MIP #8 - Decrease the overall emission of MGP

Decrease the overall emission of MGP.

Abstract

Magpie is a multi-chain yield and veTokenomics enhancement platform. The protocol offers governance and revenue-sharing privileges through MGP, the governance token of Magpie. MGP can be locked as vlMGP, granting holders a proportionate share of Magpie’s revenue and governance rights. This also extends voting power on Wombat Exchange in addition to Magpie, further offering opportunities to generate real yield through the Magpie bribery market. This proposal aims to bolster the long-term value of the MGP token by suggesting a reduction in its emission rate from 0.9 MGP/second to 0.6 MGP/second on both Arbitrum and BNB Chain.

Motivation

As the Magpie ecosystem expands, it’s important to foster the scarcity of the MGP token. The utility and advantages of MGP are slated to escalate over time, and our goal is to maintain a balanced emission rate that underpins sustainable value in the long term. The multifaceted benefits and efficiency of holding MGP stem not only from its inherent utility but also from its strategic placement within the ecosystem. By ensuring the token’s longevity and sustained value, we effectively empower the community to actively participate in the evolution of our platform. Our past emission controls have proven instrumental in supporting the MGP token’s value, thereby emphasizing the importance of our strategic approach to token emission.

Specification

Decrease MGP emission on BNB Chain:

• Decrease MGP emissions per second from 0.9 MGP/sec to 0.6 MGP/sec.

Decrease MGP emission on Arbitrum:

• Decrease MGP emissions per second from 0.9 MGP/sec to 0.6 MGP/sec.