Magpie Ecosystem Bi-Weekly STIP Update (January 29, 2024)

DAO Grant Programs Biweekly Updates (STIP)
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Brief about Magpie:

Magpie is a suite of protocols focused on supporting the long-term development of other platforms while effectively enhancing opportunities and participation for DeFi users. By integrating with other projects and leveraging their core functionalities, the Magpie Ecosystem aims to streamline the benefits it acquires to facilitate user engagement and support.

Ecosystem Progress:

OpenBlock Dashboard

The advent of the “Arbitrum STIP” has sparked significant growth in Total Value Locked (TVL) .Before initiating the distribution of the Arbitrum STIP via the Magpie Ecosystem on January 15, 2024, the overall platform TVL within the Arbitrum Network amounted to less than $78 million.

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However, within the initial two weeks of the Arbitrum STIP, the TVL from the Magpie Ecosystem on Arbitrum surged past $120 million.

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This surge represents an increase of more than 50% in just two weeks.

Additionally we have attracted DeFi integrations courtesy of Stella and Timeswap, providing users with expanded opportunities.

A primary goal of the Magpie Ecosystem STIP Backfund is to decrease the circulating token supply from protocols offering services within Arbitrum. This approach aims to lower the selling pressure on various governance tokens across the Arbitrum DeFi landscape, thereby supporting their long-term value while providing an avenue for users to enhance their opportunities through our platform.

Governance Tokens Supply Decrease up to date:

  1. PENDLE: 432,017

Revenue generated during the past two weeks (Jan 15-28): $597,002 ($42,643 Daily avg)

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User count

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Recap of the Previous Two Weeks

ARB Received Last Disbursement: 535,716

  • Magpie Ecosystem: 0x356A5023340AD1f27C1Dc5B6B246E6599566E625

ARB Utilized as Incentives in the Last Two Weeks: 50,000

Contracts incentivized over the last 2 weeks:

Contract address label Form completed for all addresses: Yes

ARB left over: 485,716

Plan for leftover ARB: Incentivize the conversion and lock up of PENDLE, dLP, GRAIL, WOM

  • Magpie: Deploy STIP WOM UP Party events, incentivize LPs

  • Penpie: Deploy more STIP PENDLE RUSH events

  • Radpie: Deploy STIP dLP RUSH events, incentivize LPs

  • Campie: Deploy STIP GRAIL RUSH event, incentivize LPs

Summary of incentives:

  1. Penpie

We deployed STIP PENDLE RUSH #1 with the goal of blackholing PENDLE tokens from Pendle Finance by locking them as vePENDLE. This strategic allocation supports the long-term development of Pendle Finance and prepares Penpie to offer optimized DeFi opportunities for users via Arbitrum, thereby contributing to the sustainability and adoption of the network.

  1. Magpie

Preparing for deployment of STIP WOM UP Party #1

  1. Radpie

Preparing for deployment of STIP dLP RUSH #1

  1. Campie

Preparing for deployment of STIP GRAIL RUSH #1

Additional Info / Disclosures to Multisig:

* Magpie Team’s multisig

* STIP Fund receive multisig:

STATS

Penpie (STIP PENDLE RUSH #1)

  • Number of PENDLE Blackholed: 432,017

  • Amount of PENDLE blackholed in USD: $878,728

  • Average daily TVL: $70,502,638

  • Average daily transactions: 512

  • Number of unique user addresses: 14,076

  • Link to Dashboard showing metrics: Dashboard 1 & Dashboard 2

Plan For the Next Two Weeks:

Magpie

  • STIP WOM UP Party: 12,000 ARB
  • mWOM/WOM LP on Wombat: 3,394 ARB
  • Offer bribes to the MGP/ETH pair on Cakepie to increase MGP liquidity: 4,606 ARB

Penpie

  • Amount of ARB to be distributed: 100,000 ARB to be distributed via the STIP PENDLE RUSH #2 and PENDLE RUSH #3

Radpie

  • Distribute 60,000 ARB through the STIP dLP RUSH #1
  • Distribute 14,000 ARB to WBTC pool
  • Send 6,000 ARB for OKX Web3 wallet to distribute to OKX Radpie WBTC pool depositors

Campie

  • Distribute 70,000 ARB via STIP GRAIL RUSH #1

Contracts that will be incentivized:

Magpie: STIP WOM UP Party #1

Penpie: STIP PENDLE RUSH #2

  • To be deployed

Penpie: STIP PENDLE RUSH #3

  • To be deployed

Radpie: STIP dLP RUSH #1

Campie: STIP Grail RUSH #1

  • To be deployed

Contract address label Form completed for all addresses: Yes

Mechanism for distribution incentives:

Magpie

ARB will be distributed to users upon converting WOM into mWOM via Magpie, incentivizing LPs.

Penpie

  • ARB will be distributed to users upon converting PENDLE into mPENDLE via Penpie.

Radpie

  • ARB will be distributed to users upon converting dLP into mdLP via Radpie, incentivizing LPs.

Campie

  • ARB will be distributed to users upon converting GRAIL into mGRAIL via Campie, incentivizing LPs.

Summary of incentives plan:

Magpie

  • Deploy STIP WOM UP Party events to blackhole WOM tokens and enhance the long-term benefits users can get from Magpie via Arbitrum

Penpie

  • Deploy more STIP PENDLE RUSH events to blackhole PENDLE tokens and enhance the long-term benefits users can get from Penpie via Arbitrum.

Radpie

  • Deploy dLP RUSH events to blackhole dLP and enhance the long-term benefits users can get from Radpie via Arbitrum.

Start incentivize WBTC pool to grow user base because this vault offers one of the best WBTC yield in Arbitrum defi ecosystem

Campie

  • Deploy STIP GRAIL RUSH events to blackhole GRAIL tokens and enhance the long-term benefits users can get from Campie via Arbitrum

Summary of changes to the original plan:

Magpie:

  • To improve MGP liquidity for Arbitrum users, we plan to offer incentives for the MGP/ETH pair on Arbitrum through Cakepie during the next 14 days: 4,606 ARB are set to be distributed.

Penpie:

  • Based on our recent experience, Penpie’s TVL is highly correlated with our vePENDLE balance. Therefore we believe it’s most efficient to spend all ARB to help us grow vePENDLE. So we plan to use all ARB to run PENDLE Rushe events going forward
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