Magpie XYZ is an ecosystem of DeFi protocols that provide yield and veTokenomics boosting services across multiple blockchain networks.
What is Magpie?
Magpie is the first protocol within Magpie XYZ, designed to provide yield and veTokenomics boosting services for Wombat Exchange. Incubated by Wombat Exchange, Magpie is focused on locking WOM tokens to own governance rights and boosted yield benefits as liquidity provider on Wombat.
The platform offers users the opportunity to deposit their Stablecoins, BNB, Liquid BNB, frxETH, ETH, WOM, mWOM tokens in single-sided boosted pools to earn high APR % while it allows Wombat Exchange voters to cost-effectively acquire voting power and earn passive income at the same time through the MGP token.
Magpie offers WOM holders the chance to earn high APR by converting their tokens into mWOM. mWOM refers to "Magpie WOM". mWOM can be staked on Magpie to earn boosted passive income.
When users convert their WOM tokens, they get mWOM that allows them to earn high rewards while Magpie locks all the converted WOM as veWOM on Wombat Exchange. That's how Magpie accumulates veWOM. veWOM entitles Magpie to boosted WOM rewards and governance benefits on Wombat Exchange. That's why Magpie can offer users sustainable boosted passive income.
What is MGP?
MGP is Magpie’s governance and revenue sharing token. Users can lock MGP tokens on Magpie to receive Vote-Locked MGP at 1:1 ratio.
Vote-Locked MGP, also known as vlMGP, allows MGP holders to earn passive income and share governance benefits on the platform. The voting power that Magpie accumulates by holding veWOM is shared between vlMGP holders, allowing them to vote on Wombat’s governance. Vote-Locked MGP holders earn MGP Staking rewards plus revenue share from the platform.