Magpie was incubated by Wombat Exchange and aims to maximize governance power on protocols implementing veTokenomics.
Wombat Exchange Incubated Magpie
Multichain DeFi platform went live on Arbitrum, implementing MGP and mWOM on the Arbitrum One Chain with the aim of providing its users with high throughput and low gas costs.
The project was incubated by Wombat Exchange and aims to maximize governance power on protocols implementing veTokenomics.
With veToken, users who lock up their governance tokens for longer are rewarded with higher voting weight and rewards. The supply of governance tokens is reduced, and only holders willing to support the protocol long-term are granted governance power.
Magpie uses MGP as its governance and revenue-sharing token. MGP can be locked as Vote-locked MGP (vlMGP) to earn yield and governance rights. The vlMGP is a cost-effective way for Wombat voters to purchase voting power.
Further, Magpie can maximize the benefits of Wombat Exchange users by locking WOM tokens and accumulating veWOM. Magpie also recently became the top veWOM holder on Arbitrum.
During Magpie’s first Arbitrum WOMboarding event, over 20,000 USDT rewards were claimed by WOM converters within three hours. This led to a total conversion of over 550,000 WOM tokens.
The Arbitrum WOMboarding event offers a 1:1 conversion rate between BNB Chain’s WOM tokens and mWOM tokens in exchange for BUSD rewards.
Magpie also announced the Arbitrum mWOM airdrop on April 7, allowing WOM converters who participated in the Arbitrum WOMboarding event to claim their $mWOM on Magpie using the Arbitrum network.
Further, it is now possible for users to acquire $MGP on Trader Joe and then lock it as vlMGP to earn passive income.
Magpie TVL stands at $18.53 million with $9.255 million on Arbitrum. Magpie ($MGP) is trading at $0.01363, down 3.19% in 24 hours.
What is Magpie XYZ:
Magpie is a multi-chain DeFi platform that boosts Yield and veTokenomics. Magpie, which was incubated by Wombat Exchange, is focused on locking WOM tokens to own governance rights and increased yield benefits as a liquidity provider on Wombat.
The platform allows users to deposit their Stablecoins, BNB, Liquid BNB, frxETH, ETH, WOM, and mWOM tokens in single-sided boosted pools to earn high APR%, while the MGP token allows Wombat Exchange voters to acquire voting power while also earning passive income cost-effectively.
Where to find Magpie XYZ:
Website | Twitter | Medium | Telegram Announcements | Telegram Discussion | Discord
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