Overview
Proposal to enable mRED/RED 0.02% Stableswap gauge on ETH Mainnet
Background
mRED is a liquid staking version of RED, developed by Eigenpie. When users deposit RED tokens into Eigenpie, the platform mints mRED tokens at a 1:1 ratio. These mRED tokens act as a liquid representation of the deposited RED, allowing users to maintain flexibility while participating in EigenLayer’s staking ecosystem and securing the RedStone AVS.
The deposited RED tokens are transferred to Eigenpie’s Node Delegator, which stakes them into EigenLayer on behalf of users. This process enables RED holders from RedStone to earn rewards from EigenLayer while still having the option to utilize mRED across DeFi protocols for additional yield opportunities.
With the goal of building robust liquidity for the mRED-RED pair on Ethereum, Eigenpie commits to incentivizing the pair through the Cakepie Voting Market. Eigenpie plans to distribute incentives to voters who support the pool each epoch, aiming to maintain a competitive APR for mRED-RED liquidity providers and encouraging long-term participation. As part of the Magpie Ecosystem, Eigenpie looks forward to leveraging the services provided by PancakeSwap and Cakepie, promoting sustainable growth for all parties involved.
Details
Boost Multiplier and Emission Cap %: 1.00x boost multiplier and 5% emission cap
Audits:
Token Utility: mRED (Magpie RED) is minted by staking RED on Eigenpie. It enables RED holders from RedStone to earn rewards from EigenLayer while still having the option to utilize mRED across DeFi protocols for additional yield opportunities.
Volatility: Not depegged
Oracles: No oracle used
Control: The private keys to the contract are controlled by the following 3/6 multisig 0xf433c2A2D6FACeCDd9Edd7B8cE9cEaaB96F41866, where transactions require validation from 3 out of 6 signers.
Merit: New Protocol onboarded (TVL, incentives for voters via Cakepie, trading fees, volume)
Links:
Token address:
Website: Magpie XYZ
Socials:
X: Eigenpie X
Telegram: Eigenpie Telegram
Documentation: Eigenpie Docs
Github: Not public
Any other relevant links: Eigenpie Blog