jakiro
Author: Sleep in the rain Source: substack
I have talked many times before Magpie. I like this project very much. The team has the prospectiveness of the popular narrative of DEFI and quickly launched products.Subdao @listapiexyz_io also confirmed this point for Subdao @listapiexyz_io.
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The next content is to briefly introduce this project with you, and take a look at the layout of Magpie in the current DEFI ecology.
Let’s sneak in together
1/Magpie’s positioning in the DEFI world
In DEFI, in order to balance AMM’s liquidity depth and reward LP providers, and to solve the problem of the pressure of the agreement token, the VE token economics came into being.The VE economics also triggered a war -level governance war at the level of the agreement, that is, the participants accumulated the Vetoken of the agreement through various means and clever designs to eventually control the discharge of the agreement to the tokens to achieve their own goals.
If we regard the participants of the war war as a army, then the SubDao of Magpie is a mercenary consisting of retail investors -SUBDAO often attract retail investors through their own native currency incentives (various Rush activities).Entreatered to the token to them.In the end, Subdao obtained the weight of governance and expanded its right to speak in the corresponding agreement.While retail investors get SubDao’s native currency incentives, they can also participate in SubDao to obtain benefits (tokens emission corresponding to the agreement).
2/Let’s take an example
The most impressed Subdao is @Penpiexyz_io.
During the PENDLE war before, Penpie was the best governance polymer for performance (price performance and MPENDLE/Pendle exchange rate).Unfortunately, I made a wrong choice at the time, and kept $ Pendle into another aggregation.
As of now, Penpie (MPENDLE) has controlled 12.49m VEPENDLE, accounting for 36.19%of the total.
Reference link:https://www.defiwars.xyz/wars/pendle
The following is some of Penpie’s progress in May
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The voting incentive of $ 121,000 was distributed;
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The PIP #10 proposal was implemented to strengthen the anchor of MPENDLE through a strategic repurchase and destruction mechanism;
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Completed the repurchase of more than 66,000 MPENLE tokens;
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Integrate Deltaprime on Arbitrum;
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The 285,000 ARB tokens will be obtained in the incentive plan of Arbitrum ’s Stip AdDendum
3/Magpie’s development history
At the end of 2022, Magpie started with the stabilized currency SWAP protocol @Wombatexchange on BNB Chain, and participated in the VEWOM’s governance war with @WombexFinance @quollfinance and other protocols.
In 2023, with the rise of Defi’s new narrative and the development of multi -chain pattern, the Magpie team has successively based on the governance layer of the @Pendle_fi @pancakeswap @Eigenlayer @RDNTCapital @CamelotDex and other protocols.The pattern is named Subdao.As of now, the Magpie team has accumulated more than 1.13 billion US dollars of TVL among multiple protocols.
4/Magpie’s Governance Universe -Mega Dao
At present, Magpie’s SubDao project is:
@Pendle_fi -@Penpiexyz_io
@Pancakeswap -@cakepiexyz_io
@eigenlayer -@eigenpiexyz_io
@Rdntcapital -@radpiexyz_io
@CamelotDex -@campiexyz_io
@lista_dao -@listapiexyz_io
Among them, the TVL of@eigenpiexyz_io has exceeded $ 1 billion, and@Cakepiexyz_io controls more than 42% of VECAKE in Pancakeswap.
Of course, the ambition of the Magpie team is not only VE token economics.In addition to Vedao, the RADPIE mentioned above is based on DLP development, the goal is to solve the problem of liquidity of DLP.EIGENPIE focuses on solving the systemic risks brought by a single LRT (it is worth noting that the EIGENPIE TEGE IDO will be carried out at 3 million US dollars, and users who deposit money in the agreement can participate in this IDO).
