Magpie Listed Restaking Service: An Overview of the Token Performance of "Yield Master" Projects

Introduction

On January 23, Magpie announced a collaboration with EigenLayer to launch the SubDAO “Eigenpie,” focusing on liquidity re-staking. Magpie XYZ is a DeFi protocol ecosystem that offers yield and veTokenomics enhancement services across multiple blockchain networks. With the re-staking track gaining momentum, it undoubtedly injects fresh vitality into the Magpie XYZ ecosystem.

According to data from the Magpie official website, the Total Value Locked (TVL) in the Magpie ecosystem has exceeded $190 million, and Eigenpie is the sixth SubDAO launched by Magpie. In addition to introducing the newly launched Eigenpie, this article also provides an overview of other products in the Magpie XYZ series for readers’ reference.

Eigenpie

EigenLayer is a re-staking protocol based on Ethereum, allowing users to re-stake native ETH, LSDETH, and LP Tokens through EigenLayer smart contracts to receive validation rewards. Eigenpie, being developed by Magpie, is based on the smart contract technology of EigenLayer, providing users with LRT services. Users can simultaneously earn passive income from staking on Ethereum and EigenLayer without a lock-up period.

Isolated Liquid Restaking (ILR) tokens are re-staking certificates generated by Eigenpie, which can only be minted by depositing specific LST and not a mix of different LSTs. Users can deposit their LST into Eigenpie to obtain the LRT version of their specific assets. The ILR tokens received when depositing LST into Eigenpie will retain their original names and have the prefix “m” added.

EGP is the native token of Eigenpie, and the specific tokenomics has not been disclosed yet. Additionally, Eigenpie will introduce a point system to encourage users to deposit LST or refer new users to participate.

Magpie

Magpie is the first protocol within Magpie XYZ, serving as a revenue aggregator and multi-chain DeFi application established through a partnership with the Wombat trading platform. Magpie’s role in relation to Wombat is similar to Convex’s role in relation to Curve.

Users can earn a high APR by depositing stablecoins, BNB, Liquid BNB, frxETH, ETH, WOM, and mWOM into the single-sided pool while supporting governance voting on the Wombat platform, thus achieving passive income. Magpie converts WOM into locked veWOM on Wombat, accumulating veWOM to increase the right to receive WOM rewards and governance income on Wombat.

Read more:”Innovative advantages and gameplay of the governance yield aggregator Magpie

The token for Magpie is MGP, with a total supply of 1,000,000,000. As of the drafting time, the price of MGP is $0.07, with a 14.7% increase in the last 24 hours. The market capitalization of MGP is $22.5 million, and the fully diluted valuation (FDV) is $70.46 million.

Penpie

Penpie is a sub-DAO established based on the interest rate swap DeFi protocol Pendle. Users can deposit PENDLE into Penpie and receive mPENDLE, which can be exchanged for PENDLE on the secondary market (Wombat) at any time. The Penpie project will lock all acquired PENDLE for 2 years to obtain vePENDLE.

The token for Penpie is PNP, with a total supply of 10 million. At the time of writing this article, the price of PNP is $3.41, with a 12.6% decrease in the last 24 hours. The market capitalization of PNP is $12.97 million, and the FDV is $34.17 million.

For users, they can achieve higher returns than vePENDLE, derived from the earnings distributed from PENDLE acquired by Penpie, as well as subsidies from the PNP token, while also unlocking the liquidity of their own funds. For the Penpie project, it allows them to gain significant voting power and associated benefits.

Read more: “In-Depth Analysis of Penpie: An Interest-Bearing Asset Yield Aggregator Built on Pendle.”

In addition, liquidity providers for Pendle can stake LP Tokens on the Penpie platform without the need for vePENDLE to earn accelerated rewards, with higher returns compared to Pendle.

Radpie

Radpie is a SubDAO product launched by Magpie in collaboration with the cross-chain lending protocol Radiant Capital. The core mechanism involves incentivizing users to provide liquidity by requiring the indirect locking of a certain percentage of RNDT to earn mining rewards. Specifically, users need to deposit dLP equivalent to 5% of the deposit amount into Radpie, where dLP is an LP from a Balancer pool containing 80% RDNT and 20% ETH. If the dLP proportion is below 5%, users will not be eligible for RDNT emission rewards. When using the one-click loop function with RDNT, the system automatically assists users in borrowing to purchase dLP, maintaining the proportion above 5%.

Radpie, by collecting dLP and sharing it with DeFi miners, enables these miners to participate in mining without holding RDNT, similar to Convex’s shared veCRV mechanism. The collected dLP is also converted into mDLP tokens, akin to Convex converting CRV into cvxCRV.

For RNDT holders, they can convert dLP into mDLP, holding RNDT positions and enjoying high returns, similar to the logic of cvxCRV, as dLP contains 80% RNDT, closely tracking the price changes of RDNT. This is also advantageous for Radiant, as converting to mDLP ensures perpetual locked liquidity, directly supporting the long-term liquidity of RDNT and attracting more lightweight users.

The token for Radpie is RDP, and as of the drafting time, the price of RDP is $1.05, with a 2.1% decrease in the last 24 hours.

In addition to the subDAO introduced above, Magpie also launched Campie with the Arbitrum ecological DEX Camelot, and launched Cakepie with the multi-chain DEX PancakeSwap. However, due to insufficient liquidity or incomplete token economics, we will not introduce them in detail here. The mechanism is no different from previous subDAO products. They all obtain veTOKEN by locking native tokens to gain more token rewards and governance rights, and generate more passive income for DEX users.

CMP is Campie’s governance and revenue sharing token. By locking CMP tokens, users receive an equal amount of vote lock CMP (vlCMP). Holding vlCMP has two benefits, allowing users to generate passive income and participate in the governance of Campie and Camelot. The voting rights obtained by Campie through xGRAIL are distributed proportionally to vlCMP holders.

CKP is Cakepie’s governance and revenue sharing token, and users can lock their CKP tokens into vote lock CKP (vlCKP) at a 1:1 ratio, which will grant CKP holders passive income as well as governance rights for PancakeSwap and Cakepie.

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