[FINAL] Magpie Ecosystem STIP Addendum

Information about STIP/STIP Backfund

1. Can you provide a link to your previous STIP proposal (round 1 or backfund)?

Link to Magpie Ecosystem’s STIP Application

2. How much, in the previous STIP proposal, did you request in ARB?

1,250,000 ARB

3. What date did you start the incentive program and what date did it end?

  • January 15 - Started receiving funds

  • January 17 - Began funds distribution

  • March 25 - Finalized funds distribution

4. Could you provide the links to the bi-weekly STIP performance reports and Openblocks Dashboard?

5. Could you provide the KPI(s) that you deem relevant for your protocol, both in absolute terms and percentage change, month over month, for the first of each month starting from October 2023 until April 2024, including the extremes? If you don’t know what KPI might be relevant for you or how to properly define them, please refer to the following document:[Arbitrum DAO] OpenBlock Labs Incentive Onboarding Spec


Total Users



Here STIP related Data:

Magpie Ecosystem STIP Dashboard 1

Magpie Ecosystem STIP Dashboard 2

6. [Optional] Any lessons learned from the previous STIP round?

Receiving the STIP was a beneficial experience for the Magpie Ecosystem, boosting our user engagement and contributions to the Arbitrum network. During the distribution period of the STIP, our platform’s TVL surged by over 140%, making the Magpie ecosystem the sixth-largest protocol by TVL on Arbitrum.

This demonstrates the confidence users have in our protocols to improve their DeFi experience and benefits. Additionally, by the time the last STIP report was released, we had successfully locked over $17 million worth of assets on Arbitrum through our initiatives, including PENDLE, GRAIL, RDNT, and WOM, aiding the sustained development of Arbitrum’s core platforms.

Also, we learned the importance of incentivizing liquidity pairs for liquid wrappers to deepen liquidity and provide a reliable avenue for users to sell their positions while supporting the peg of the liquid wrapper tokens. This encourages user participation and supports the long-term development of top Arbitrum protocols by effectively decreasing the circulating supply of governance tokens.

New Plans for STIP Bridge

7. How much are you requesting for this STIP Bridge proposal?

625,000 ARB

8. Do you plan to use the incentives in the same ways as highlighted in Section 3 of the STIP proposal? [Y/N]*


9. [Only if answered “no” to the previous question] How will the incentive distribution change in terms of mechanisms and products?

We plan to continue leveraging incentives in alignment with our goals to boost user engagement and support the core functionalities of protocols within the Arbitrum ecosystem.

In addition to sustaining our commitments to lock up governance tokens from Pendle Finance, Radiant Capital, and Camelot DEX, we are adjusting our incentive strategies to include liquidity providers. Notably, for the Magpie and Eigenpie products, all incentives will be allocated to LPs. For other “-pie” products (Penpie, Campie, Radpie), incentives will be distributed with a 60-40 split between rush events and LP incentivization. This change reflects our decision to ensure more balanced and sustained liquidity across our supported platforms.

Additionally, we are excited to introduce a new initiative with Eigenpie, a liquid restaking platform created by Magpie. The allocation of ARB to Eigenpie will focus on growing the TVL of LRTs on Arbitrum, reflecting a strategic expansion to leverage new products and deepen network functionalities. This adaptation showcases that we not only maintain but also enhance our support for the Arbitrum network and its participants. We consider LRTs to be an important category in DeFi, and we aim to help position Arbitrum as a hub for LRTs with Egienpie.

STIP Addendum Allocations for the Magpie Ecosystem

  1. Penpie - 285,000 ARB
  • 60% RUSH events

  • 40% LPs

  1. Radpie - 100,000 ARB
  • 60% RUSH events

  • 40% LPs

  1. Campie - 100,000 ARB
  • 60% RUSH events

  • 40% LPs

  1. Magpie - 40,000 ARB
  • 100% Incentivize MGP liquidity on Arbitrum
  1. Eigenpie - 100,000 ARB
  • 100% Incentivize LRT LPs

RUSH Events: The RUSH Events are initiatives in which we reward governance token holders to convert their assets (PENDLE, GRAIL, dLP) into liquid wrapped versions of these assets created by the Magpie Ecosystem (mPENDLE, mGRAIL, mDLP. This results in decreased circulating supply for the native governance tokens in the long term and flexible passive income opportunities for users.

10. Could you provide the addresses involved in the STIP Bridge initiative (multisig to receive funds, contracts for distribution, and any other relevant contract involved), and highlight if they changed compared to the previous STIP proposal?

Multisig Address: (Same Multisig used in the STIP Backfund)

Here Address

11. Could you share any feedback or suggestions on what could be improved in future incentive programs, what were the pain points and what was your general evaluation of the experience?

The Magpie Ecosystem saw a significant increase in TVL, growing by more than 140% since the initiation of STIP fund distribution on Arbitrum. Our primary objective was to absorb the governance tokens of protocols we collaborate with, thereby enhancing yield and governance influence across various platforms, which led to increased advantages for users within the Magpie Ecosystem. This strategy moves beyond merely boosting TVL, which can attract temporary capital that targets STIP-related funds and departs once ARB incentives are no longer available. Our approach drives sustainable, long-term benefit for users, enabling them to gain more from the Arbitrum DeFi ecosystem even beyond the STIP period. Despite receiving a smaller STIP grant compared to other platforms, the Magpie ecosystem has successfully increased participation, TVL, and activity within Arbitrum. We advocate for Arbitrum to consider this approach in the future as a proven strategy, as it not only contributes to TVL growth in the short-term but also supports the enduring value of the tokens from protoocls within the network.

Through this initiative we effectively supported the long-term value of governance tokens from:

  • Pendle (2nd biggest protocol by TVL on Arbitrum at the moment)
  • Camelot (7th biggest protocol by TVL on Arbitrum at the moment)
  • Radiant (13th biggest protocol by TVL on Arbitrum at the moment)
  • Wombat Exchange (Hyper-efficient stableswap)

Marketing Support: Arbitrum could utilize its prominent market presence to boost user awareness about the advantages offered through STIP/Grants programs. By actively promoting these programs, Arbitrum could greatly increase user engagement and enhance visibility of their benefits, which may result in more funds flowing into the network.

Hello @Penpie ,

Thank you for your application! Your advisor will be @JoJo.

Please join the LTIPP discord and ping your advisor in the general chat so they can create a new channel and start communicating with you.