Magpie enters the re-pledge track, how does its project Token perform?

The re-pledge track welcomes new players.

On January 23, Magpie announced a partnership with EigenLayer to launch “Eigenpie”, a subDAO focused on liquidity restaking. Magpie XYZ is a Decentralized Finance protocol ecosystem that provides yield and veTokenomics boosting services across multiple Blockchain networks. The re-staking track is now in the limelight, which has undoubtedly injected fresh blood into the Magpie XYZ ecosystem.

According to Magpie’s official website, the TVL of the Magpie ecosystem has exceeded $190 million, and Eigenpie is already the sixth SubDAO launched by Magpie. In addition to introducing the newly launched Eigenpie, BlockBeats also takes stock of other products in the Magpie XYZ series for readers’ reference.

Eigenpie

EigenLayer is an Ethereum-based re-staking protocol that allows users to re-stake native ETH, LSDETH and LP Tokens through EigenLayer Smart Contract and receive verification rewards. The Eigenpie being developed by Magpie is based on the EigenLayer Smart Contract technology to provide users with LRT services, and users can earn passive income from Ethereum staking and EigenLayer at the same time without a lock-up period.

Isolated Liquid Restaking Tokens are repledge credentials generated by Eigenpie that can only be minted by depositing specific LSTs, not by depositing a basket of different LSTs. Users can deposit their LST into Eigenpie to get the LRT version of their specific asset. ILR Tokens received by users when depositing LST into Eigenpie will retain their original name 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 point system to encourage users to deposit LST or refer new users to participate.

Magpie

Magpie, the first protocol in Magpie XYZ, is a yield aggregator and multi-chain Decentralized Finance application built through a partnership with the Wombat trading platform. Magpie is to Wombat what Convex is to Curve.

Users can obtain high APR by depositing Stable Coin, BNB, Liquid BNB, frxETH, ETH, WOM, mWOM into a one-sided pool, while supporting Wombat platform governance voting to achieve passive income. Magpie locks converted WOM to veWOM on Wombat, accumulating veWOM in this way, increasing the right to receive WOM rewards and governance benefits on Wombat.

Related Reading: “Governance Revenue Aggregator Magpie Innovation Advantages and How to Play It”

Magpie’s Token is MGP with a total supply of 1, 000, 000, 000, and at the time of writing, the MGP price is $0.07, a 24-hour increase of 14.7%. MGP has a Market Cap of $22.5 million and an FDV of $70.46 million.

Penpie

Penpie is a sub DAO built based on the Intrerest Rate swap Decentralized Finance protocol Pendle. Users can deposit PENDLE into Penpie and get mPENDLE, mPENDLE can be exchanged for PENDLE at any time in the secondary market (Wombat, and the Penpie project team will take all the obtained PENDLE to lock-up position for 2 years to get vePENDLE.

Penpie’s Token is PNP, with a total supply of 10 million. At the time of writing, the PNP price was $3.41, down 12.6% in 24 hours, with a PNP Market Cap of $12.97 million and an FDV of $34.17 million.

For users, they can obtain higher returns than vePENDLE, and the higher income comes from the revenue share of PENDLE obtained by Penpie, as well as the PNP Token subsidy, and also releases the liquidity of their own funds. For Penpie, the project party, you can get a lot of voting rights and the benefits behind it.

Related Reading: Penpie in Detail: An Interest-Earning Asset Income Aggregator Built on Pendle

In addition, Pendle’s Liquidity Providers can stake LP Tokens on the Penpie platform, without the need for vePENDLE to obtain accelerated yields, and the yields are higher than in Pendle.

Radpie

Radpie is a SubDAO product launched by Magpie in partnership with Radiant Capital, a cross-chain interaction lending protocol. The core gameplay is to incentivize users to provide liquidity through restrictive measures, requiring indirect lock-up position of a certain percentage of RNDT to obtain mining rewards. Specifically, users deposit dLP equivalent to 5% of the deposit amount into Radpie, where dLP is an LP with a Balancer pool of 80% RDNT and 20% ETH. If the dLP ratio is less than 5%, users will not receive RDNT emission benefits. When using RDNT’s one-click loop function, the system will automatically help users borrow money to buy dLP, keeping the ratio at least 5%.

Radpie raises dLP and shares it with Decentralized Finance Miner so that these Miner can participate in Mining without having to hold RDNT, similar to Convex’s shared veCRV mechanism. The raised dLP is also converted to mDLP Token, similar to how Convex converts CRV to cvxCRV.

For RNDT holders, they can convert dLP into mDLP while holding RNDT positions and enjoying high yields, similar to the logic of cvxCRV, because dLP contains 80% RNDT, and the price change is very close to RDNT. And it’s also a Favourable Information for Radiant, as converting to mDLP locks in a perpetual cycle, directly supporting the long-term liquidity of RDNT and helping to attract more lightweight users.

Radpie’s Token is RDP, which is trading at $1.05 at the time of writing, down 2.1% in 24 hours.

In addition to the subDAO introduced above, Magpie has also launched Campie with Arbitrum ecosystem DEX Camelot, and Cakepie with multi-chain DEX PancakeSwap, but due to insufficient liquidity or imperfect token economics, it will not be detailed here. The mechanism is the same as the previous subDAO product, which is to obtain veTOKENS by locking the native Token to gain more Token rewards and governance rights, and generate more passive income for DEX users.

CMP is Campie’s governance and revenue sharing Token, locking CMP Token and users get an equal amount of vote lock CMP (vlCMP). There are two benefits to holding vlCMP, allowing users to generate passive income and participate in the governance of Campie and Camelot. The voting rights earned by Campie through xGRAIL are distributed proportionally to vlCMP holders.

CKP is Cakepie’s governance and revenue sharing Token, and users can lock their CKP Token as vote lock CKP (vlCKP) at a 1:1 ratio, which will give CKP holders passive income as well as governance rights to PancakeSwap and Cakepie.