UP Party participants will receive a share of their MGP airdrop every week.

What can you do with MGP?

  • Users can lock MGP to receive vlMGP. Vote-Locked MGP offers users boosted voting power on Wombat’s governance while also earning passive income on Magpie at the same time. vlMGP can then be unlocked to get back MGP Tokens.
  • Users can stake MGP-BUSD LP Tokens on PancakeSwap to earn Cake rewards.
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.


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