[Magpie Ecosystem] Bi-Weekly Update [March 25, 2024]

DAO Programs & Initiatives 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

In the past two weeks, we’ve continued our efforts to launch more pools, further diversifying our offerings through Penpie. Also, Radpie advanced its initiatives to enhance the utilization of native USDC tokens on Arbitrum by collaborating with Radiant and Gauntlet. Additionally, Campie completed its round of STIP GRAIL RUSHES, resulting in the accumulation of almost 1,800 GRAIL tokens from Camelot, thereby effectively reducing its circulating supply and positioning the Camelot Ecosystem for future growth.

As the STIP period concludes, we are pleased to share that as of March 25, 2024, the Magpie Ecosystem’s TVL within Arbitrum has surpassed $193 million.

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This reflects a 144% increase in TVL since the program’s start. Our ecosystem currently holds the 6th position in TVL rankings within the Arbitrum network, according to DeFiLlama. This is the fifth consecutive bi-weekly report to demonstrate ongoing growth in TVL.

Governance Tokens Supply Decrease up to date:

  1. PENDLE: 432,017 + 352,489 + 416,176 + 1,079,111 + 642,450 = 2,922,243 (worth $12.3M)

  2. dLP: 48,516 + 292,435 + 442,597 = 783,548 (worth $1.43M)

  3. GRAIL: 1,102.63 + 121.71 + 572.29 = 1,796.29 (worth $3.66M)

  4. WOM: 2,220,186 + 233,610 + 1,778,426 + 1,190,317 = 5,422,539 (worth $244k)

The Magpie ecosystem effectively locked over $17.6 Million worth of governance tokens within Arbitrum since the beginning of the STIP period.

Revenue generated during the past two weeks (March 11-24): $424,214 (Daily avg $30,301)

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User count

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Recap of the Previous Two Weeks

ARB Received Last Disbursement: 178,568

  • Magpie Ecosystem: 0x356A5023340AD1f27C1Dc5B6B246E6599566E625

ARB allocated as Incentives in the Last Two Weeks: 671,313.69

  • Magpie: 37,178

  • Penpie: 189,722

  • Radpie: 222,409.69

  • Campie: 222,004

ARB utilized as Incentives in the Last Two Weeks: 671,313.69

  • Magpie: 37,178

  • Penpie: 189,722

  • Radpie: 222,409.69

  • Campie: 222,004

Contracts incentivized over the last 2 weeks:

Magpie:

- STIP WOM UP Party #4

  • WOM-mWOM Pool on Wombat Exchange

WOM Pool

mWOM Pool

- Incentivize MGP/ETH LP voters on PCS

Penpie:

* STIP PENDLE RUSH Event #6

* STIP PENDLE RUSH Event #7

* mPENDLE Pool bribes

* Incentives to Penpie mPENDLE pool

Radpie:

* STIP dLP RUSH #3

* STIP dLP RUSH #4

* mdLP/dLP Incentives

* WBTC pool Incentives

Campie:

* STIP GRAIL RUSH #3

* STIP GRAIL RUSH #4

Contract address label Form 23 completed for all addresses: Yes

ARB left over: 0

Summary of Incentives

  1. Magpie

  • We deployed the STIP WOM UP Party #4 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. 10,000 ARB tokens were claimed by WOM converters through theSTIP WOM UP #4 event.

  • mWOM-WOM pair - To optimize liquidity for WOM and its liquid wrapper, mWOM, we allocated 7,178 ARB to the WOM-mWOM pool on Wombat Exchange.

  • MGP-ETH bribes - To optimize liquidity for the MGP-ETH pair on PancakeSwap via Arbitrum, we allocated 20,000 ARB to voters who direct CAKE emissions into the liquidity pair via the Cakepie bribery market.

  1. Penpie

  • We deployed STIP PENDLE RUSH #6 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. 80,000 ARB tokens where claimed by STIP PENDLE RUSH #6 participants during the event.

