Recycle of Accumulated MGP Penalty

Hi Magpie Fam,

As the yield aggregator, the essential goal of Magpie is to acquire as much veWOM as possible because the more veWOM the higher is the TVL and revenue on protocol fees, bribes and shared fees.

To achieve this goal, here’s my proposal:

As we all know, 60% of accumulated MGP penalty will be used as rewards for mWOM staking, vlMGP and other pools. In my opinion, with limited amount of penalty distributed over many pools, one actually get nothing much and bring not significant benefit to Magpie.

We shall recycle 100% of all these MGP to gain more veWOM! How can we do that? We shall offer whoever convert their wom into mWOM (regardless the peg, all these must be newly mwom conversion that generate new veWOM, not those swap from Wombat) in 1:1 basis.

Meaning that whoever convert N amount of Wom, will get (N x peg) of mWOM + (N x peg) of MGP (from MGP penalty). At the time of writing, our penalty pool has accumulated 358k MGP, this will bring us additional 358k of veWOM !!!

Unlike previous early bird campaign that offer in 1:5 basis with 12months long weekly vesting period, i would suggest we shorten it into 6months monthly vesting schedule…

I am sorry if there are grammar mistake in this thread as I am not native Engligh speaker, but sure we are all Magpie lovers :slight_smile:

This is one of the faster way I could think of to spike our veWOM amount at short time. Cheers.

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That’s a great suggestion. We are planning to implement a new WOM UP program, and using funds from the penalty pool to help fund the program could help Magpie acquire more valuable veWOM.


Great to hear that, i cant wait to know the details. Will u let us vote?

If we receive positive feedback from the community, we will create a vote for this proposal.

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I agree! Great idea !!

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