Hi Magpie Fam,
To be honest, I am also a fan of Pancakeswap’s Lottery 
I think it works pretty well in CAKE burning mechanism.
So, the question is: Can we have similar feature in Magpie? And how would it bring benefit to us?
My answer: Yes! Why Not?
First thing first, where will the Lottery Prize Rewards come from? Well, I would propose to implement a slightly adjustment in emission weight of our main pools, mWOM pool & MGP pool.
Here’s the proposal:
| Pool | Emission Type | Weight | New Weight |
|---|---|---|---|
| mWOM | MGP | 280 | 270 |
| vlMGP | MGP | 280 | 270 |
| BUSD (Main Pool) | vlMGP | 280 | 270 |
| USDC | vlMGP | 280 | 270 |
| USDT | vlMGP | 280 | 270 |
| DAI | vlMGP | 110 | 100 |
Well, with all these pools having 10 weight of reduction, will results in about 0.1% drop in APR, which is quite insignificant and easily been covered by MGP price movement.
According to my calculation, this will giving us of about 70828 MGP in the prize pool every week. So next thing, how’s the prize allocation?
Here’s my proposal:
| Digit Matched | Prize Pool Allocation (%) | MGP | ||
|---|---|---|---|---|
| First 1 Digit | 3 | 2124.8 | ||
| First 2 Digit | 4 | 2833.1 | ||
| First 3 Digit | 5 | 3541.4 | ||
| First 4 Digit | 8 | 5666.2 | ||
| First 5 Digit | 20 | 14165.6 | ||
| First 6 Digit | 40 | 28331.2 | ||
| WOM UP Pool | 20 | 14165.6 |
Yeah you spot it right, there is an allocation of 20% to the “WOM UP” pool instead of burning pool like in the Pancakeswap. So that we could always recycle the MGP to gain more veWOM, and this help to keep us up in the WOM war.
Next, how about the entry ticket?
My proposal to this is to introduce a Win-Win system, cause no one is gonna lose! Here’s how:
-
Every user convert 50 WOM into mWOM (not swap from Wombat but generate fresh veWOM to Magpie) will gain 1 ticket.
-
Spend 200 MGP to purchase 1 ticket.
The 1st entry method is encouraged as the user will get same value of mWOM + 1 ticket, nothing lose, and Magpie get new veWOM! For 2nd method, the MGP spent will then moved to the prize pool to make the prize pool even more attractive.
Furthermore, normally the First 3 big prizes are not been won every week, so the prize pool will keep accumulating. More prize, more users joining, more veWOM, more fund to WOM UP pool, then more veWOM again → Positive Looping
Let’s think about it Mates! Happy Lunar New Year.