MIP #22 - Additional Reduction in MGP Token Emission Rates

Additional Reduction in MGP Token Emission Rates.

Abstract

Building on the success of Magpie’s continued growth in the DeFi sector, MIP #22 proposes a further reduction in the emission rate of MGP, our governance token. This proposal aims to reinforce the token’s value and appeal, following Magpie’s expansion across various blockchain networks and the introduction of new features, services, and SubDAOs. The initiative seeks to strike a careful balance between the token’s utility and scarcity, enhancing its attractiveness to both existing and potential new users.

Motivation

MGP plays a central role in the Magpie ecosystem, offering holders voting power, monthly rewards, and a share in the platform’s revenue through vlMGP. As the ecosystem expands with new SubDAOs and services, the intrinsic value and utility of MGP increase. To safeguard this steady progress and ensure sustainable growth, a further reduction in MGP’s emission is necessary. This approach is intended to solidify MGP’s market standing, simultaneously supporting its price stability and accessibility for new investors and users.

Specification

Reduce total MGP emissions per second from the existing rate to 0.144 MGP/sec or 0.09 MGP/sec.