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:
We’ve recently onboarded rsETH from Kelp DAO as the second LRT and also the sETH pool from Silo, proving to be a substantial uplift to the overall TVL. On February 26, 2024, the TVL within the Magpie Ecosystem on the Arbitrum Network exceeded $172 million.
After six weeks of receiving the STIP from Arbitrum, this represents a remarkable increase of over 120%, considering Magpie’s initial TVL of $78 million before the STIP distribution commenced. This marks the third consecutive bi-weekly report demonstrating sustained TVL growth.
Governance Tokens Supply Decrease up to date:
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PENDLE: 432,017 + 352,489 + 416,176 = 1,200,682
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dLP: 48,516 + 292,435 = 340,951
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GRAIL: 1,102.63
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WOM: 2,220,186 + 233,610 = 2,453,796
Revenue generated during the past two weeks (Feb 12-25): $466,592 (Daily avg $33,328)
User count
Recap of the Previous Two Weeks
ARB Received Last Disbursement: 357144
- Magpie Ecosystem: 0x356A5023340AD1f27C1Dc5B6B246E6599566E625
ARB allocated as Incentives in the Last Two Weeks: 390000
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Magpie: 30,000
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Penpie: 140,000
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Radpie: 120,000
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Campie: 100,000
ARB utilized as Incentives in the Last Two Weeks:
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Magpie: 15,480
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Penpie: 50,000
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Radpie: 73,582
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Campie: 70,000
Contracts incentivized over the last 2 weeks:
- Magpie:
- WOM-mWOM Pool on Wombat Exchange
Incentivize MGP/ETH LP voters on PCS
* Penpie: STIP PENDLE RUSH Event #3
Contract address label Form 23 completed for all addresses: Yes
ARB left over: 949469.63
Plan for leftover ARB: Incentivize the conversion of PENDLE, dLP, GRAIL, WOM
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Magpie: Deploy more STIP WOM UP Party events, incentivize LPs
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Penpie: Deploy more STIP PENDLE RUSH events
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Radpie: Deploy more STIP dLP RUSH events, incentivize LPs, incentivize WBTC pool
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Campie: Deploy STIP GRAIL RUSH events
Summary of Incentives
- Magpie
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We deployed the STIP WOM UP Party #2 with the goal of blackholing WOM tokens from Wombat Exchange by locking them as veWOM. This strategic allocation supports the long-term development of Wombat Exchange and prepares Magpie to offer optimized DeFi opportunities for users via Arbitrum, thereby contributing to the sustainability and adoption of the network.
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mWOM-WOM pair - To optimize liquidity for WOM and its liquid wrapper, mWOM, we allocated 5,000 ARB to the WOM-mWOM pool on Wombat Exchange.
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MGP-ETH bribes - To optimize liquidity for the MGP-ETH pair on PancakeSwap via Arbitrum, we allocated 10,000 ARB to voters who direct CAKE emissions into the liquidity pair via the Cakepie bribery market.
- Penpie
We deployed STIP PENDLE RUSH #3 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. 50,000 ARB tokens where claimed by STIP PENDLE RUSH #3 participants during the event.
- Radpie
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We deployed STIP dLP RUSH #2 with the goal of blackholing RDNT tokens from Radiant Capital by locking them as dLP within Radiant. This strategic allocation supports the long-term development of Radiant Capital and prepares Radpie to offer optimized DeFi opportunities for users via Arbitrum, thereby contributing to the sustainability and adoption of the network. ~67,000 ARB tokens where claimed by STIP dLP RUSH #2 participants during the event.
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ARB incentives for mdLP-dLP liquidity providers on Arbitrum went live via Radpie
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ARB incentives for WBTC depositors from Radpie went live on OKX Wallet
- Campie
We deployed STIP GRAIL RUSH #1 with the goal of blackholing GRAIL tokens from Camelot DEX by locking them as xGRAIL. This strategic allocation supports the long-term development of Camelot Exchange and prepares Campie to offer optimized DeFi opportunities for users via Arbitrum, thereby contributing to the sustainability and adoption of the network. 70,000 ARB tokens where claimed by STIP GRAIL RUSH #1 participants during the event.
