Magpie XYZ
Magpie XYZ

Vote-Locked MGP

Vote-Locked MGP is the locked version of MGP. The governance power that Magpie has acquired by locking WOM on Wombat Exchange is shared and controlled by vlMGP holders. Users interested in participating in Wombat's governance can buy voting power cost-effectively through MGP while earning high APR at the same time.

Users must lock MGP as vlMGP to:

  • Earn passive income
  • Participate in governance

How can I get vlMGP?

Users can lock MGP on Magpie to get vlMGP at 1:1 ratio.

What is the benefit of vlMGP?

  • Earn revenue share.
  • Earn $MGP rewards.
  • Maximized voting power on @WombatExchange.
  • Governance benefits on Magpie.
  • Receive forfeited reward from others
  • Bribes earnings

How does lock / unlock work?

  • Once MGP is locked, it is in lock state indefinitely.
  • Users must "Start Unlock" to start 60 day unlock period known as "Cool Down".
  • Users can "Force Unlock" to unlock their vlMGP before 60 days by paying a penalty fee.
  • To fully unlock vlMGP without penalty users must wait 60 days for the Cool Down period to end.
  • vlMGP holders continue to earn passive income but cannot participate in voting while their tokens are in Cool Down.
  • At day 1, penalty cost is 80% of the total MGP tokens locked by the user and will decrease non-linearly over time.
Force unlock formula

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.
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.

What happens with tokens accumulated from penalty?

The community will determine the use of the accumulated penalty.