Deploy the WOM UP Party using vlMGP accumulated from Penalty.
Abstract:
Magpie is a multi-chain yield and veTokenomics enhancement platform focused on accumulating veWOM within Wombat Exchange to offer maximized benefits for users. By locking WOM tokens on Wombat Exchange as veWOM, Magpie acquires governance power and boosted WOM emissions from Wombat Exchange, then providing them back to users in a more flexible manner. MGP is the governance token of Magpie and can be locked as vlMGP to access voting rights and revenue sharing. Magpie has accumulated over 2.5 million vlMGP from penalties paid by users who wish to unlock their assets before the specified time stated in the smart contract across BNB Chain and Arbitrum. To further enhance Magpie’s veWOM holdings, this proposal suggests using 500,000 of the accumulated vlMGP as rewards to fund a WOM UP Party on BNB Chain and Arbitrum simultaneously.
Motivation:
In line with our ongoing commitment to support the long-term development of Wombat Exchange, we strongly believe in rewarding user participation. Through the WOM UP Party, Magpie has successfully accumulated over 16 million veWOM across both Arbitrum and BNB Chain, thereby providing maximized benefits for users within the Wombat ecosystem. By simultaneously deploying the WOM UP Party on both networks and using a percentage of the vlMGP accumulated from penalties, we can offer incentives to a broader range of users who support the core functionalities of Magpie.
Specification:
The 500,000 vlMGP will be deducted from the total vlMGP accumulated across both Arbitrum and BNB Chain. Specifically, 250,000 vlMGP from Arbitrum’s accumulated penalty and 250,000 vlMGP from BNB Chain’s accumulated penalty will be utilized to fund the Penalty WOM UP Party within their respective networks.