All About $FLY

9 min read6 days ago

Today we delve into our token: $FLY. We believe that transparency, community involvement, and protocol innovation are paramount for a project so we want to be certain that FLY stands out among DeFi protocol tokens in both its utility and reward structure offerings for our users.

Our team has dedicated significant time and effort to create an ideal ecosystem so that FLY can keep to its name. We aim to help our community navigate the DeFi landscape with ease while maximizing utility and benefits. As a strong, engaged community is the key to continued growth and success, it is important that our token reflects this.

At Magpie, we are confident that FLY showcases our commitment to our community and investors alike and embodies our dedication to innovation within DeFi.

Vision for FLY and the Magpie Ecosystem

Our vision for the FLY token and Magpie ecosystem is to create a circular economy where the value generated by the protocol is accrued back to the FLY token stakers. This approach will help drive value for our community and the protocol as a whole.

In this blog post, we will explore the various aspects of FLY: its utilities, tokenomics, community initiatives, and future roadmap. Dive in to discover how FLY is poised to shape the future of Magpie Protocol and learn why being a part of our community will be an exciting and rewarding experience.

Utility

$FLY offers a lot of utility, which makes it a versatile and valuable asset within the Magpie Protocol ecosystem.

Gas discounts: Receive gas discounts that increase based on how much FLY staked and WING token held in wallet.
Staking: Stake FLY to earn a percentage of protocol fees. This feature will be implemented once the Magpie dApp reaches a critical monthly volume.
Chain Abstraction: Enjoy a centralized exchange-like experience which leverages on-chain liquidity, cross-chain messaging, and Magpie’s aggregation system. This system abstracts away the complexity of using multiple different blockchains, making for a cohesive multi-chain DeFi experience. FLY will be one of the primary pieces of this system, on top of facilitating staking, gas discounts, and more.

By offering these utilities with much more planned for the future, FLY enhances the user experience and drives value back to the Magpie Protocol community of stakers.

Staking at Launch

FLY Staking introduces a new level of flexibility and rewards for our users. These features below will go live with the Token Generation Event (TGE), bringing immediate utility to the token.

FLY Dashboard: Manage all aspects of staking from the FLY Dashboard, including claiming your FLY, staking, and monitoring your activities within the Magpie Ecosystem!
No Cap Limit: Enjoy complete flexibility with no minimum or maximum token limits for staking.
Mint WING by Staking FLY: Stake FLY to mint WING, with the amount of WING generated based on the amount of FLY staked and the lock-up duration.
Increased Rewards: Mint more WING by locking your FLY for longer periods, incentivizing longer-term commitments to the ecosystem.
Non-Transferrable WING tokens: WING tokens are non-transferrable and can only be held in your wallet. WING is minted by staking FLY and is burnt when you unstake FLY.
Early Unstake Penalty: If you choose to withdraw or unstake FLY before the lock-up period ends, a penalty will be applied based on the remaining lock-up duration.
Gas Discounts: Receive gas discounts based on the amount of WING held. The discount formula will be detailed in a later blog post, with greater discounts for more FLY staked.

Future Plans for Staking

Building on the foundation of our staking system, we will continue to introduce more features and benefits. We aim to create an adaptive and evolving system, shaped by community feedback, product research, evolution of Magpie Protocol, and consultations with token economics experts. Our future staking plans are a work in progress, and could change as we take in feedback, but our goal remains the same, to maximize incentives, utility, and rewards for our community.

Let’s dive into a short preview on what we’ve got planned for some future updates to staking:

Upon reaching a critical monthly volume, we will introduce this feature to share the revenue generated by the protocol fees with FLY stakers.
FLY stakers will be able to take part in Magpie Protocol governance, helping to shape the future of the protocol.
FLY is going to be a primary piece in our Chain Abstraction update, which will allow users to enjoy a centralized exchange-like experience with on-chain liquidity.

🪙 Tokenomics of $FLY

Our tokenomics model is designed to ensure sustainable growth and fair distribution of FLY, with the community at the forefront of importance to Magpie.

Total Supply at Launch: 100,000,000 $FLY.
Max Supply: 100,000,000 FLY with a possibility of increasing up to a total capped supply of 106,000,000.
Inflation and Deflation Mechanism: There will be no tokens added or removed from the supply.

Over half of the FLY token allocation is dedicated to our community, reflecting our commitment to them and to the long-term success of the project.

Community is Important

Successful projects like 1inch, LayerZero, Uniswap, and Wormhole have shown the power of a strong and engaged community. Their growth and success are in large part due to the active participation and support of their community members, as well as the utility of their tokens.

These projects and protocols serve as inspiration for how to effectively involve the community, giving the Magpie team encouragement for the future of FLY and the Magpie Protocol ecosystem. By fostering a robust community, we aim to replicate their success and drive the growth of our own platform.

Magpie Mafia: Our Community 🐦

To continue our discussion on community, we want to highlight our amazing supporters and community members who have been integral to our journey. We are deeply grateful for your participation and support. In the spirit of transparency and trust, we have made concerted efforts to communicate openly about many aspects of our protocol.

Magpie Mafia is our initiative for fostering a vibrant and engaging community. Through this initiative, we aim to create an engaging and fun experience for our members.

Here are a few of the ways you can benefit by being a member:

Campaign Rewards: The largest swappers in each campaign earn a portion of the rewards and many of our campaigns send rewards directly to a handful of random participants.

