We are excited to unveil STIP PENDLE RUSH #7, a pioneering effort to boost growth and the wider acceptance of DeFi within the Arbitrum ecosystem. As part of the Arbitrum STIP, Penpie has been granted 500,000 ARB tokens, worth nearly $1 million, to be judiciously utilized across the Arbitrum network. A significant part of this fund is aimed at promoting the conversion of PENDLE tokens into mPENDLE through the STIP PENDLE RUSH initiatives.
The STIP PENDLE RUSH #7
The STIP PENDLE RUSH #7 is meticulously crafted to encourage users to turn their PENDLE tokens into mPENDLE at Penpie, offering enticing ARB token rewards to stimulate participation. An allocation of 109,722 ARB tokens, with a 50,000 ARB contribution by Pendle Finance, has been set aside to fulfill this aim, focusing on increasing Penpie’s vePENDLE assets within Pendle Finance and concurrently diminishing the available supply of PENDLE.
How to Participate?
Participating in STIP PENDLE RUSH #7 is a straightforward process that involves converting PENDLE tokens into mPENDLE. When the mPENDLE peg stays above 95%, participants are awarded 1 mPENDLE token for every PENDLE token they convert. If the peg decreases to below 95%, Penpie will activate the Smart PENDLE Converter to buy mPENDLE using PENDLE at the prevailing market prices. This approach guarantees that participants are granted an increased quantity of mPENDLE tokens in comparison to the value of mPENDLE, thereby bolstering the peg and enhancing rewards.
Unlike previous STIP PENDLE RUSH events, the Smart PENDLE Converter will process 100% of the PENDLE tokens converted by users during STIP PENDLE RUSH #7. Also, should the peg dip below 95%, half of the Smart Converter Bonus is designated for the Penpie Treasury. The treasury will then strategically stake the accrued mPENDLE tokens, generating income that will be used to bolster and maintain the stability of the mPENDLE/PENDLE peg.
Limited-Time Participation Window
The STIP PENDLE RUSH #7 is set for a brief period ending on 28 March 2024 at 00:00 UTC, offering participants a limited-time chance to convert their PENDLE tokens to mPENDLE and take advantage of ARB token incentives.
The mPENDLE Stability Vault
Reflecting our dedication to honoring enduring supporters while deterring brief speculative actions, we’ve introduced the mPENDLE Stability Vault. During the STIP PENDLE RUSH #7, all converted PENDLE tokens will be promptly allocated to the mPENDLE Stability Vault. This method guarantees that considerable ARB rewards are provided to contributors who play a meaningful role in nurturing and advancing Penpie and Pendle, as opposed to simply benefiting those in pursuit of quick gains.
The STIP PENDLE RUSH #7 Reward Structure
The reward structure for STIP PENDLE RUSH #7 will be determined based on the number of PENDLE tokens converted and the current vlPNP balance held in a locked state by users. The rewards will be distributed across multiple tiers, with the ARB reward multiplier increasing as the vlPNP balance maintained by users grows, up to a maximum of 1.2x. Please note that only vlPNP in a locked state will qualify for the multiplier, whereas vlPNP in a cooldown state will not be eligible for any multiplier benefits.
Users can increase their potential rewards by boosting their PENDLE token conversions through various transactions, enabling them to advance to higher reward brackets. This structure promotes 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:
- 0.22 ARB * 1,000 = 220 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:
- 0.22 ARB * 1,000 = 220 ARB
- 0.23 ARB * 4,000 = 920 ARB
- 0.25 ARB * 15,000 = 3,750 ARB
- 0.28 ARB * 5,000 = 1,400 ARB
User B will receive a total of 6,290 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:
- 0.22 ARB * 1,000 = 220 ARB
- 0.23 ARB * 4,000 = 920 ARB
- 0.25 ARB * 15,000 = 3,750 ARB
- 0.28 ARB * 5,000 = 1,400 ARB
User C’s ARB rewards are equal to 6,290 without any multiplier. By having 20,000 vlPNP in locked state , User C has 1,15x ARB Multiplier on his conversions.
In this case, User C will receive 6,290 * 1.15 = 7,233 ARB rewards in total.
User C will receive a total of 7,233 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 STIP PENDLE RUSH #7 will immediately see their mPENDLE balance in the mPENDLE Stability Vault.
Claiming ARB Rewards
Upon converting PENDLE, participants in STIP PENDLE RUSH #7 will receive 100% of their earned ARB rewards directly in their wallets.
The STIP PENDLE RUSH #7 epitomizes a carefully orchestrated initiative that employs an inventive method to definitively retire PENDLE tokens, whilst concurrently enhancing Penpie’s array of offerings within the Arbitrum DeFi sphere. Through the implementation of this strategy, our objective is to forge a persistent and impactful presence on the Arbitrum network, extending significantly beyond the STIP timeframe and contributing vitally to the overall progress and embracement of decentralized finance across the ecosystem.
Enter the STIP PENDLE RUSH #7
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.
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