MIP #53 - Consult vlMGP Holders on Radpie’s Proposal for dLP Buybacks

Abstract:

This proposal seeks to gather feedback from vlMGP holders on whether Magpie should support Radpie’s RIP #15. It aims to use expired dLP tokens from Radiant Capital to conduct random buybacks of mDLP over a one-month period, starting immediately after each batch expires. The total dLP includes approximately 2 million tokens, with expirations ranging from October 2024 to August 2025. This buyback will provide liquidity for mDLP holders and help manage the market impact caused by the recent Radiant Capital exploit.

Motivation:

The recent $50 million Radiant Capital hack impacted liquidity across multiple networks, including Arbitrum and Ethereum. It is essential to consult vlMGP holders to ensure that Magpie’s vote on this matter aligns with the interests of its stakeholders. By supporting RIP #15, Magpie can contribute to the overall health of the ecosystem and safeguard the interests of the community impacted by the liquidity strain.

Specification:

Vote on whether Magpie should support Radpie’s RIP #15, which proposes using expired dLP tokens for mDLP buybacks over a one-month period after each batch expires.

For more information, please refer to RIP #15 https://snapshot.org/#/radpiexyz.eth/proposal/0xbb8900cd31a740d1525cbdc24310214e835d7c9d2494a13e3ee8aaef7a7aaf25