Evolving NFTs: Earn new costumes and weapons as you use the protocol. Your NFT evolves based on your volume, making it a cool way to showcase your involvement within the community as a profile pic in Discord or on Twitter.

FLY Rewards: Earn FLY rewards for participating and contributing to the protocol by using it.

We have dedicated over 55% of all FLY tokens to the community, which is significantly larger than many other protocols, often by 50–100%. This substantial allocation reflects our deep commitment to our community.

The initial token airdrop for Magpie Mafia members will be between 0.5–1.5% of the total supply, with zero vesting. Additionally, the Drip launchpool allotment will also have zero vesting.

We care about our community and want to show it through these allocations. Thank you for being a vital part of our journey! 🙏

Reward Algorithm and Weightage

Our reward algorithm is designed to benefit all of our users, both small and large, through a fair distribution mechanism that incentivizes using the protocol as intended, particularly for cross-chain swaps. While larger users will naturally see larger rewards, our weightage system prioritizes cross-chain swaps.

Each user who has utilized Magpie for swaps, whether for on or cross-chain, contributes to the success of Magpie Protocol. Therefore, we have structured the rewards to ensure everyone has an opportunity to benefit, reinforcing our commitment to a fair system of distribution.

Positive Interactions ✅

Magpie Alpha Transactors: Transactions conducted by Magpie Alpha NFT holders before the Magpie Mafia event.
Magpie Mafia NFT Holder: Ownership of a Magpie Mafia NFT is considered a favorable factor.
Cross-chain transaction: Cross-chain transactions are highly valued, as the experience points (XP) gained from these transactions are higher than on-chain transactions.
Non-Stablecoin Volume: Non-stablecoin swaps positively impact your score, rewarding diverse asset transactions.

These positive interactions enhance your weightage within Magpie Protocol, ensuring recognition and rewards for active and meaningful participation.

Spam Behavior 🚫

Frequent Stablecoin Exchanges, Reverse Swapping/Circular Trading, & Stablecoin Volume: Excessive stablecoin swapping and volume are considered spam-like behavior and are counterproductive to the platform’s intent.
Spam Behavior Consequences: Volume generated in spam sessions will be weighted lower, with an exponential reduction for persistent spamming.
Sybil Behaving Address: Addresses with “Sybil behaviors,” such as having similar transaction patterns and being related to each other through one or more transactions.
Severe Abuse: Addresses which are engaged in both “spam behavior” and “sybil behavior” simultaneously are considered Severe Abuse.

These measures ensure the integrity of the platform by discouraging and penalizing activities that undermine the platforms intended use.

Love for Other Communities

We deeply value the support we have and the collaborations we’ve done with various communities, from those who have been with us from the beginning, to our new partners. Through their support and collaborations, we have grown significantly as a protocol. We are thrilled to be working with a diverse range of projects, and we look forward to showcasing some of these outstanding collaborations in the coming weeks.

Our future plans include airdrops, collaboration, strategic alliances, and partnerships with several big and popular projects in the space. Details about these initiatives will be revealed as we announce the list of strategic and launch partners. Please note that some of these airdrops may include vesting schedules.

Your ongoing support and engagement are crucial to our continued success, and we look forward to sharing more exciting developments with you soon! 👀

🦅 Magpie Mafia Season 2: What to Expect

Magpie Mafia, our loyalty program, is gearing up for another exciting season! But first, we want to remind everyone that the Magpie Mafia Season 1 Snapshot has not been taken, so there’s still time to earn XP!

As we transition to Magpie Mafia Season 2, we will continue holding campaigns so that community members can enhance their NFTs, earn XP, and have a chance to win some prizes.

Here’s a little teaser on what you can expect in Season 2:

Yakuza Themed Japan 🇯🇵.
Features: Transferable NFT (limited supply), Magpie Gangs, and new features to help accrue value back to token holders and the Magpie Ecosystem.
Rewards: New monthly campaigns with monthly allocation up for grabs for both gangs and individuals.

We want to thank you all for joining us on this journey. In the evolving landscape of DeFi, it is crucial to present new opportunities and incentives to our community and investors through our tokenomics model. We hope to foster an even more incredible community that continues to grow, enabling us all to navigate DeFi with ease.

⚠️ Safety Notice

Users and readers are advised to be cautious and remain vigilant against potential scams. Users do not need to claim their Magpie Mafia airdrop, so do not trust any links saying as such. Verify that any webpage linked to Magpie Protocol is hosted under the magpiefi.xyz domain, this is crucial to staying safe from scams and phishing attempts. All official community and social channels are also listed on official web pages. Magpie-affiliated moderators and team members will never reach out to you first or solicit any kind of personal or passphrase information.

This is not an offer to sell or the solicitation of an offer to purchase any FLY, and is not an offering, advertisement, solicitation, confirmation, statement, or any financial promotion that can be construed as an invitation or inducement to engage in any investment activity or similar. You should not rely on the content herein for advice of any kind, including legal, investment, financial, tax, or other professional advice, and such content is not a substitute for advice from a qualified professional.

This document contains hypothetical, forward-looking, and/or projected figures which are not guaranteed and are subject to change; actual numbers may vary. Magpie makes no representation or warranty, express or implied, as to the completeness, reliability, validity, or accuracy of this information. The content herein is not error-free and may contain incorrect information. You agree and acknowledge that any information contained herein is subject to change without notice. No advice or information, whether oral or written, obtained from Magpie Protocol, will be construed to create any warranty or representation not expressly made herein.