Mega DAO: Magpie Ecosystem (2024)

The Magpie Ecosystem is a suite of protocols designed to facilitate passive income generation and governance involvement within the cryptocurrency space.

In late 2022, Magpie entered the DeFi scene, emphasizing the enhancement of protocols based on veTokenomics. Throughout 2023, we successfully introduced our SubDAO Model, a structure that enables Magpie to integrate with a myriad of platforms aiming to enhance their productivity. Aligned with this vision, we launched Penpie, uniquely crafted to provide Yield and veTokenomics boosting services for Pendle Finance. To date, Magpie is committed to support four veTokenomics-based platforms: Pendle Finance, PancakeSwap, Lista DAO, and Wombat Exchange, accumulating over $300 million in TVL across these integrations.

Marked by continuous innovation, the Magpie Ecosystem evolved from providing Yield and veTokenomics boosting services into a platform that adapts to user needs and preferences.

Our ecosystem expanded further with the introduction of Radpie, which is specifically designed to support Radiant Capital’s dLP mechanism and has accumulated $25 million in TVL. Although similar to veTokenomics, dLP has significant differences. Additionally, the introduction of Eigenpie marked Magpie’s entry into the Liquid Restaking domain, leveraging EigenLayer’s technology and further expanding our playing field. Offering native Restaking for ETH and Liquid Restaking for ETH LSTs, Eigenpie has effectively surpassed $1 Billion in TVL.

This growth path has propelled Magpie beyond the confines of our former role as a Yield and veTokenomics service provider, and it’s with great anticipation that we officially announce our transition to a “Mega DAO”. In this evolved form, Magpie enters a new phase of expansion with our developments in each field advancing at an unprecedented pace.

Let’s take a look at the different platforms and mechanisms that Magpie supports across DeFi:

Within the cryptocurrency realm, veTokenomics has become a cornerstone for some of the most successful protocols. The Magpie ecosystem has risen as the premier choice for various platforms aiming to foster a flourishing DeFi experience for their users by offering Yield and veTokenomics enhancement services. By establishing a framework that ensures the lockup of governance tokens from our integrations into a blackhole, Magpie drives progress and creativity. Presently, the Magpie ecosystem is in collaboration with four projects that are based on veTokenomics:

1. Pendle Finance — Penpie

Pendle Finance incorporates veTokenomics into its governance structure through the use of its token, PENDLE. By locking PENDLE as vePENDLE, users can unlock various benefits within the platform. Penpie has strategically focused on accumulating vePENDLE and now possesses more than 36% of all vePENDLE within Pendle Finance, becoming the top holder. This significant stake enables Penpie to utilize the unique advantages of vePENDLE, providing users with the opportunity for increased passive earnings and more efficient voting capabilities on the Pendle Finance platform. Penpie has created mPENDLE, a liquid wrapped version of vePENDLE that allows users to access passive income opportunities without any required lockup period. Users can enter Penpie and convert their PENDLE into mPENDLE to increase the flexibility of their holdings. PNP serves as the governance token for Penpie, providing its holders with the benefits associated with Penpie’s accumulated vePENDLE. As holders of PNP, they have the capacity to influence governance decisions and manage the distribution of PENDLE tokens within Pendle Finance, in addition to earning a portion of Penpie’s revenue.

• Pendle Finance TVL: $6.15 Billion
• Penpie TVL: $244 Million
• PENDLE Tokens locked by Penpie: 12.4 Million
• PENDLE Market CAP: $990 Million

2. PancakeSwap — Cakepie

In the latter part of 2023, PancakeSwap introduced an update to its tokenomics, transitioning to the veCAKE model. Following this update, Magpie launched Cakepie with the aim of strengthening the veCAKE framework and bolstering PancakeSwap’s ongoing development. The primary strategy of Cakepie involves the accumulation of veCAKE and the deliberate reduction of CAKE’s circulating supply. As of now, Cakepie has secured over 42% of the total veCAKE locked in PancakeSwap, establishing itself as the top veCAKE holder in the DeFi space. Cakepie has created mCAKE, a liquid wrapped version of veCAKE that allows users to access passive income opportunities without any required lockup period. Users can enter Cakepie and convert their CAKE into mCAKE to increase the flexibility of their holdings. CKP is the governance token of Cakepie, granting its holders access to the benefits associated with Cakepie’s veCAKE accumulation. Those in possession of CKP have the power to shape governance decisions and influence the allocation of CAKE tokens within PancakeSwap, while also receiving a portion of the income generated by Cakepie.

