Adjust the Emission of MGP tokens.
Abstract:
Magpie operates as a platform that enhances yield and veTokenomics across Arbitrum and BNB Chain. It incorporates a governance model and profit-sharing features through its native token, MGP. MGP can be locked as vlMGP to gain a portion of the platform’s revenue and control voting rights. vlMGP holders can concurrently impact the governance of both Wombat Exchange and Magpie, availing the chance to profit from various income streams. Moving forward, vlMGP holders will have the opportunity to influence decision-making within Magpie’s SubDAOs while also earning a portion of their revenue. To reflect the steadily increasing value of the MGP token, this proposal suggests reducing its emission on Arbitrum and BNB Chain.
Motivation:
The MGP token is a fundamental component of the Magpie ecosystem, offering a wide range of advantages and uses to those who hold it. By lowering the emission rate of MGP, we strive to boost its value and emphasize its scarcity going forward. This adjustment fits with our strategic approach to token emissions, making sure that the MGP token continues to be an appealing investment over time. Previous emission controls have been effective in preserving the MGP token’s worth. As more SubDAOs are rolled out within Magpie, the worth of MGP (vlMGP) is likely to increase due to the growing opportunities it presents.
Specification:
Decrease MGP emission on BNB Chain:
- Decrease MGP emissions per second from 0.6 MGP/sec to 0.4 MGP/sec or to 0.3 MGP/sec.
Decrease MGP emission on Arbitrum:
- Decrease MGP emissions per second from 0.6 MGP/sec to 0.4 MGP/sec or to 0.3 MGP/sec.