In this article, we will discuss the various liquidity pools that have recently been deployed on Magpie, a multi-chain platform that offers yield-enhancing services on top of Wombat Exchange. These liquidity pools, now available to Arbitrum users, offer opportunities to earn high annual interest rates (APR). Pools discussed in the article include mWOM, BOB, MIM, USD+, frxETH, and FRAX-MAI-USD+.
If you are interested in participating in these liquidity pools and earning high APRs, visit Magpie’s website and connect your Arbitrum wallet. So, let’s dive right in!
1. mWOM pool
WOM is Wombat Exchange’s governance token. The token can be locked as a veWOM on Wombat to earn more rewards as a liquidity provider and access governance benefits. veWOM holders can participate in the distribution of WOM tokens on Wombat Exchange via the Voting Gauge.
mWOM is the version of WOM that Magpie developed to offer users the opportunity to earn a high APR without having to freeze their assets for a long period of time.
Website: WOM
2nd BOB pool
BOB is a stablecoin that works on different blockchain networks and is backed by different types of collateral. It is available on Polygon, Optimism, Ethereum, Arbitrum, and BNB Chain, making it easier for users to deposit and withdraw through these networks. You can purchase BOB on decentralized exchanges like UniSwap and Wombat Exchange, where you can exchange your assets for the stablecoin. For privacy reasons, zkBob allows you to confidentially transfer BOB between users. zkBob is an app that allows users to transfer the BOB stablecoin using zero-knowledge technology, ensuring privacy and security for their transactions.
Website: zkBob
3. MIM Pool
Magic Internet Money (MIM) is a stablecoin that includes interoperability with the Abracada.money protocol. On Abracadabra.money, users can collateralize their crypto assets, including interest bearing tokens (ibTKNs), to mint MIM stablecoins. MIM was designed for cross-chain compatibility, so it can be used in different platforms and products operating on different blockchain networks such as Arbitrum, Avalanche, Ethereum, Fantom, and BNB Chain.
Website: Abracadabra
4.USD+ pool
USD+ is the primary token of overnight.fi, a rebasing stablecoin. The USD+ peg mechanism is based on the “NAV of 1” (Net Asset Value) policy, where the market value of assets equals the outstanding amount of USD+. This is achieved through conservative risk management aimed at preventing daily losses by creating a diversified portfolio of highly conservative DeFi assets. Profits are distributed to USD+ holders daily in the form of a rebase, with all income accumulated from the USD+ reserves being distributed directly to USD+ holders by boosting their wallet balance once a day.
Website: Overnight.fi
5. frxETH pool
Frax Ether is a novel ETH staking derivative that leverages the power of the Frax Finance ecosystem to optimize staking yields and simplify the Ethereum staking process. Built for the DeFi space, Frax Ether offers users a safe, streamlined, and intuitive approach to earning interest on their ETH holdings.
The Frax Ether ecosystem consists of three main elements: the Frax ETH Minter, which serves as an entry point for users to mint frxETH tokens; Frax Ether (frxETH), the liquid staking derivative fully powered by ETH that allows users to earn staking rewards; and Staked Frax Ether (sfrxETH), a tokenized version of Staked frxETH that can be freely traded on DeFi platforms.
Website: Frax Finance
6. FRAX-MAY-USD+ Pool
Frax is a stablecoin protocol that uses fractional algorithmic principles, making it the first of its kind. It operates on an open-source, permissionless, and fully on-chain platform with the goal of creating a highly scalable, trusted, extremely stable, and ideologically pure on-chain currency. The Frax Protocol features a two-token system consisting of a stablecoin called Frax (FRAX) and a governance token called Frax Shares (FXS). The Frax minting and redemption mechanism is critical to maintaining FRAX’s stable bond with the USDC. FRAX stablecoins can be minted by any user providing collateral tokens (currently USDC) and governance tokens (FXS).
Website: Frax Finance
MAI is a stablecoin pegged to the US Dollar with a 1% target deviation. It is fully backed by security vaults at all times and backed solely by decentralized tokens. Users can only mint MAI using overcollateralized debt positions. The stablecoin is decentralized, which makes it resistant to manipulation by centralized entities.
QiDao is an over-collateralized stablecoin protocol that allows users to mint MAI stablecoins against the value of their decentralized token collateral. This is achieved by taking out loans denominated in MAI.
Website: May Finance
USD+ is the primary token of overnight.fi, a rebasing stablecoin. The USD+ peg mechanism is based on the “NAV of 1” (Net Asset Value) policy, where the market value of assets equals the outstanding amount of USD+. This is achieved through conservative risk management aimed at preventing daily losses by creating a diversified portfolio of highly conservative DeFi assets. Profits are distributed to USD+ holders daily in the form of a rebase, with all income accumulated from the USD+ reserves being distributed directly to USD+ holders by boosting their wallet balance once a day.
Website: Overnight.fi
Wombat Exchange is a highly efficient multi-chain stableswap that offers users the best possible rates for trading stablecoins and pegged assets. The platform is designed to provide investors with a simple and effective way to exchange tokens with minimal impact on the price. Magpie, on the other hand, is a multi-chain platform offering Yield & veTokenomics boosting services developed on Wombat Exchange. Magpie leverages Wombat’s veToken model to provide additional benefits for DeFi users looking for enhanced yield opportunities. By focusing on veTokenomics, Magpie aims to provide a valuable service to the DeFi community and attract users who want to easily optimize their yield generation.
WOM is Wombat’s governance token. Magpie commits to lock WOM tokens as veWOM, allowing the platform to gain governance rights and earn more rewards as a liquidity provider on Wombat. As Magpie accumulates more veWOM, it becomes eligible for higher benefits. By collecting veWOM, Magpie can offer greater benefits to its users without having to lock their WOM tokens as veWOM. This is because Magpie has already locked veWOM on behalf of its users, allowing them to benefit from the accumulated rewards. The platform’s approach to veWOM accumulation and distribution aims to create a more user-friendly experience for DeFi investors and provide them with greater opportunities to generate income and earn rewards
About magpie XYZ: Magpie XYZ is a multi-chain platform designed to increase returns for liquidity providers and governance token holders of veTokenomics protocols. Essentially, the platform incentivizes governance token holders and liquidity providers to pool their assets so that the platform can acquire governance tokens, convert them into veTokens, increase returns for liquidity providers and in return share a portion of the protocol revenue from the increased liquidity providers with profits back to the holders of governance tokens.
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