• PancakeSwap TVL: $2.53 Billion
• Cakepie TVL: $47 Million
• CAKE Tokens locked by Cakepie: 11.1 Million CAKE
• CAKE Market CAP: $747 Million

3. Lista DAO — Listapie

Lista DAO plans to introduce veTokenomics for its governance token, LISTA. To support this initiative, Magpie will launch Listapie, aiming to fortify Lista DAO’s veLISTA model and foster the platform’s long-term growth. Listapie’s main objective will be to accumulate veLISTA and gradually reduce the circulating supply of LISTA. Listapie will deploy mLISTA, a liquid wrapped version of veLISTA that allows users to access passive income opportunities without any required lockup period. Users will be able to enter Listapie and convert their LISTA into mLISTA to increase the flexibility of their holdings. The governance token for Listapie, LTP, will provide holders with benefits linked to Listapie’s veLISTA assets. LTP holders will have the authority to influence governance decisions and guide the future direction of Lista DAO.

• Lista DAO TVL: $317 Million
• Listapie TVL: Not launched yet
• LISTA Tokens locked by Listapie: LISTA token not deployed yet
• LISTA Market Cap: LISTA token not deployed yet

4. Wombat Exchange — Wompie

Wombat Exchange has incorporated veTokenomics into its governance model through the use of its native token, WOM. By locking WOM to obtain veWOM, users gain access to various benefits on the platform. To concentrate on veWOM accumulation, we introduce Wompie. Wompie has amassed more than 24% of all veWOM on Wombat Exchange. This substantial share allows Wompie to leverage the benefits of veWOM, offering users enhanced opportunities for passive income and voting participation on Wombat Exchange. Wompie has created mWOM, a liquid wrapped version of veWOM that allows users to access passive income opportunities without any required lockup period. Users can enter Wompie and convert their WOM into mWOM to increase the flexibility of their holdings. MGP acts as the governance token for Wompie, offering its holders the advantages tied to Wompie’s veWOM accumulation. Possessors of MGP are empowered to make governance decisions and oversee the dispersal of WOM tokens throughout Wombat Exchange, while also partaking in a share of Wompie’s earnings.

• Wombat Exchange TVL: $26 Million
• Wompie TVL: $18 Million
• WOM Tokens locked by Wompie: 24.2 Million WOM
• WOM Market CAP: $3.3 Million

Radiant Capital — Radpie

Radiant Capital has introduced an innovative dLP mechanism designed to closely align the long-term success of the platform with the contributions of its users. dLP is an LP composed of RDNT-ETH on Arbitrum/Ethereum and of RDNT-BNB on BNB Chain. As part of our commitment to supporting leading protocols in the DeFi sector, we have successfully launched Radpie. This initiative, born from the collaboration between Radiant and the Magpie Ecosystem, establishes a SubDAO specifically for locking dLP within Radiant Capital. This approach not only capitalizes on the unique benefits of dLP but also opens up avenues for users to access these advantages in a more cost-effective and flexible manner while helping to decrease the circulating supply of RDNT. Radpie has created mdLP, a liquid wrapped version of dLP that allows users to access passive income opportunities without any required lockup period. Users can enter Radpie and convert their dLP into mdLP to increase the flexibility of their holdings. RDP is the governance and revenue-sharing token of Radpie, offering its holders voting participation and passive income derived from Radpie’s dLP holdings.

• Radiant Capital TVL: $140 Million
• Radpie TVL: $25 Million
• RDNT Tokens locked by Radpie: 14 Million RDNT
• RDNT Market CAP: $96 Million

EigenLayer — Eigenpie

In our quest to bring an array of opportunities for users across different sectors within the DeFi space, the Magpie Ecosystem launched Eigenpie. Specifically focused in offering Native Restaking and Liquid Restaking services, Eigenpie further expands the reach of our platform. By leveraging the infrastructure of EigenLayer, Eigenpie allows ETH and ETH LST holders to restake their assets, opening a new avenue for yield generation and sustainable benefits. Pioneering the concept of Isolated Liquid Restaking, Eigenpie effectively divides risk related to any specific LST as it creates a new Liquid Restaked version for each LST supported by EigenLayer. Eigenpie has also developed egETH as a Liquid Restaking token specifically designed for native ETH restakers through our platform. As part of our commitment to increasing DeFi adoption, we have introduced Eigenpie Enterprise, a security-focused framework carefully designed to onboard institutions into the cryptocurrency landscape, empowering the long-term growth of EigenLayer and decentralized finance as a whole.

