Proposal to Upgrade Magpie’s ($MGP) Liquidity Pair for Farm Rewards from v2 to v3

Upgrade of Magpie’s Liquidity Pair for Farm Rewards from v2 to v3

We are proposing to shift Magpie’s Farm rewards from the current MGP-BUSD v2 LP to the new MGP-BNB v3 LP.

We believe that transitioning to the MGP-BNB v3 pair will further incentivize the liquidity for the MGP token, and support healthy trading volumes for PancakeSwap. As a result of the concentrated liquidity model, the same amount of liquidity in v3, compared to v2, can support significantly larger trades.

For example, for a $500 trade, with a liquidity of $200,000 in the pool, v3 is about 8x more efficient than v2. (Assuming the v3 liquidity was added across a price range of +/- 25% of the current MGP price.)

The New Farm:

The proposed new Farm will have doubled emissions for the first 7 days. For example, if the v2 farm is emitting 10 CAKE per day, the proposed v3 farm will emit 20 CAKE per day for the first 7 days and 10 CAKE per day thereafter.

Other differences are the change of the liquidity pair and moving from the v2 farm to the v3 farm.

Previous v2 Farm:

• Stake MGP-BUSD LP, earn CAKE
• 2x multiplier
• 84 CAKE per day

New v3 Farm (0.25% fee tier):

• Stake MGP-BNB LP, earn CAKE
• 4x multiplier (8x multiplier for the first 7 days)
• 168 CAKE per day for the first 7 days and 84 CAKE per day thereafter

In the future, the farm will be re-adjusted to a 0x multiplier unless the following metrics are comparable with other 4x multiplier farms: average daily volume, 14-day volume, unique token holders on BNB Chain, and there are no fundamental token issues or concerns related to users’ safety and security.

What is Magpie?

Magpie is a multi-chain platform providing Yield & veTokenomics boosting services.

Magpie aims to:

• Help liquidity providers generate boosted yields without the need for locking WOM
• Enable WOM holders to earn passive income from their idle WOM tokens
• Enable Wombat Exchange voters to acquire Wombat Exchange voting power in a cost-effective manner

What is $MGP?

From the team: “MGP has the following utilities:

• Revenue sharing
• Delegated voting power on Wombat Exchange”

⚠️⚠️⚠️BEWARE OF FOOD POISONING⚠️⚠️⚠️

The official MGP token contract address on Binance Smart Chain is:

https://bscscan.com/token/0xd06716e1ff2e492cc5034c2e81805562dd3b45fa

​Any other MGP token will be a scam. Always verify the token address before buying tokens. If you receive a MGP token airdrop from another address, it’s probably a scam, and we advise you to ignore it.