[MIP #11] - Using vlPNP for Voting in Penpie Pools, Converting Revenue to mPENDLE, and Distributing rewards to vlMGP holders

Magpie 4. Magpie Improvement Proposals
1

Using vlPNP for Voting in Penpie Pools, Converting Revenue to mPENDLE, and Distributing rewards to vlMGP holders

Abstract:

Penpie has been launched as a SubDAO within the Magpie Ecosystem. Recently, the Penpie bribery market was launched, allowing vlPNP holders to participate in the Pendle Finance voting process via the Penpie bribery market and earn bribes. Magpie is acquiring PNP through a linear vesting period and can utilize it to vote through the Penpie bribery market. This proposal suggests voting for the pools of Penpie partners that offer bribes on the bribery market (Auto-bribes not included). The aim is to boost their PENDLE emissions and convert all the revenue generated from vlPNP voting into mPENDLE to support PENDLE and mPENDLE peg. Afterwards, the earnings are to be shared with vlMGP holders as mPENDLE rewards.

Motivation:

By converting the revenue generated from Penpie’s vlPNP holdings into mPENDLE and distributing it as rewards to vlMGP holders, we’re accomplishing two key objectives. First, we are supporting the price of mPENDLE. Second, Magpie is establishing a new, direct source of income. This approach enables vlMGP holders to earn revenue from Penpie in the form of PENDLE emissions, simply by staking their earned mPENDLE.

Specification:

  • Use Magpie’s vlPNP holdings to vote for Penpie partner pools in the bribery market according to the amount of bribes they provide.

  • Convert all revenue earned from Magpie’s vlPNP voting into mPENDLE.

  • Share the mPENDLE rewards with vlMGP holders