MIP #35 - Supporting Penpie’s Allocation of 50% vePENDLE Voter Rewards for mPENDLE/PENDLE Liquidity

Abstract

This proposal seeks to gather votes from vlMGP holders on whether Magpie should support Penpie’s PIP #12. The Penpie Improvement Proposal #12 aims to allocate 50% of vePENDLE voter rewards towards buying back PENDLE and supplying it as liquidity for the mPENDLE/PENDLE pair, instead of burning mPENDLE. 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

It is essential to consult vlMGP holders on key decisions impacting our SubDAOs. Supporting PIP #12 could potentially strengthen the peg between mPENDLE and PENDLE, enhance liquidity, and provide long-term stability and growth within the Penpie ecosystem. This proposal aligns with Magpie’s commitment to act in the best interest of our community. By allocating 50% of vePENDLE voter rewards towards buying back PENDLE and supplying it as liquidity for the mPENDLE/PENDLE pair, the goal is to support the strategic objectives of both Magpie and Penpie, fostering stability and growth within our ecosystem.

Specification

Vote on whether Magpie should support the allocation of 50% of vePENDLE voter rewards towards buying back PENDLE and supplying it as liquidity for the mPENDLE/PENDLE pair.

For more details on PIP #12, visit: https://snapshot.org/#/penpiexyz.eth/proposal/0xa68f6e23b3105da9bb827b7c3e45392c6f7ff1374feeeb5cc98a0278fb1ee24b