Magpie is the mother of multi-chain DeFi. By aggregating governance tokens, it improves users' motivation to participate in governance and helps each protocol enhance governance weight and benefits.
$MGP is Magpie’s governance and revenue sharing token. Users can lock MGP at a 1:1 ratio to obtain vlMGP. Locked users can participate in platform decisions such as reward distribution and function development, etc.
Holding vlMGP can also obtain various rewards from the Magpie ecosystem, including platform benefits and token rewards from cooperative platforms!
Magpie also works with SubDAO and other protocols to expand governance
Let’s introduce SubDAO under the kid’s banner
Pie with Wombat, Pendle, Radiant, Pancake, Camelot, Eigenlayer, Lista and Babylon
Judging from @defiwars_ data, many SubDAOs have performed very well, occupying the first holder position in the protocol, and controlling governance rights + liquidity + staking rewards (on the veToken mechanism)
➤ Penpie @Penpiexyz_io $PNP
Magpie’s Sub-DAO on Pendle Finance
When converting $PENDLE to mPENDLE, Penpie will automatically lock the converted PENDLE to vePENDLE to get the income and PNP
By locking $PNP as $vlPNP, you can participate in governance voting and obtain protocol benefits.
You can also transfer LP tokens on Pendle from Pendle to Penpie to increase the rewards of Pendle and $PNP
Before TVL 100M, 3.26M worth of mPENDLE was locked inside, controlling 32.8% of vePENDLE
➤ Cakepie @Cakepiexyz_io $CKP
Magpie’s Sub-DAO on PancakeSwap
When converting $CAKE to mCAKE, Cakepie will automatically lock the converted CAKE to veCAKE and gain benefits and governance rights
Locking $CKP to $vlCKP can enter the Cakepie bribery market and support certain liquidity pools to obtain additional tokens
The current TVL is 48.5M, and mCAKE worth 14.35M is locked inside.
Controlling veCAKE up to 51.98, has a big say in PancakeSwap
➤ Babypie @Babypiexyz_io
Magpie's child DAO on Babylon
Bitcoin Redemption Protocol, Deposit $BTC Mint $mBTC, an ERC-20 token pegged 1:1 to BTC
You can also pledge mBTC to convert to smBTC. The value of smBTC will increase over time, including Babylon’s staking rewards.
Establishing mBTC/wBTC liquidity on Cake/Thena can earn up to 87.14% APY and points
Currently TVL 98M does not have TGE yet
➤ Eigenpie @Eigenpiexyz_io $EGP
Magpie's child DAO on EigenLayer
Focus on providing liquid re-pledge services. You can deposit ETH or LSTs into Eigenpie to get LRTs
If you deposit stETH into Lido, you will get mstETH.
And lock $EGP to get $vlEGP, and you can participate in governance and get airdrops from other platforms like Zircuit, Swell, etc.
Currently, TVL is 958M, and EGP is also the sub-DAO currency that has been listed on the most exchanges.
➤ Footer @Listpiexyz_io $LTP
Magpie’s child DAO on Lista DAO
Listapie is a sub-DAO of Magpie in cooperation with Lista DAO, focusing on expanding the governance functions of Lista DAO and providing users with more incentive opportunities
When converting $LISTA to $mLISTA, Listapie will automatically lock the converted LISTA into veLISTA to obtain rewards. $LTP has not issued coins yet, and mLISTA is the only way to obtain future $LTP Airdrop and LTP IDO quotas! mLISTA staking APR is as high as 49%
The current TVL is 7.86M, and 4.2M worth of mLISTA is locked inside, which is more than half of the TVL and controls 17% of veLISTA.
Let’s talk about Listapie, which is about to issue coins.
Lista DAO @lista_dao is based on BNB Chain and focuses on providing liquid pledge solutions and mortgage debt position CDP protocols, using a dual-token model
$lisUSD, a stablecoin pegged 1:1 with the U.S. dollar and backed by over-collateralized crypto-assets such as BNB, ETH, slisBNB and wBETH, can be used to generate lisUSD by pledging assets for trading and payment in the ecosystem, Ensure the value stability of lisUSD through over-collateralization and automatic liquidation mechanisms
$LISTA, the governance currency, participates in the decision-making and governance of the protocol, and votes on the future development direction of the protocol
$slisBNB, the liquid pledged income token obtained by staking BNB, increases in value as the BNB staking APR increases in value
lisUSD’s value stabilization mechanism
It can be simply understood as supply and demand adjustment
- When the lisUSD price is above $1, it means market demand is too high and supply needs to increase
Borrowers will profit from the high price of lisUSD and choose to lend more lisUSD and sell them for arbitrage, which will increase market supply.
At the same time, Lista will lower the borrowing interest of lisUSD and reduce mining rewards, making borrowing costs lower and further encouraging an increase in supply.
- When the lisUSD price is below $1, it means the market is oversupplied and demand needs to increase
Borrowers will choose to buy back lisUSD to repay their debts because of the low price of lisUSD, reducing market supply.
Lista will increase the borrowing interest and mining rewards of lisUSD, increase borrowing costs, and curb excessive borrowing demand.
And Listapie can maximize the income of LISTA, which is the $mLISTA mentioned above, and can get the income of both sides at the same time.
There are 3 ways to earn $LTP
Earn points: Convert Lista to mLista to get 21.6 points at one time per item, and 0.03 points per hour per item
Stake Lista LP and earn 0.003 points per hour per dollar value, including lisUSD/BNB and LISTA/USDT, etc.
https://www.lista.magpiexyz.io/stake
The above method can also obtain airdrop and private placement IDO quota at the same time
There are 8% airdrop + 12% private placement quota for point users, 100% of them are given to community participants, and 0% is allocated to teams/institutions
LTP IDO is divided into private sale and public sale
The private sale has a fixed FDV (guaranteed profit), while the public sale is open to everyone and adopts the Dutch auction mechanism.
Judging from previous IDOs, there has been an increase of 2-8 times.
vlMGP/vlPNP holders
English text:
https://www.0xmedia.co/news/Binance-Alpha-Selection-Magpie-and-Cakepie?id=426
