MIP #66 - Supporting Penpie’s Revenue Allocation Adjustments for Operational Sustainability

Abstract

This proposal seeks to gather votes from vlMGP holders on whether Magpie should support Penpie’s PIP #18 proposal. It introduces strategic adjustments to revenue distribution and operational funding to enhance the long-term sustainability of Penpie. Key changes include repurposing revenue streams, reducing PNP emissions, and introducing a 5% fee on bribes. Additionally, it proposes the efficient distribution of Pendle airdrop rewards to mPENDLE holders. The feedback from vlMGP holders will guide Magpie’s stance, ensuring that our actions align with the best interests of our stakeholders.

Motivation

Penpie’s proposed adjustments aim to improve financial sustainability, optimize incentives, and ensure the long-term stability of the platform. Supporting these changes would reinforce Penpie’s operational efficiency and enhance the user rewards model while mitigating unnecessary token inflation. By consulting vlMGP holders, we ensure that Magpie’s decision-making process remains community-driven. This proposal aligns with Magpie’s strategic goal of fostering sustainable growth and maintaining a well-balanced incentive structure across its SubDAOs.

Specification

Vote on whether Magpie should support Penpie’s PIP #18, which includes:

• Distributing Pendle airdrop rewards by converting them into PENDLE and allocating them to the mPENDLE Staking Pool on Arbitrum.
• Removing the SV mPENDLE Pool and redirecting 100% of its PENDLE rewards to the mPENDLE Stake Pool on Arbitrum.
• Reducing PNP emissions on Arbitrum from 0.005PNP/S to 0.003PNP/S.
• Repurposing the 5% PENDLE LP revenue allocation from mPENDLE buybacks to Penpie’s operational expenses.
• Introducing a 5% protocol fee on bribes to establish an additional revenue stream for ongoing development and infrastructure needs.

Read more about PIP #18 https://snapshot.box/#/s:penpiexyz.eth/proposal/0x8078dabf0475584f9e3c5d1fd4c12dee7e878d88efca8a0b3046eab6fc5a7014