We are thrilled to announce the launch of Wompie’s WOM UP, a limited-time event designed to decrease the circulating supply of Wombat Exchange’s WOM token while simultaneously increasing our platform’s veWOM holdings. A total of 150,000 MGP have been allocated for users who convert their WOM tokens into mWOM across BNB Chain and Arbitrum through this initiative. Specifically, 100,000 MGP will be distributed via BNB Chain, and 50,000 MGP will be distributed via Arbitrum. This event is scheduled to last for 5 days, encouraging active participation and long-term support.
How to Participate?
Joining Wompie’s WOM UP is a straightforward process. The event offers users the opportunity to earn MGP rewards while converting their WOM tokens into mWOM using Wompie’s Smart WOM Converter. If the price of WOM is below 0.90 in relation to the price of WOM, users will receive mWOM based on the Smart Converter Ratio, helping to maintain a stable peg for the mWOM-WOM pool. The WOM UP allows Wompie to accumulate veWOM while it incentivizes users that contribute to the platform and supports the price of mWOM. Participants will receive their mWOM balance in the mWOM Stability Vault, with the possibility of acquiring more than 1 mWOM per each WOM converted.
The WOM UP Party Reward Structure
Rewards for converting WOM tokens into mWOM are allocated based on the total amount of WOM converted, with different reward brackets providing varying amounts of MGP per WOM conversion. As participants exceed certain thresholds, they progress to higher brackets with higher rewards, thereby encouraging ongoing participation and increased conversions. Users can move up to higher brackets by increasing the amount of WOM they convert and stake in the Stability Vault through various transactions.
Brackets of Rewards for WOM Converters
Example:
1. User A converts 1,000 WOM
User A will receive:
- 0.01 MGP * 1,000 = 10 MGP plus at least 1,000 mWOM (If the peg of mWOM is lower than 90% in relation to the price of WOM, Wompie will use the Smart WOM Converter, and the amount of received mWOM will be higher).
2. User B converts 500,000 WOM
User B will receive:
- 0.01 MGP * 10,000 WOM = 100 MGP
- 0.011 MGP * 40,000 WOM = 440 MGP
- 0.013 MGP * 150,000 WOM = 1,950 MGP
- 0.016 MGP * 300,000 WOM = 4,800 MGP
User B will receive a total of 7,290 MGP plus at least 500,000 mWOM (The amount of mWOM received will be higher if the mWOM peg is below 0.90)
Receiving mWOM Tokens
mWOM tokens are instantly credited to participants through the mWOM Stability Vault upon conversion. The Smart WOM Converter provides an advantageous exchange rate, giving users +1 mWOM in return if the peg falls below 90%. This ensures participants receive the best possible outcome from their conversion, enhancing their participation. Users will receive mWOM on the same network they selected to convert their WOM tokens.
Claiming MGP rewards
Participants will receive 100% of their MGP rewards directly in their wallets upon converting WOM to mWOM within the same network they selected for the conversion.
Convert WOM into mWOM Now:
About Wompie: A SubDAO created by Magpie, offering yield and veTokenomics boosting services to enhance the DeFi experience for Wombat Exchange users. Wompie integrates with Wombat to lock WOM tokens as veWOM, providing governance rights and boosted yield benefits.
