MIP #1 - Proposed Changes to MGP Emission Rate and Rewards Weights

Abstract

Magpie is a yield-boosting platform that allows users to earn passive income by depositing their assets. The platform utilizes the MGP token for governance and revenue-sharing, and users can lock their MGP tokens as vlMGP to receive additional benefits. The protocol also offers WOM token holders the opportunity to convert their tokens into mWOM to earn a high APR. In this proposal, we suggest changes to the MGP emission rate and rewards weights to enhance the platform and provide more benefits to our users.

Motivation

As Magpie continues to grow and evolve, it is important to maintain the long-term sustainability and value of the MGP token. By decreasing the MGP emission rate and increasing rewards weights for mWOM stakers, vlMGP holders, and BUSD users, we can encourage more participation and support for Magpie. This will provide more benefits to our users and help to ensure the success and longevity of the Magpie ecosystem.

Specification

• Change MGP emissions on Magpie
  • Decrease MGP emissions per second from 3.65 to 3.
  • Increase the mWOM weight for MGP rewards from 150 to 280.
  • Increase the vlMGP weight for MGP rewards from 240 to 280.
  • Increase the BUSD (Main pool) weight for vlMGP rewards from 150 to 280 (same weight as USDT & USDC).
• Change MGP emissions on Wombat Exchange
  • Increase MGP emissions per second from 0.325 to 0.45
  • Increase mWOM weight for MGP rewards from 10 to 15

Here is current MGP emission allocation: https://docs.magpiexyz.io/magpie-ecosystem/mgp-token/mgp-emission