MIP #43 - Support Radpie's Proposal to Use Expired dLP for mDLP Buyback

Abstract

This proposal seeks to gather votes from vlMGP holders on whether Magpie should support Radpie’s RIP #11 proposal. The proposal aims to utilize expired dLP to buy back up to 20% of the total mDLP supply over the course of one year. The feedback from vlMGP holders will guide Magpie’s stance on this matter, ensuring that our actions align with the interests of our stakeholders.

Motivation

Supporting RIP #11 will help stabilize the mDLP market and ensure a consistent 1:1 peg with the underlying dLP. By addressing the issue of expired dLP, we can reduce market volatility and support mDLP’s value. Additionally, staking the remaining mDLP in the treasury to generate yield provides a sustainable way to enhance the peg and overall ecosystem health. This approach aligns with Magpie’s strategy of maximizing asset utilization and maintaining token value.

Specification

Vote on whether Magpie should support Radpie’s RIP #11 proposal to utilize expired dLP for mDLP buyback, burn the necessary portion to maintain a 1:1 peg, and stake the remaining mDLP to generate yield. This proposal, if passed, will replace the previously announced redeem vault strategy.

Check the RIP #11 https://snapshot.org/#/radpiexyz.eth/proposal/0x1025e2c0d957cbe7915a3ebad52a0fc0340436892a7d833eb486b6d016b484d9