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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

Press "Stake" to see the MGP pool

3. Select the "MGP Pool"

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)
Approve the lock up of MGP

5. Lock MGP as vlMGP

Press "Lock" to lock your MGP tokens

6. Unlock vlMGP

  • Users must "Start Unlock" to unlock their vlMGP tokens
  • Unlocking process lasts 60 days and is known as "Cooldown"
Press "Start Unlock" to unlock your Vote-Locked MGP

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
vlMGP in 60 day Cooldown period before fully unlocking

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 use bribery market on Magpie (once bribery market launch).
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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
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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.