📝Overview

Overview

Enter Wompie

What is Wompie?

Wompie is a protocol designed by Magpie to provide yield and veTokenomics boosting services for Wombat Exchange. Wompie is focused on locking WOM tokens to own governance rights and boosted yield benefits as liquidity provider on Wombat.

The platform offers users the opportunity to deposit their assets in single-sided boosted pools to earn high APR % while it allows Wombat Exchange voters to cost-effectively acquire voting power and earn active participation rewards at the same time through the MGP token.

Wompie allows WOM holders to earn high APR by converting their tokens into mWOM. mWOM refers to "Magpie WOM". mWOM can be staked on Wompie to earn boosted rewards for active participation.

When users convert their WOM tokens, they get mWOM that allows them to earn higher rewards while Wompie locks all the converted WOM as veWOM on Wombat Exchange. That's how Wompie accumulates veWOM. veWOM entitles Wompie to boosted WOM earnings and governance benefits on Wombat Exchange. That's why Wompie can offer users sustainable boosted yields.

What is MGP?

MGP is the governance and active user engagement rewards token of Wompie. Users can lock MGP tokens to receive Vote-Locked MGP at 1:1 ratio.

Vote-Locked MGP, also known as vlMGP, allows MGP holders to earn yields and share governance benefits on the platform. The voting power that Wompie accumulates by holding veWOM is distributed between vlMGP holders, allowing them to vote on Wombat’s governance.