Enable WBNB/MGP (0.25% fee tier) ALM gauge from Cupcake Hop on BNB Chain

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Overview

Proposal to enable WBNB/MGP (0.25% fee tier) ALM gauge from Cupcake Hop on BNB Chain

Background

  • BNB is the native token of the BNB Chain blockchain.

  • MGP is the governance token of Magpie. Through MGP, users can benefit from the growth of the Magpie Ecosystem and actively participate on the platform.

  • Cupcake Hop offers cross-chain vaults and portfolio management tools with AI-driven insights for smarter and sweeter investment decisions.

Details

Boost Multiplier and Emission Cap %: 1.00x boost multiplier and 5% emission cap

Audits:

Token Utility: MGP allows users to earn rewards and access voting power within the Magpie Ecosystem.

Volatility: Not pegged asset

Oracles: No oracles used

Control: The MGP token contract is not upgradable so it has no owner

Which address holds the private keys to the Position Manager vault contract? If it’s a multisig, please indicate: X of Y signers needed for transactions

0x05cC3CA6E768a68A7f86b09e3ceE754437bd5f12

Needs 2/5 addresses to sign a transaction

Merit: By whitelisting the WBNB-MGP ALM from Cupcake Hop, PancakeSwap can potentially attract more TVL and generate trading fees while voters within the ecosystem can earn voting incentives.

Vault Strategy (for Position Managers only): What strategy does the vault use? Broadly, how does it work? Please share documentation if possible

Strategy: YieldIQ

The YieldIQ strategy for Magpie is designed to accept only BNB deposits, with the goal of deepening liquidity for the MGP tokens. When users deposit BNB, it is allocated to a V3 pool paired with MGP. This liquidity is positioned below the market price of MGP, passively buying and trading these tokens while keeping liquidity providers predominantly long on BNB, as the vault maintains over 75% of its assets in BNB.

Links

Socials:

Documentation:

Github: Not public

Any other relevant links: https://blog.magpiexyz.io/