Additional Info / Disclosures to Multisig:
STATS
Magpie (STIP WOM UP Party #2)
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Number of WOM Blackholed: 233,610
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Amount of WOM blackholed in USD: $7,075.49
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Total ARB distributed: 480
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Average daily TVL: $7,354,069
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Average daily transactions: 190
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Number of unique user addresses: 4,045
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Link to Dashboard showing metrics: Dashboard 1 & Dashboard 2
Penpie (STIP PENDLE RUSH #3)
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Number of PENDLE Blackholed: 416,176
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Amount of PENDLE blackholed in USD: $1,331,706
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Total ARB distributed: 50,000
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Average daily TVL: $95,630,593
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Average daily transactions: 501
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Number of unique user addresses: 15,439
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Link to Dashboard showing metrics: Dashboard 1 & Dashboard 2
Radpie (STIP dLP RUSH #2)
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Number of dLP Blackholed: 292,435
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Amount of dLP blackholed in USD: $576,062.92
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Total ARB distributed: 57,582
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Average daily TVL: $35,206,397
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Average daily transactions: 115
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Number of unique user addresses: 1,843
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Link to Dashboard showing metrics: Dashboard 1 & Dashboard 2
Campie (STIP GRAIL RUSH #1)
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Number of GRAIL Blackholed: 1,102.63
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Amount of GRAIL blackholed in USD: $1,969,846.03
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Total ARB distributed: 70,000
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Average daily TVL: N/A
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Average daily transactions: 66
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Number of unique user addresses: 302
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Link to Dashboard showing metrics: Dashboard 1 & Dashboard 2
Plan For the Next Two Weeks:
Magpie
- STIP WOM UP Party #3: 20,000 ARB
- mWOM/WOM LP: 6,000 ARB
- Offer bribes to the MGP/ETH pair on Cakepie to increase MGP liquidity: 10,000 ARB
Penpie
- STIP PENDLE RUSH #4 and #5: 190,000 ARB
Radpie
- STIP dLP RUSH #3: 90,000 ARB
- mdLP/dLP LP: 14,000 ARB
- WBTC Pool Incentives: 30,000 ARB
- OKX Radpie integration WBTC Pool incentives: 6,000 ARB
Campie
- STIP GRAIL RUSH #2 and #3: 120,000 ARB
Contract address label Form 23 completed for all addresses: Yes
Magpie
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ARB will be distributed to users upon converting WOM into mWOM via Magpie’s STIP WOM UP Party #3.
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ARB will be distributed to users who participate as liquidity providers in the mWOM-WOM pair via Wombat Exchange
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ARB will be distributed as bribes via the Cakepie bribery market to users who vote in support of the MGP-ETH pair
Penpie
ARB will be distributed to users upon converting PENDLE into mPENDLE via Penpie’s STIP PENDLE RUSH #4
Radpie
- ARB will be distributed to users upon converting dLP into mdLP via Radpie on the STIP dLP RUSH #3.
- ARB will be distributed to users who participate as mdLP-dLP liquidity providers via Radpie
- ARB will be distributed to users who participate as WBTC liquidity providers via Radpie
- ARB will be distributed through our upcoming OKX wallet integration incentives for the WBTC pool
Campie
- ARB will be distributed to users upon converting GRAIL into mGRAIL via Campie’s STIP GRAIL RUSH #2
Summary of incentives plan:
Magpie
- 20,000 ARB: STIP WOM UP Party #3
- 6,000 ARB: mWOM/WOM LP
- Offer bribes to voters who support the MGP/ETH pair on Cakepie to increase MGP liquidity: 10,000 ARB
Penpie
- 190,000 ARB: Deploy STIP PENDLE RUSH #4 and #5 to blackhole PENDLE tokens and enhance the long-term benefits users can get from Penpie via Arbitrum.
Radpie
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90,000 ARB: Deploy dLP RUSH #3 to blackhole dLP and enhance the long-term benefits users can get from Radpie via Arbitrum.
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14,000 ARB: Incentivize mdLP-dLP holders who participate as liquidity providers via Radpie
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30,000 ARB: Incentivize WBTC liquidity providers via Radpie
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6,000 ARB: Start incentivize WBTC pool to grow user base because this vault offers one of the best WBTC yield in Arbitrum DeFi ecosystem
Campie
- 120,000 ARB: Deploy STIP GRAIL RUSH #2 and #3 to blackhole GRAIL tokens and enhance the long-term benefits users can get from Campie via Arbitrum
Summary of changes to the original plan:
N/A