• EigenLayer TVL: $18.79 Billion
• Eignepie TVL: $1 Billion

Camelot DEX — Campie

As part of the Magpie Ecosystem expansion, we have developed Campie with a focus on maximizing the xGRAIL model from Camelot DEX. Campie aims to lock GRAIL as xGRAIL, thereby tapping into its benefits and gaining governance power and influence within Camelot. Currently, Campie has accumulated over 1,700 GRAIL tokens and has successfully locked 100% of them within Camelot, positioning Campie as the top xGRAIL holder across DeFi. Campie has created mGRAIL, a liquid wrapped version of xGRAIL that allows users to access passive income opportunities without any required lockup period. Users can enter Campie and convert their GRAIL into mGRAIL to increase the flexibility of their holdings. CMP is Campie’s upcoming governance token, which is set to provide governance rights and voting power within Camelot, plus revenue-sharing opportunities for its holders.

The Magpie Ecosystem offers a diverse array of services, from veTokenomics support to Liquid Restaking, leading to the introduction of the Mega DAO concept. Our platform transcends specific fields, embracing innovations across various DeFi categories to create a distinctive path aimed at amplifying user benefits and enhancing the functionality of other protocols while generating real yield to our users.

Within the Magpie Ecosystem, Magpie stands as the core platform. The Magpie Treasury is positioned to receive a share (15%–20%) of the governance tokens issued by every SubDAO within the Mega DAO framework. This structure ensures that the prosperity of each SubDAO directly contributes to the growth in value for both Magpie and vlMGP holders.

Revenue derived from Magpie’s holdings in governance tokens from each SubDAO is allocated to vlMGP holders through the SubDAO Rewards, offering a consistent yield not confined to a single protocol or blockchain. Consequently, vlMGP holders benefit monthly from staking rewards generated across various SubDAOs. With the ongoing deployment and growth of additional SubDAOs, the income Magpie earns from its stake in their governance tokens will further enhance the vlMGP Monthly Rewards.

As the governance token of Magpie, the MGP token is central to gaining from the progress made throughout the Mega DAO ecosystem. Locking MGP as vlMGP is essential to leverage its voting capabilities and passive income features.

vlMGP SubDAO Rewards

To earn rewards from the governance token holdings within the Magpie Treasury, users can lock their MGP as vlMGP. Every month, vlMGP holders receive a share of the total income generated by the governance tokens owned by the Magpie Treasury. Essentially, the Magpie Treasury holds tokens from each SubDAO, uses them to generate passive income across DeFi, and then distributes 100% the earnings to vlMGP holders.

Revenue sharing

MGP can be locked as vlMGP to earn a revenue share from Wompie’s veWOM holdings in the form of mWOM.

Voting Power

MGP holders can lock their assets as vlMGP to participate in the governance of each SubDAO created within the Magpie ecosystem, which also facilitates influence in their respective integrated protocols. vlMGP is a unique asset that provides access to the decision-making of multiple top protocols within the cryptocurrency domain simultaneously.

As we stand at the precipice of a new era in decentralized finance, our transition to a Mega DAO marks a significant advancement in our journey. This evolution is a testament to our commitment to innovation, building, and expanding our capabilities to meet the ever-changing needs of the DeFi landscape. We extend our deepest gratitude to our community and ecosystem partners for their trust and support. Your belief in our vision has been instrumental in achieving this remarkable growth and success. Together, we look forward to continuing our path of pioneering new solutions, enhancing our ecosystem, and delivering value to our users worldwide.

About Magpie: The Magpie DAO is a suite of protocols that transcends conventional platforms with the goal of enhancing participation and user opportunities across DeFi. Integrated with an array of structures and solutions, Magpie adapts itself to different frameworks with the goal of achieving continuous growth while supporting the core functionalities of the decentralized finance ecosystem. As a Mega DAO composed by various SubDAOs, Magpie focuses on blackholing governance tokens and offering Liquid Restaking Services.

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