MagicGLP, the largest GLP auto-compounder on the Arbitrum Network, is now also deploying on the Avalanche Network to allow GMX users to enjoy the benefit of low fee, auto-compounding on every GMX native chain.
Less than 2 months ago, MagicGLP made a splash in the DeFi world by launching on Arbitrum, offering GMX users a way to earn boosted GLP rewards through its low-fee auto-compounding technology.
Since its launch on the 31st of January, MagicGLP has achieved nearly $28m in TVL and has harvested more than 500 ETH in rewards for its users.
MagicGLP has become massively popular within the GMX community, and its expansion to Avalanche will bring even more benefits to the ecosystem as a whole.
Using MagicGLP is simple and intuitive, users earn rewards by staking GLP tokens on Abracadabra and receiving magicGLP as receipt tokens.
MagicGLP automatically reinvests these rewards into the user's original stake, compounding users earnings and maximizing users returns over time. Each time rewards are compounded, the value of the magicGLP token will increase relative to GLP, causing the magicGLP:GLP exchange rate to rise over time. Rewards are compounded twice per day.
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.
The Avalanche network's scalability and security provide the perfect foundation for MagicGLP's auto compounding technology, creating an ecosystem that is perfectly suited for GMX users.
If you wish to learn more on how magicGLP works behind the hood, you can find more information here.
Once deployed on the Avalanche C-Chain, Abracadabra will work to integrate magicGLP into DeFi platforms on Avalanche as MagicGLP tokens are completely transferable and composable. MagicGLP can be integrated seamlessly into protocols as any other interest bearing token to enable lending, borrowing, and more. If you are interested in working with Abracadabra, do not hesitate to reach out via Discord to our moderators and DAO contributors!
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!
The launch of MagicGLP on Avalanche represents an exciting new chapter in the development of Abracadabra Money and provides the GMX community with an innovative way to grow their wealth on the Avalanche network.
Head over to app.abracadabra.money/#/magicGLP and try it now!