[MIP #68] - Launch of Hyperpie, a New Magpie SubDAO

Magpie 4. Magpie Improvement Proposals
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Abstract

This proposal seeks approval from vlMGP holders for the deployment of Hyperpie (HPP), a new Magpie SubDAO built on the Hyperliquid ecosystem. With Hyperliquid’s recent launch of its EVM layer, Magpie aims to establish an early and influential presence through Hyperpie—a comprehensive decentralized finance platform that integrates Liquid Staking (mHYPE), a MEME launchpad, and a MEME DEX.

If approved, Hyperpie will enable Magpie to diversify its revenue streams and create new incentive structures that also benefit vlMGP holders through a robust ve(3,3) tokenomics model.

Motivation

The recent launch of Hyperliquid’s EVM layer offers a strategic opportunity for Magpie to position itself as an early leader in this growing ecosystem. By launching Hyperpie, Magpie can capitalize on this early-mover advantage while creating new opportunities for vlMGP holders. The proposed SubDAO would be structured around these major pillars:

  • Liquid Staking Mechanism (mHYPE): Users will be able to stake HYPE tokens through Hyperpie, receiving mHYPE—a liquid, yield-bearing derivative. Instead of a 1:1 exchange ratio, the value of mHYPE will increase over time, reflecting accrued staking rewards. This allows users to maintain flexibility while earning yields and gaining governance rights within the Hyperpie ecosystem.
  • MEME Launchpad: This platform will facilitate the fair launch of meme tokens through dynamic bonding curves. Users will contribute HYPE during the bonding phase in exchange for meme tokens. Once a target amount is raised, liquidity will be automatically deployed on the MEME DEX with mHYPE available as an optional base pairing asset, enhancing both liquidity depth and staking rewards.
  • MEME DEX: Hyperpie will feature a dedicated decentralized exchange for meme tokens. Trading pairs will include mHYPE as the optional base asset, allowing liquidity providers (LPs) to earn trading fees and receive additional staking rewards.
  • ve(3,3) model: Hyperpie will implement a ve(3,3) model where fees are collected from HYPE staking, MEME launchpad activities, and DEX trades. HPP (Hyperpie token) holders lock their tokens to obtain veHPP, which not only grants them enhanced governance power but also enables them to direct liquidity mining incentives to different MEME pairs and receive boosted rewards for providing liquidity.

As with every SubDAO launched under Magpie, a portion of Hyperpie’s token supply will be allocated to Magpie Treasury, ensuring alignment between Hyperpie’s growth and vlMGP holder benefits. This allocation will be structured as follows:

  • 20% Total Allocation to Magpie Treasury:
    • 15% Locked in the Magpie Treasury: This portion will be locked forever and generate yield, which will directly benefit vlMGP holders through staking rewards.
    • 5% Distributed to vlMGP Holders: This allocation will be distributed linearly over two years after TGE to vlMGP holders, incentivizing long-term participation and alignment with Magpie’s strategic interests.

Specification

Vote on whether Magpie should deploy Hyperpie on Hyperliquid, incorporating:

  • A Liquid Staking platform (mHYPE) that allows users to stake HYPE tokens while maintaining flexibility and governance rights.
  • A MEME Launchpad designed for fair meme token launches using dynamic bonding curves.
  • A MEME DEX featuring mHYPE-based and other trading pairs with incentives aligned through the ve(3,3) model.
2 Likes
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Why would someone lock their hype token here will there be boosted rewards and also meme launchpad and meme trading you are going to provide dex services that’s really big will team will be able to deploy it or we will enter into some partnership with other dex cause building a dex isn’t easy and does hyperliquid will be partner in dex building lots of information on that to fill in
Before entering into new ventures kindly look into the existing daos there to be honest its chaos and also please make some sort of rule for exiting a subdao if they aren’t generating any revenue for too long cause what magpie trying to do is juggling through various things we already have 8 daos if am not wrong and there is no info on sympie till now, be vary before launching anything new

1 Like
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Thanks for your feedback. Here’s a quick rundown addressing your points:

  • Boosted Rewards: Locking your HYPE as veHPP boosts your governance power and also qualifies you for enhanced rewards through additional liquidity incentives and fee-sharing.

  • DEX Development: We will develop the MEME DEX in-house, and we’ll actively look to partner with key projects within the HyperLiquid ecosystem.

  • SubDAO Management: While the current plan is to maintain the existing SubDAOs even if immediate revenue is low, your suggestion is on point—we will consider a framework for sunsetting underperforming SubDAOs if needed.

  • Sympie Update: An official announcement on Sympie is coming in the next few days.

Thank you for your valuable insights.

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Fully agree with this take. Fix the issues with the current subdao’s first like the underperforming pegs (e.g. mPENDLE) before creating a new subdao. Otherwise, the team’s focus will continue to be spread too thin, and there will be a lack of interest/trust from users to participate in the new subdao.

I do like the liquid staking mechanism for mHYPE though, which has been previously proposed for mPENDLE as it would bring stability to the peg. My suggestion is to implement this mechanism for mPENDLE first to prove it’s performance, and then assuming it’s successful, launch mHYPE. Doing so in this order would improve trust in the team and cause a lot more demand for the new subdao.

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Can you give us a time estimate on implementation on hyperpie it shouldn’t be like sympie no updates for 6 months and in the mean time please organise the subdaos being one of the leaders in ve market and evidently peg isn’t working and people are worrying about locking their token in subdao you have to come up with new idea or try implementing flexible staking in all the subdao especially penpie and cakepie instead of locking tokens for 4 years distributed it among different lock periods also add a minimum period of 6 months for redemption and penalty if you want on the down side we will loose cake revenue as we are not locking for 4 years but on the upside more cake tokens will be locked you have to comeup with something new or remodel the vecake system cause the present plan isn’t working
also recently penpie suffered an hack due to lapse in system and you are thinking of building a dex how safe it will be how many audits will the dex go through and by whom

1 Like