Penpie is delighted to announce the launch of the STIP PENDLE RUSH #6, a groundbreaking initiative aimed at catalyzing the growth and adoption of DeFi on Arbitrum. As part of the Arbitrum STIP, Penpie has been entrusted with an allocation of 500,000 ARB tokens, representing a substantial value exceeding $1 million. This allocation will be strategically distributed through the Arbitrum network, with a significant portion dedicated to incentivizing the conversion of PENDLE tokens into mPENDLE via Penpie.
The STIP PENDLE RUSH #6
The STIP PENDLE RUSH #6 is meticulously designed to encourage users to convert their PENDLE tokens into mPENDLE on Penpie, offering lucrative ARB token rewards as an incentive. A total of 80,000 ARB tokens have been earmarked for this purpose, with the primary objective of bolstering Penpie’s vePENDLE holdings within Pendle Finance while simultaneously reducing the circulating supply of PENDLE.
How to Participate?
Participating in the STIP PENDLE RUSH #6 is a straightforward process that involves converting PENDLE tokens into mPENDLE. If the mPENDLE peg remains above 95%, participants will be rewarded with 1 mPENDLE token for each PENDLE token converted. However, in the event that the peg falls below 95%, Penpie will employ the innovative Smart PENDLE Converter to purchase mPENDLE with PENDLE at the prevailing market rates. This mechanism ensures that participants receive a higher number of mPENDLE tokens relative to the mPENDLE value, thereby supporting the peg and optimizing rewards.
To further incentivize participation and strengthen the mPENDLE/PENDLE peg, Penpie is introducing the Smart PENDLE Converter. 100% of the PENDLE tokens converted by users during the event will be processed through the Smart PENDLE Converter. Additionally, 50% of the Smart Converter Bonus will be allocated to the Penpie Treasury in the event of a peg lower than 95%. These collected mPENDLE tokens will be strategically staked by the treasury, generating revenue that will be used to support and stabilize the mPENDLE/PENDLE peg.
Limited-Time Participation Window
The STIP PENDLE RUSH #6 will span a limited duration of five days, providing participants with a time-sensitive opportunity to convert their PENDLE tokens into mPENDLE and reap the benefits of ARB token rewards.
The mPENDLE Stability Vault
The mPENDLE Stability Vault has been established as a cornerstone of Penpie’s commitment to rewarding long-term supporters and discouraging short-term speculation. Every PENDLE token converted during the STIP PENDLE RUSH #6 will be deposited directly into the mPENDLE Stability Vault. This approach ensures that substantial ARB incentives are provided to individuals who significantly contribute to the growth and development of Penpie and Pendle, rather than solely catering to participants seeking immediate rewards.
The STIP PENDLE RUSH #6 Reward Structure
The ARB rewards allocated to users will be determined by both the amount of PENDLE tokens they convert and their current vlPNP balance in a locked state. These rewards will be distributed across multiple brackets, with the multiplier for ARB rewards increasing according to the vlPNP balance users hold, reaching a maximum of 1.2x. Only vlPNP in a locked state qualifies; vlPNP in a cooldown state will not yield any multiplier.
Users can enhance their potential rewards by increasing their PENDLE token conversions through various transactions, allowing them to progress to higher reward brackets. This structure encourages active engagement and strategic participation to unlock greater rewards.
Brackets of Rewards
vlPNP Rewards Boosting
Example:
1. User A converts 1,000 PENDLE without having any vlPNP Balance
User A will receive:
- 0.2 ARB * 1,000 = 200 ARB plus at least 1,000 mPENDLE (If the peg of mPENDLE is lower than 95% in relation to the price of PENDLE, Penpie will use the Smart Converter, and the amount of mPENDLE will be higher.)
2. User B converts 25,000 PENDLE without having any vlPNP on Penpie
User B will receive:
- 0.2 ARB * 1,000 = 200 ARB
- 0.21 ARB * 4,000 = 840 ARB
- 0.23 ARB * 15,000 = 3450 ARB
- 0.26 ARB * 5,000 = 1300 ARB
User B will receive a total of 5790 ARB plus at least 25,000 mPENDLE (The amount of mPENDLE received will be higher if the mPENDLE peg is below 0.95.)
3. User C converts 25,000 PENDLE while having 20,000 vlPNP Balance on Penpie
User C will receive:
- 0.2 ARB * 1,000 = 200 ARB
- 0.21 ARB * 4,000 = 840 ARB
- 0.23 ARB * 15,000 = 3450 ARB
- 0.26 ARB * 5,000 = 1300 ARB
User C’s ARB rewards are equal to 5790 without any multiplier. By having 20,000 vlPNP in locked state , User C has 1,15x ARB Multiplier on his conversions.
In that case, User C will receive 5790 * 1.15 = 6658 ARB rewards in total.
User C will receive a total of 6658 ARB plus at least 25,000 mPENDLE (The amount of mPENDLE received will be higher if the mPENDLE peg is below 0.95.)
Claiming mPENDLE Tokens
Upon converting PENDLE, participants in the STIP PENDLE RUSH #6 will immediately see their mPENDLE balance within the mPENDLE Stability Vault.
Claiming ARB Rewards
Upon converting PENDLE, users participating in the STIP PENDLE RUSH #6 will receive 100% of their earned ARB rewards directly in their wallets.
The STIP PENDLE RUSH is a meticulously crafted initiative designed to blackhole PENDLE tokens through an innovative mechanism, concurrently augmenting Penpie’s service offerings within the Arbitrum DeFi ecosystem. This strategic approach presents participants with enticing yields and enhanced voting power, thereby incentivizing long-term commitment and fostering the sustained growth and stability of the Arbitrum DeFi ecosystem. By implementing this strategy, we aspire to create an enduring positive impact on Arbitrum, extending far beyond the STIP period and contributing significantly to the overall success and widespread adoption of decentralized finance on the platform.
Enter the STIP PENDLE RUSH #6
About Penpie: Penpie is a Next-Generation DeFi SubDAO created by Magpie XYZ to provide Pendle Finance users with yield and veTokenomics boosting services. Integrated with Pendle Finance, Penpie focuses on locking PENDLE tokens to obtain governance rights and enhanced yield benefits within Pendle Finance. Penpie revolutionizes how users can maximize investment returns and monetize their governance power.
Website / Twitter / Discord / Telegram / Docs / Link3 / Medium / WatchPug Audit / Zokyo Audit
