Eigenpie & Magpie Ecosystem: What You Need to Know
Eigenpie, Magpie Ecosystem, $MGP & More
Eigenpie has built on top of EigenLayer to provide Liquid Isolate Restaking Services. It is apart of the Magpie ecosystem, becoming the most recent addition.
Last week, we covered Pendle and its recent rise in total TVL driven by Ethereum Mainnet LRT yield deposits. Eigenpie is experiencing similar such success; its TVL has quickly ballooned to over $186M despite launching just last week. This represents nearly 40% of the total TVL between all Magpie SubDAO projects, showing the demand for products providing use cases around liquid restaking.
In today’s edition, we’ll be briefing you on Eigenpie, how it connects with the greater Magpie ecosystem, and more.
To understand what Eigenpie is, it’s important to have some background understanding on Magpie as a whole. Magpie is the umbrella under which Eigenpie is built. Magpie functions as a group of SubDAOs. The goal of Magpie, Eigenpie, and the various other SubDAOs in the ecosystem, is to provide yield services and enhance vetokenomics for multiple projects across chains.
Magpie’s SubDAO model is an innovative approach to fortifying veTokenomics-based protocols in the DeFi ecosystem.
It introduces multiple projects that are designed to work in synergy with the parent protocol, creating a mutually beneficial alliance.
Magpie consists of:
Magpie, built on Wombat Exchange.
Penpie, built on Pendle.
Radpie, built on Radiant Capital.
Cakepie, built on PancakeSwap.
Campie, built on Camelot DEX.
All of these SubDAOs revolve around the staking and locking of native tokens, as well as the native token of the protocol that the SubDAO is built upon, including;
Magpie ($MGP) & Wombat ($WOM)
Penpie ($PNP) &Pendle ($PENDLE)
Radpie ($RDP), Dynamic Liquidity Provisioning ($dLP) & Radiant ($RDNT)
Cakepie ($CKP) & Cake ($CAKE)
Campie ($CMP) & Grail ($GRAIL)
SubDAOs provide competitive APRs without the need for locking up tokens, maximized incentives for native token holders, and ease of acquiring voting power for those who wish to do so.
While each individual SubDAO has its own tokenomics scheme, with MGP standing at the center of it all.
MGP is the native token of Magpie, the 1st protocol introduced in the ecosystem. $MGP is the only token held by the team, meaning they do not have allocations of the various other SubDAO tokens. This serves as an incentive to continue improving all existing products instead of just focusing on new.
MGP may be locked for $vlMGP to receive rewards from emissions, with a staking rate of ~8% currently, and a cooldown period of 60 days for unlocking the tokens. $MGP holders are also given IDO allocations for future SubDAO tokens.
Now, back to Eigenpie.
Background on Eigenpie
Introduced on January 22, and launched on January 29, Eigenpie is a SubDAO focused on liquid restaking with two primary goals;
Enhancing the security, decentralization, and evolution of Ethereum.
Eigenpie allows users to restake their ETH positions, thereby maximizing their passive income potential.
Eigenpie builds on top of EigenLayer
Eigenpie Supporting Values
Eigenpie’s main focus is maximizing passive income opportunities for users while also contributing to the long-term development of the Ethereum ecosystem. On the Eigenpie platform, are provided with the chance to deposit their LSTs (Liquid Stakig Tokens) to receive a liquid restaked version of their tokens. This presents the inherent benefits of EigenLayer, while retaining the value of liquid tokens, This is similar to the value preposition of LSTs like $stETH, compared to simply staking $ETH natively.
Eigenpie is comprised of multiple LSTs which can be deposited. The team has been quick to integrate many LSTs, including;
Stader Staked $ETH ($ETHx)
Lido Staked $ETH ($stETH)
Swell Staked $ETH ($swETH)
Binane Staked $ETH ($wBETH)
Mantle Staked $ETH ($mETH)
Rocket Pool $ETH ($rETH)
Frax Staked $ETH ($sfrxETH)
Coinbase Staked $ETH ($cbETH)
Origin Staked $ETH ($OETH)
Ankr Staked $ETH ($ankrETH)
StakeWise Staked $ETH ($osETH)
We've grown a lot over the last few months…
As such, we are expanding our research department and are looking to hire several Research Interns!
If you have a thirst for knowledge and an appetite for research, send us a DM. Please share this with whoever might be interested…
Isolated Liquid Restaking
Isolated Restaked tokens that users receive upon depositing their LSTs into Eigenpie will retain their original names, with the prefix “m” added.
The only LST EigenLayer accepted deposits for which Eigenpie doesn’t is Liquid Staked 4ETH ($lsETH). Some of the LSTs which can be deposited have additional, protocol-specific rewards in addition to EigenLayer and Eigenpie rewards. $mETH has its Double Dose yield program, giving double the native $ETH staking yield to $mETH holders. Swell Network also has incentives for it’s LST minters/ holders, who can receive 30 pearls/ $swETH minted, and 6 pearls per day for holding.
The main incentive which is available for all LSTs deposited on Eigenpie, is the ability to earn EigenLayer Restaking points (24 / day) as well as Eigenpie points.
Users will receive Eigenpie points in addition to the underlying yield of the LST. 10% of the total native $EGP supply ($3M initial FDV) is reserved for an airdrop to points holders In addition, 60% of total EDP IDO allocation is reserved for points holders.
To segregate the risks associated with any particular LST from the rest supported by Eigenpie, the protocol generates a “Restaked” variant of each LST that is approved for deposit on their platform. This approach significantly diminishes the risk of vulnerabilities linked to the depletion of a single LST, which could influence their Restaked token and potentially other LSTs that are involved.
Isolated Liquid Restaked ETH are isolated, liquid, restaked $ETH tokens created by Eigenpie. LST holders have the opportunity to maximize their rewards by converting their assets into Isolated Liquid Restaked ETH. With ILR $ETH, users can effectively add an additional layer of restaking income to their $ETH positions while continuing to earn yield from their underlying LSTs. Each Isolated Liquid Restaked $ETH token is backed by one specific asset.
When minting Isolated Liquid Restaked $ETH via Eigenpie, users will observe a gradual increase in the value of their liquid restaking token relative to $ETH. Additionally, Eigenpie offers the opportunity to explore further DeFi opportunities through isolated Liquid restaked ETH tokens, thereby amplifying their potential for higher returns.
If you’re finding this information useful, you can access our full Magpie Project Breakdown for FREE
Our full 80+ page report goes over the intricacies of Magpie, the details of each SubDAO, and more…
Click below to get started:
Become a Premium member to unlock all our research & reports including access to our members-only discord server
Join thousands of sharp crypto investors & traders by becoming a Premium Member & gain an edge in the markets. For just $33.25/month you’ll get:
Premium access to the entire Revelo Intel platform
*NEW* Raise Alpha- Weekly reports on interesting project raises
*NEW* Sector Overviews - 90 day Reports with data and insights on key sectors
Launch Alpha - Weekly report highlighting new projects
The Trace - Real-time onchain alerts for smart money movements
Airdrop Guides - Reports on airdrop opportunities
Members Only Discord server
Analyst Insights reports - actionable trade ideas
Project Snapshots - Monthly protocol-specific performance reports
Project Breakdowns & Timelines - Deep dive 50+ page protocol-specific reports
Notes - Summaries of your favorite podcasts & AMAs
what about “cream pie” lol?
thanks for the alpha though.