🔒Lock MGP & Unlock
MGP holders can lock their tokens as Vote-Locked MGP to earn passive income and participate in governance voting.
Lock MGP as vlMGP to get voting power and earn passive income
1. Enter Magpie
2. Navigate to the "Stake" tab
3. Select the "MGP Pool"
4. Approve the lock up of MGP
Select the amount of MGP to lock
Approve (Approve infinity can be selected in case that users want to lock more MGP later)
5. Lock MGP as vlMGP
6. Unlock vlMGP
Users must "Start Unlock" to unlock their vlMGP tokens
Unlocking process lasts 60 days and is known as "Cooldown"
7. Cooldown Period
Once users "Start Unlock" they must wait 60 days to fully unlock their vlMGP tokens
Users can "Cancel Unlock" at any time to keep their vlMGP tokens
Users can "Force Unlock" and pay a penalty fee to unlock their vlMGP before 60 days
There are three states of vlMGP
1. Lock state: vlMGP by default is in lock state and can vote for Magpie governance, receive Magpie revenue share and vote via the Magpie bribery market to earn incentives.
2. Cooldown (or unlocking) state: vlMGP will be in cooldown state once they're startUnlock, you can choose the amount of vlMGP to start unlocking schedule. vlMGP in cooldown state can ONLY receive Magpie revenue share, NOT able to vote for Magpie governance NOR use bribery market on Magpie
3. Expired state: Once "Cooldown" period ends, those vlMGP will be in expired state. Expired vlMGP CANNOT do all following actions: vote for Magpie governance, receive any rewards, use bribery market on Magpie. The rewards will still be titled to expired vlMGP, but once user claims, rewards will be Forfeit and redistributed to all other vlMGP. The Forfeit part is proportional to the amount of expired vlMGP and how long they stay expired state.
Last updated
