Magpie’s November Wrap Up

As we approach the end of the year and the festive holiday season, Magpie continues to soar to new height

November has concluded, and for the Magpie Ecosystem it was nothing short of spectacular. As part of our ongoing commitment to optimizing the user experience and opportunities within DeFi, we officially announced our integration with PancakeSwap through Cakepie. As our latest SubDAO, Cakepie, created by Magpie, is set to provide yield and veTokenomics boosting services for PancakeSwap’s new veCAKE design, sweetening the PancakeSwap Ecosystem. At the core of Cakepie’s strategy is the accumulation and locking of CAKE tokens as veCAKE within PancakeSwap. This initiative not only leverages the benefits of veCAKE but also plays a fundamental role in reducing the circulating supply of CAKE. In addition, we introduced mCAKE, an innovative adaptation of the CAKE token, enabling users to stake and partake in Cakepie’s revenue without any lockup period. In alignment with these advancements, we rolled out the CAKE RUSH event, incentivizing users to convert their CAKE to mCAKE through Cakepie. This feature has been a resounding success, resulting in the accumulation and locking of over 3 million CAKE tokens as veCAKE by Cakepie, cementing its position as a dominant veCAKE holder in the DeFi sphere. The past month saw the Magpie Ecosystem surpass $120 million in TVL. This growth has elevated the platform to be ranked within the top 80 crypto protocols globally in terms of TVL and top 10 within Arbitrum, as reported by DeFiLlama, highlighting its expanding role and impact. Currently, in the Magpie ecosystem, Penpie’s TVL contribution exceeds $95 million, while both Radpie and Magpie contribute over $13 million each, collectively totaling almost $130 million.