tl;dr Abracadabra is launching a suite of GMX-focused products. First, we are introducing DeFi’s lowest-fee auto-compounding GLP token, magicGLP, which simply takes a 1% fee on magicGLP yield. We are also introducing a magicGLP cauldron that allows users to borrow and lever up against their magicGLP.
Tired of manual staking and compounding on GMX to maximize your returns on your GLP tokens? So are we. This is why we’ve built DeFi’s cheapest auto-compounding token for GLP, magicGLP.
magicGLP, also known as mGLP, is a wrapper token that automatically compounds the ETH yield generated from staked GLP back into magicGLP to maximize your returns.
Each time we compound your rewards, the value of the mGLP token will increase relative to GLP, causing the mGLP:GLP exchange rate to rise over time. Rewards are compounded twice per day.
magicGLP’s fee structure is simple – a fixed 1% protocol fee on mGLP earnings! Because there are no deposit fees or withdrawal fees, you can enter or leave at a moment’s notice, all with no penalties!
This auto-compounding effect not only increases your yearly APY, but it also allows you to enjoy a stress-free investment experience. Say goodbye to the hassle of manually claiming rewards and hello to the magic of compounding returns with magicGLP.
You can find a detailed guide on how to use magicGLP here.
In addition to our auto-compounder, we are also excited to announce that we are pairing the launch of magicGLP with the launch of our magicGLP cauldron. With this cauldron, you can now borrow against your magicGLP or leverage up to earn even more GLP rewards! Whether you're looking to capitalize on short-term price movements or take advantage of longer-term growth opportunities, our cauldron gives you the power to unlock the full potential of your GMX investments.
$MIM top up is being executed later today, follow this twitter account to find out once it happens!
Currently, magicGLP staking is only available on the Arbitrum network. If there is sufficient market appetite, we will look to launch an Avalanche auto compounder / cauldron pairing in the upcoming weeks. Additionally, keep an eye out for more auto-compounding “magic” tokens in the near future!
Join the magic of passive income with magicGLP, and start maximizing your returns on GLP tokens today! Head over to app.abracadabra.money/#/magicGLP to try it out.