Abstract
This proposal seeks to gather votes from vlMGP holders on whether Magpie should launch a new SubDAO, Sympie, centered around the Symbiotic protocol. Sympie will leverage the innovative features of Symbiotic, including permissionless restaking, modular scaling, and enhanced security mechanisms, and will focus on building Liquid Restaking Tokens (LRT) on top of the Symbiotic ecosystem to offer unique benefits and opportunities for our community.
Motivation
Launching Sympie aligns with Magpie’s strategic objective of maximizing returns for vlMGP holders by expanding our ecosystem and increasing revenue streams. By establishing Sympie, Magpie will be granted 20% of the Sympie governance tokens, which will ultimately enhance the rewards distributed to vlMGP holders.
Symbiotic is a permissionless restaking protocol that allows networks to customize their staking implementations, enhancing flexibility and security. It offers significant benefits, such as:
- Flexibility: Networks can control aspects like collateral assets, node operator selection, and rewards mechanisms.
- Security: Non-upgradeable contracts on Ethereum reduce governance risks and single points of failure.
- Capital Efficiency: Multi-asset, network-agnostic design supports scalable economic security.
Sympie will follow a similar model to Eigenpie, building Liquid Restaking Tokens for the Symbiotic ecosystem. This approach aims to provide our community with robust and efficient staking options.
Specification
Support the launch of Sympie as a new SubDAO focused on building Liquid Restaking Tokens (LRT) on top of the Symbiotic protocol, thereby boosting the underlying value of MGP through additional SubDAO rewards.