📍Introduction

Wompie is a multi-chain DeFi product providing Yield & veTokenomics boosting services for Wombat Exchange

Wompie

Wompie provides Yield enhancement services for Wombat users, built by Magpie upon the foundation of Wombat Exchange.

Wombat Exchange

Wombat Exchange is a Multi-chain, hyper-efficient stableswap that implements the veToken model on its governance token, WOM. WOM holders can lock their tokens as veWOM on Wombat to own governance rights and earn higher APR as liquidity providers in the platform. veWOM holders have the ability to vote on the Wombat Exchange voting gauge to allocate WOM emissions across pools on the exchange and receive incentives for their votes. In order to get the best benefits of veWOM, users must lock their WOM tokens for 4 years. Many users are not comfortable with locking their tokens for a long period of time without efficiently earning rewards for their active participation.

Wompie

Wompie brings a solution that allows WOM holders to earn rewards for their active participation, offers Wombat voters cost-effective voting power and allows liquidity providers to earn boosted APR without the need to lock WOM tokens.

Wompie offers WOM holders the opportunity to earn high rewards by converting their governance tokens into mWOM. mWOM can be staked on Wompie to earn boosted rewards for active participation on the platform.

When users convert their WOM into mWOM, Wompie automatically locks all the converted WOM as veWOM on Wombat Exchange. This mechanism allows WOM holders to earn increased yields while it entitles Wompie to governance rights and boosted APR as a liquidity provider on Wombat Exchange.

Thanks to Wompie's veWOM holdings, liquidity providers can deposit different tokens on the platform to earn boosted rewards without the need to lock any WOM by themselves.

The voting power that Wompie accumulates by holding veWOM is distributed between vlMGP holders, allowing them to participate on Wombat’s governance cost-effectively. Vote-Locked MGP holders earn rewards for their active participation on the platform and can participate in the governance of Wombat Exchange cost-effectively to earn voting incentives at the sam time. Users must wait 60 days to fully unlock their locked MGP.

Wompie helps Wombat Exchange to:

• Boost rewards for WOM holders - WOM holders can convert their tokens into mWOM to earn rewards at Wompie.

• Get a diverse user base - Risk-averse liquidity providers can earn boosted yield on Wompie without the need of holding veWOM by themselves.

• Lower the voting bar - Wompie provides a cost-effective way to acquire voting rights on Wombat by leveraging the veWOM holdings accumulated by the platform.