Pledge the track again and welcome new players.
On January 23, Magpie announced that it would cooperate with EigenLayer to launch SubDAO “Eigenpie” focusing on liquidity re-hypothecation. Magpie XYZ is a DeFi protocol ecosystem that provides yield and veTokenomics enhancement services across multiple blockchain networks. The re-staking track is now in full swing, which undoubtedly injects fresh blood into the Magpie XYZ ecosystem.
According to data from Magpies official website, the TVL of the Magpie ecosystem has exceeded US$190 million, and Eigenpie is already the sixth SubDAO launched by Magpie. In addition to introducing the newly launched Eigenpie, this article also takes stock of other products in the Magpie XYZ series for readers’ reference.
Eigenpie
EigenLayer is a re-staking protocol based on Ethereum, allowing users to re-pledge native ETH, LSDETH and LP Token through the EigenLayer smart contract and receive verification rewards. The Eigenpie being developed by Magpie is based on EigenLayer smart contract technology to provide users with LRT services. Users can obtain passive income from Ethereum staking and EigenLayer at the same time without a lock-up period.
Isolated Liquid Restaking tokens are re-pledge certificates generated by Eigenpie and can only be minted by depositing a specific LST and cannot be minted by depositing a basket of different LST. Users can deposit their LST into Eigenpie to receive an LRT version of their specific asset. The ILR tokens received when users deposit LST into Eigenpie will retain their original names with the prefix m added.
EGP is Eigenpie’s platform currency, and the specific token economics have not yet been announced. In addition, Eigenpie will introduce a points system to encourage users to deposit LST or recommend new users to participate.
Magpie
Magpie is the first protocol in Magpie XYZ, a revenue aggregator and multi-chain DeFi application built in partnership with the Wombat trading platform. Magpie is to Wombat what Convex is to Curve.
Users can obtain high APR by depositing stablecoins, BNB, Liquid BNB, frxETH, ETH, WOM, and mWOM into the unilateral pool, while supporting Wombat platform governance voting to achieve passive income. Magpie locks the converted WOM into veWOM on Wombat. In this way, veWOM is accumulated and the right to obtain WOM rewards and governance benefits on Wombat is increased.
Related Reading:Governance revenue aggregator Magpie’s innovative advantages and how to play it》
Magpies token is MGP, with a total supply of 1,000,000,000. As of the time of writing, the price of MGP is US$0.07, with a 24-hour increase of 14.7%. MGPs market capitalization is US$22.5 million, and FDVs is US$70.46 million.
Penpie
Penpie is a sub DAO based on the interest rate swap DeFi protocol Pendle. Users can deposit PENDLE into Penpie and obtain mPENDLE. mPENDLE can be exchanged for PENDLE at any time on the secondary market (Wombat), and the Penpie project team will lock all PENDLE obtained for 2 years to obtain vePENDLE.
Penpies token is PNP, with a total supply of 10 million. As of the time of writing, the price of PNP is US$3.41, with a 24-hour drop of 12.6%. The market value of PNP is US$12.97 million, and the FDV is US$34.17 million.
For users, they can obtain higher income than vePENDLE. The higher income comes from the revenue share of PENDLE obtained by Penpie and the PNP token subsidy. It also releases the liquidity of their own funds. For the project owner Penpie, it can obtain a large number of voting rights and the benefits behind it.
Related Reading:Detailed explanation of Penpie: an interest-earning asset income aggregator built on Pendle》
In addition, Pendles liquidity providers can pledge LP Token on the Penpie platform and obtain accelerated returns without the need for vePENDLE, and the returns are higher than on Pendle.
Radpie
Radpie is a SubDAO product launched by Magpie in cooperation with the cross-chain lending agreement Radiant Capital. The core gameplay is to encourage users to provide liquidity through restrictive measures, requiring indirect locking of a certain proportion of RNDT to obtain mining profits. Specifically, users need to deposit dLP equivalent to 5% of the deposit amount into Radpie, where dLP is the LP of a Balancer pool containing 80% RDNT and 20% ETH. If the dLP ratio is less than 5%, users will not be able to obtain RDNT emission benefits. When using RDNTs one-click loop function, the system will automatically help users borrow money to purchase dLP, keeping the ratio no less than 5%.
Radpie raises dLP and shares it with DeFi miners, allowing these miners to participate in mining without holding RDNT, similar to Convexs shared veCRV mechanism. Raised dLP will also be converted into mDLP tokens, similar to how Convex converts CRV into cvxCRV.
For RNDT holders, they can convert dLP into mDLP while holding RNDT positions and enjoy high returns, similar to the logic of cvxCRV, because dLP contains 80% RNDT, and the price changes are very close to RDNT. It is also a good thing for Radiant, because the conversion to mDLP will lock the perpetual cycle, directly support the long-term liquidity of RDNT, and help attract more lightweight users.
Radpies token is RDP. As of writing, the price of RDP is US$1.05, with a 24-hour drop of 2.1%.
In addition to the subDAO introduced above, Magpie also launched Campie with the Arbitrum ecological DEX Camelot, and launched Cakepie with the multi-chain DEX PancakeSwap. However, due to insufficient liquidity or incomplete token economics, we will not introduce them in detail here. . The mechanism is no different from previous subDAO products. They all obtain veTOKEN by locking native tokens to gain more token rewards and governance rights, and generate more passive income for DEX users.
CMP is Campies governance and revenue sharing token. By locking CMP tokens, users receive an equal amount of vote lock CMP (vlCMP). Holding vlCMP has two benefits, allowing users to generate passive income and participate in the governance of Campie and Camelot. The voting rights obtained by Campie through xGRAIL are distributed proportionally to vlCMP holders.
CKP is Cakepies governance and revenue sharing token. Users can lock their CKP tokens into vote lock CKP (vlCKP) at a 1:1 ratio, which will give CKP holders passive income and governance rights for PancakeSwap and Cakepie.