  • We deployed STIP PENDLE RUSH #7 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. 109,722,000 ARB tokens where claimed by STIP PENDLE RUSH #7 participants during the event.enhance the long-term benefits users can get from Penpie via Arbitrum. Please note that 50,000 ARB rewards were provided by Pendle Finance, thereby 59,722 of the ARB claimed were part of Penpie’s STIP allocation.

  • 20 ARB used as bribes to incentivize voters who support the mPENDLE liquidity pool on Pendle Finance.

  1. Radpie

  • We deployed STIP dLP RUSH #3 with the goal of blackholing dLP from Radiant Capital. This strategic allocation supports the long-term development of Radiant and prepares Radpie to offer optimized DeFi opportunities for users via Arbitrum, thereby contributing to the sustainability and adoption of the network. 33,276 ARB tokens where claimed by STIP dLP RUSH #3 participants during the event.

  • We deployed STIP dLP RUSH #4 with the goal of blackholing dLP from Radiant Capital. This strategic allocation supports the long-term development of Radiant and prepares Radpie to offer optimized DeFi opportunities for users via Arbitrum, thereby contributing to the sustainability and adoption of the network. 145,134 ARB tokens where claimed by STIP dLP RUSH #4 participants during the event.

  • mdLP-dLP Liquidity Pool - 14,000 ARB used as incentives for mdLP-dLP liquidity providers on Arbitrum distributed via Radpie

  • WBTC Liquidity Pool - 30,000 ARB used as incentives for WBTC pool depositors

  1. Campie

  • We deployed STIP GRAIL RUSH #3 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. 58,726 ARB tokens where claimed by STIP GRAIL RUSH #3 participants during the event.

  • We deployed STIP GRAIL RUSH #4 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. 163,278 ARB tokens where claimed by STIP GRAIL RUSH #4 participants during the event.

Additional Info / Disclosures to Multisig:

* Magpie Team’s multisig:

* STIP Fund receive multisig:

STATS

Magpie (STIP WOM UP Party #4)

  • Number of WOM Blackholed: 1,190,317

  • Amount of WOM blackholed in USD: $58,328.58

  • Total ARB distributed: 10,000

  • Average daily TVL: $8,843,178

  • Average daily transactions: 251

  • Number of unique user addresses: 4,208

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

Penpie (STIP PENDLE RUSH #6 and #7)

  • Number of PENDLE Blackholed: 289,448 + 353,002 = 642,450

  • Amount of PENDLE blackholed in USD: $794,225.37 + $947,106.31 = $1,741,331.68

  • Total ARB distributed: 80,000 + 109,722 = 189,722

  • Average daily TVL: $125,647,547

  • Average daily transactions: 616

  • Number of unique user addresses: 16,599

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

Radpie (STIP dLP RUSH #3 and #4)

  • Number of dLP Blackholed: 126,073 + 316,524 = 442,597

  • Amount of dLP blackholed in USD: $237,064 + $589,817 = $826,881

  • Total ARB distributed: 33,276 + 145,134 = 178,410

  • Average daily TVL: $33,683,658

  • Average daily transactions: 162

  • Number of unique user addresses: 2,351

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

Campie (STIP GRAIL RUSH #3 and #4)

  • Number of GRAIL Blackholed: 264.77 + 307.52 = 572.29

  • Amount of GRAIL blackholed in USD: $478,097.18 + $555,29.17 = $1,033,388.35

  • Total ARB distributed: 58,726 + 163,278 = 222,004

  • Average daily TVL: N/A

  • Average daily transactions: 84

  • Number of unique user addresses: 500

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

Plan For the Next Two Weeks:

All ARB tokens allocated to the Magpie Ecosystem have been distributed, as the deadline for distribution completion is on March 29, 2024.

Summary of changes to the original plan:

  • Magpie: N/A

  • Penpie:

    • 20,000 ARB used to incentivize voters on Penpie with the goal of increasing liquidity for the mPENDLE liquidity pool from Pendle Finance on Arbitrum.
    • 30,000 ARB used to incentivize mPENDLE pool depositors on Penpie.

  • Radpie: N/A

  • Campie: N/A

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