MIP #41 - Launching Babypie - A New SubDAO for Bitcoin Staking

Abstract:

This proposal seeks the approval of vlMGP holders to establish Babypie as a new SubDAO within the Magpie ecosystem. Babypie will focus on leveraging Bitcoin for Proof of Stake (PoS) staking via the Babylon Chain. By initiating this SubDAO, Magpie will receive 20% of Babypie’s BBP tokens, which will be vested over two years and locked into Magpie’s treasury. This initiative aims to enhance vlMGP SubDAO rewards, thereby increasing the underlying value of the MGP token.

Motivation:

Babypie represents a strategic expansion in Magpie’s DeFi capabilities, set to leverage Babylon’s advanced Bitcoin staking technology. It will enable our users to stake their BTC within the Magpie ecosystem, earning rewards while contributing to the security of various PoS networks. Moreover, this initiative aligns with Magpie’s commitment to pioneering sustainable and efficient DeFi solutions.

Specification:

Seek approval from vlMGP holders to launch Babypie as a new Magpie SubDAO designed to leverage Bitcoin for Proof of Stake staking via the Babylon Chain, thereby boosting the underlying value of MGP through additional SubDAO rewards.