Original author: CapitalismLab
Magpies subDAO for LRT @Eigenpiexyz_io started a points activity today. This is the biggest cake for TVL providers in the LRT project so far. The project is unique and Magpies subDAO has previously made a lot of money, and the configuration value is huge.
This thread will analyze Eigenpie’s airdrop gameplay, mechanism, prospects, and revenue expectations to help you clearly maximize your returns.
A. Airdrop gameplay
Currently, you can get triple benefits by depositing stETH and waiting for LST to go in:
Eigenpie points, corresponding to 10% of the total airdrop
Eigenlayer points (after Eigenlayer opens deposits on February 5th)
Eigenpie corresponds to 24% of the total IDO share and 3 M FDV low valuation
Basic return on deposited LST (for example, mETH APR is 7%, then you can continue to enjoy 7%)
Points will provide gains based on the total size of the team. The larger the team, the greater the increase, up to double, so it is best to stay together for warmth.
B. Mechanism
What Eigenpie does is isolate LRT (ILRT). Each LST issues a corresponding Token to isolate risks. See the table below.
There are currently so many LSTs on Eigenlayer. If an LRT project accepts them in general, then this project will bear the risks of all underlying LSTs. Once a security issue occurs in a certain LST, it may cause a devastating blow to it.
So Eigenpie’s ILRT can isolate the risk
Isolating risks and isolating liquidity, will this be a problem? In fact, it doesn’t matter. Compared with LRT that supports Native Staking, one of the advantages of LRT that supports LST is that it can fully utilize the liquidity of the underlying LST. Individual pairs such as mrETH/rETH and mmETH/mETH are actually more conducive to cooperating with LST project parties to stimulate liquidity.
C. Prospects
What are the advantages of this project? After all, it was indeed released a little late, but there is indeed a gap in demand that has not yet been filled: LSTs who have joined Eigenlayer are eager to participate in the LRT narrative, and Eigenpie is currently the best solution, and each LST has an independent The LRT doesn’t have to worry about making wedding clothes for other people. LST, which has a higher interest rate like mETH, can also continue to exert its advantages.
When can mstETH from Mint be traded on DEX? Will you be on Pendle?
It is obvious that the project side has great willingness and ability to promote these. If nothing else, these can bring huge bribery benefits to Magpie’s subDAOs such as Cakepie and Penpie.
If you don’t understand Magpie’s architecture, you can refer to our previoustweets。
D. Earnings expectations
In terms of income, let’s first look at the token economy:
• IDO: 40%
• Airdrop: 10%
• Incentive 35%
• Magpie Treasury: 15% (not sold as usual, staking dividends to vlMGP)
It is basically a FairLaunch operation. The difference is that most Fairlaunch whitelists are currently predetermined, while most of the IDO whitelists are explicitly given to TVL providers.
The rights given to TVL providers are
10% airdrop of total amount
60% IDO share, IDO accounts for 40% of the total, $3M FDV valuation
That is to say, 10% + 60% * 40% = 34% of the total amount will be given to TVL providers, which accounts for 34% / 50% = ~ 70% of the initial circulation. There will be no VC selling pressure in the future.
The LRT narrative is very hot at the moment. $RSTK with only $7M TVL has $35M mcap and $180M FDV. Several other projects have been released with very high valuations.
The final TVL of Eigenpie will most likely be much higher than RSTK. If benchmarked against the FDV of $RSTK, the total profit of the TVL provider can reach: 10% * 180+ 60% * 40% *(180-3)= $ 60 M
Assuming that the currency is issued two months later and the average TVL is $200 M, it can also reach (60/2)/200* 12 = 180% APR. This does not include the income of the underlying Eigenlayer points. In the first 15 days, as an early stage There is also a 2x point increase for provider participation
Let’s take a look at the previous gains of magpie’s subDAO IDO so far.
Penpie, IDO 3M FDV, 14x
Radpie, two rounds of IDO average 7.5 M FDV, 1.4 times
Cakepie, IDO 20 M FDV, 2.4x
This time it entered the LRT track with a larger market. Not only did it take out 3 M FDV, but the airdrop and IDO share given to TVL providers were several times that of PNP in the past. I wonder whether the income will be replicated or even surpassed.
Summarize:
1. For airdrops, you need to group together to get greater gains. Group link: https://eigenlayer.magpiexyz.io/?ref=0x307225Bc52ef0fEDAa67b626996c0E74cEA924Ee
2. The special mechanism isolates the risks of each LST for ILRT
3. The advantage is that it can make full use of the Pendle/Pancake resources accumulated by Magpie to accelerate development.
4. Most of the rights and interests are clearly given to TVL providers, and Fairlaunch has transparent IDO quotas.
