Utilizing vlPNP for Voting in Penpie Pools, Converting Revenue to PNP, and Distributing rewards to vlMGP holders
The Magpie Treasury is entitled to receive 20% of the total PNP token supply from Penpie after a 2-year linear vesting period. The platform receives approximately 19,000 PNP tokens each week and locks them up as vlPNP within Penpie, acquiring governance rights to receive bribes via the Penpie bribery market and earning a share of Penpie’s revenue in mPENDLE tokens simultaneously. Recently, the vlMGP Monthly Rewards program was launched, offering a new source of income for Magpie’s vlMGP holders, derived from the vlPNP in the Magpie Treasury. Currently, Magpie converts all the income generated from its vlPNP holdings into mPENDLE and then distributes the mPENDLE to vlMGP holders on Arbitrum and BNB Chain. To foster a more interconnected ecosystem and provide governance opportunities within Penpie for vlMGP holders, this proposal suggests converting all incentives earned from bribes by the Magpie Treasury into PNP tokens before distributing them to vlMGP holders.
Penpie has been strategically crafted to bolster Pendle Finance, the premier yield trading protocol in DeFi, known for its in-depth exposition and fundamentals. Holding the prime governance position within Pendle Finance, Penpie’s significance and market influence over the PENDLE token consistently grow. By channeling the earnings from the Magpie Treasury to purchase PNP from the secondary market prior to distribution to vlMGP holders, we not only enhance their income potential but also grant them an entry point to an ecosystem characterized by rapid growth, via PNP.
Convert the income from the Penpie Bribery Market, earned by Magpie’s Treasury through vlPNP, into PNP tokens.
Distribute PNP through the vlMGP Monthly Rewards