Proposal for Magpie ($MGP) IFO to be Hosted on PancakeSwap

tl;dr

Magpie is a customized fork of Convex that helps users in the Wombat ecosystem to obtain better yields and voting power
Led by a crypto-native ex-web2 team from Google, Dropbox, and Oracle
A massive 120-day Magpie Syrup Pool (👀) for the PancakeSwap Community

What is Magpie?

Magpie XYZ is a platform built on BNB Chain to boost yields for liquidity providers and governance token holders of veTokenomics protocols, and is officially whitelisted by Wombat Exchange.

Magpie aims to:

Help liquidity providers generate boosted yields without the need for locking WOM
Enable WOM holders to earn passive income from their idle WOM tokens
Enable Wombat Exchange voters to acquire Wombat Exchange voting power in a cost-effective manner

Screenshots of Testnet App (Mainnet is live):

Desktop version:

Mobile version:

What is $MGP?

$MGP has the following utilities:

Revenue sharing
Delegated voting power on Wombat Exchange

MGP Token Distribution

If any of the terms are unclear, please ask our friendly community, or read this article on vesting.

Please also note that,

IFO Sale Details

Sale start time: ~1200 UTC on Thu 27 Oct 2022
Sale end time: ~1400 UTC on Thu 27 Oct 2022
Amount to be raised: $1,750,000 USD in CAKE tokens
Tokens to be sold: 70,000,000 MGP (7.0% of MGP total supply)
Price per token: 1 MGP = $0.025 USD
Token Vesting Schedule: 30% will be unlocked at Sale end time (~1400 UTC), with the remaining 70% released block-by-block over 90 days.

All CAKE raised from the MGP token sale will be given to the IFO project. Only CAKE raised from the participation fee will be burnt.

Method: Public Sale and Private Sale (Both conducted via the Overflow method).

What is the “Overflow” sale method?

Basically, the more you put in, the more you will get, and you’ll get back anything that doesn’t get spent. More details below in the Overflow Multiplier Table.

To participate in the IFO:

Refer to the IFO participation guide and iCAKE article.

iCAKE and locked CAKE cannot be used to buy tokens in the IFO, so you would need a separate amount of CAKE to commit to the IFO.

An Explainer: What are the 2 different sale sessions?

Private Sale ($437,500, 25% of Sale allocation)

For the Private Sale, participants are required to own a Pancake Squad NFT, and set them as your Pancake Profile avatar.

For this Private Sale, the maximum amount of funds that can be committed per user is $1000.

The final allocation you receive will still be subject to the total amount raised in this session.

Public Sale ($1,312,500, 75% of Sale Allocation)

As the name suggests, the Public Sale is open to all. However, this comes with a participation fee, which will be fully burned!

The fee cliff for the MGP IFO is as follows:

Overflow multiplier

The MGP Syrup Pool:

Stake CAKE tokens to earn MGP!

Total Tokens for Syrup Pool: 24,000,000 MGP
Distribution duration: 120 days (yes you read that right … 120 days of good ✨vibes✨)
Start time: Shortly after the IFO ends
Finish time: Approx. 120 days after Syrup Pool launch
Token rewards per block: 6.944 MGP

Max Stake per Wallet:

100 CAKE for the first 5 days, then unlimited CAKE staking thereafter – the cap will enable everyone to enjoy pool rewards at a high APY.

For the first 5 days, you need an active PancakeSwap Profile in order to stake in the IFO Syrup Pool. No PancakeSwap Profile requirement thereafter.

The MGP Farm:

We will host a MGP-BUSD farm that will have 1x CAKE rewards for the first week and thereafter, a targeted 0.5x CAKE rewards.

Over the course and towards the end of the 120-day period – approx. 1400 UTC on 24 Feb 2023 – the farm will have its rewards adjusted to 0.1x unless the following metrics is comparable with other 0.5x multiplier farms: average daily volume, 14-day volume, unique token holders on BNB Chain, and there are no fundamental token issues etc.

To learn more, visit the project’s official channels:

Website: https://www.magpiexyz.io/
Twitter: https://twitter.com/magpiexyz_io
Discord: https://discord.com/invite/magpiexyz
Telegram: https://t.me/magpiexyz_official
Telegram Announcement: https://t.me/magpiexyz_io
Medium https://blog.magpiexyz.io/
Docs: https://docs.magpiexyz.io/
Audits: Peckshield audit, and future audits can be found here

⚠️⚠️⚠️BEWARE OF FOOD POISONING⚠️⚠️⚠️

MGP Official Token Contract Address: https://bscscan.com/address/0xD06716E1Ff2E492Cc5034c2E81805562dd3b45fa

🚨PLEASE NOTE: MGP tokens will not be available for trading before or during the IFO!🚨

Any other MGP token will be a scam and will result in a financial loss. Always verify the token address before buying tokens. If you receive a MGP token airdrop from another address, it’s probably a scam.

Disclaimer - All projects are subject to high market risk and volatility. Please do your own research and buy with caution. PancakeSwap will not be held responsible for any investment losses.