Magpie enters the game of re-staking, taking stock of the token performance of 'yield master' projects.

Another new player has entered the collateralization race track.

On January 23rd, Magpie announced a partnership with EigenLayer to launch SubDAO "Eigenpie", which focuses on liquidity re-staking. Magpie XYZ is a DeFi protocol ecosystem that provides yield and veTokenomics enhancement services across multiple blockchain networks. The re-staking track is currently gaining momentum, which undoubtedly injects fresh blood into the Magpie XYZ ecosystem.

According to data from the Magpie official website, the TVL of the Magpie ecosystem has exceeded $190 million. Eigenpie is the sixth SubDAO launched by Magpie. In addition to introducing the newly launched Eigenpie, BlockBeats also takes stock of other products in the Magpie XYZ system for readers' reference.

Eigenpie

EigenLayer is an Ethereum-based re-staking protocol that allows users to re-stake native ETH, LSDETH, and LP Tokens through the EigenLayer smart contract and receive validation rewards. Eigenpie, being developed by Magpie, is based on the EigenLayer smart contract technology and provides LRT services to users, who can receive passive income from both Ethereum staking and EigenLayer without any lock-up period.

Isolated Liquid Restaking (ILR) tokens are re-staking certificates generated by Eigenpie. They can only be minted by depositing specific LST tokens, rather than a basket of different LST tokens. Users can deposit their LST tokens into Eigenpie to obtain the LRT version of their specific asset. The ILR tokens received by users when depositing LST into Eigenpie will retain their original name and have the prefix "m" added to them.

EGP is the platform token of Eigenpie, and the specific token economics have not yet been announced. In addition, Eigenpie will introduce a points system to encourage users to deposit LST or recommend new users to participate.

Magpie

Magpie is the first protocol in Magpie XYZ, which is a revenue aggregator and multi-chain DeFi application established through cooperation with the Wombat trading platform. Magpie is to Wombat what Convex is to Curve.

Users can earn high APR by depositing stablecoins, BNB, Liquid BNB, frxETH, ETH, WOM, and mWOM into the single-sided pool, while also supporting Wombat platform governance voting for passive income. Magpie locks the converted WOM as veWOM on Wombat, accumulating veWOM in this way to increase the right to receive WOM rewards and governance benefits on Wombat.

Related reading: "Magpie Governance Revenue Aggregator's Innovative Advantages and Gameplay".

Magpie's token is MGP, with a total supply of 1,000,000,000. As of writing, the price of MGP is $0.07, with a 24-hour increase of 14.7%. MGP's market capitalization is $22.5 million, with a fully diluted valuation of $70.46 million.

Penpie

Penpie is a sub DAO built on the interest rate swap DeFi protocol Pendle. Users can deposit PENDLE into Penpie and receive mPENDLE, which can be exchanged for PENDLE at any time on the secondary market (Wombat). The Penpie project team will lock all acquired PENDLE for 2 years to obtain vePENDLE.

Penpie's token is PNP, with a total of 10 million. As of the time of writing, the PNP price is $3.41, with a 24-hour decline of 12.6%. The market value of PNP is $12.97 million, and the FDV is $34.17 million.

For users, they can obtain higher returns than vePENDLE, which comes from the profit sharing of PENDLE obtained by Penpie, as well as PNP token subsidies, while also releasing the liquidity of their own funds. For the project party Penpie, they can obtain a large number of voting rights and behind-the-scenes benefits.

Related reading: "Detailed explanation of Penpie: an interest-bearing asset yield aggregator built on Pendle".

In addition, liquidity providers of Pendle can stake their LP Tokens on the Penpie platform to earn accelerated rewards without needing vePENDLE, and the rewards are higher compared to Pendle.

Radpie

Radpie is a SubDAO product launched in collaboration with cross-chain lending protocol Radiant Capital by Magpie. The core gameplay is to incentivize users to provide liquidity through restrictive measures, requiring indirect locking of a certain proportion of RNDT to obtain mining rewards. Specifically, users need to deposit dLP equivalent to 5% of the deposit amount into Radpie, where dLP is an LP of a Balancer pool containing 80% RDNT and 20% ETH. If the proportion of dLP is less than 5%, users will not be able to receive RDNT emission rewards. When using the one-click loop function of RDNT, the system will automatically help users borrow money to purchase dLP and maintain the proportion not lower than 5%.

Radpie enables DeFi miners to participate in mining without holding RDNT by raising dLP and sharing it with them, similar to Convex's shared veCRV mechanism. The raised dLP will also be converted into mDLP tokens, similar to how Convex converts CRV into cvxCRV.

For RNDT holders, they can convert dLP to mDLP while holding RNDT positions and enjoy high yields, similar to the logic of cvxCRV, because dLP contains 80% of RNDT and its price changes are very close to RDNT. This is also good news for Radiant, as converting to mDLP will permanently lock in the liquidity of RDNT, directly supporting its long-term liquidity and helping to attract more lightweight users.

Radpie's token is RDP. As of the time of writing, the price of RDP is $1.05, with a 24-hour decrease of 2.1%.

In addition to the subDAO mentioned above, Magpie has also launched Campie with Arbitrum ecological DEX Camelot, and Cakepie with multi-chain DEX PancakeSwap. However, due to insufficient liquidity or imperfect token economics, they will not be introduced in detail here. The mechanism is no different from the previous subDAO product, which locks the native token to obtain veTOKEN and thus harvest more token rewards and governance rights, and generates more passive income for DEX users.

CMP is the governance and revenue sharing token of Campie. By locking CMP tokens, users receive an equivalent amount of vote lock CMP (vlCMP). Holding vlCMP has two benefits, allowing users to generate passive income and participate in the governance of Campie and Camelot. The voting rights obtained by Campie through xGRAIL are proportionally distributed to vlCMP holders.

CKP is the governance and revenue-sharing token of Cakepie. Users can lock their CKP tokens at a 1:1 ratio to become vote lock CKP (vlCKP), which grants CKP holders passive income and governance rights over PancakeSwap and Cakepie.

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