tl;dr As a general push towards the NFT ecosystem, Abracadabra is launching its own in house built APE staking autocompounder, and a cauldron to leverage up those rewards!
Tired of manual staking and compounding your APE rewards on apestake.io? Abracadabra has the product just for you!
magicAPE, also known as mAPE, is a wrapper token that automatically compounds the APE yield generated from staked APE coins back into magicAPE to maximise your returns!
Each time we compound your rewards, the value of the magicAPE token will increase relative to APE, causing the mAPE:APE exchange rate to rise over time. Rewards are compounded twice per day.
magicAPE’s fee structure is simple – a fixed 1% protocol fee on magicAPE earnings!
Because there are no deposit fees or withdrawal fees, you can enter or leave at a moment’s notice, all with no penalties or fees!
This auto-compounding effect not only increases your yearly APY, but it also allows you to enjoy a stress-free staking experience.
Say goodbye to the hassle of manually claiming rewards and hello to the magic of compounding returns with magicAPE.
You can find a detailed guide on how to use magicAPE here.
In addition to our auto-compounder, we are also excited to announce that we are pairing the launch of magicAPE with the launch of our magicAPE cauldron, as per AIP #16.
The cauldron parameters are:
Initial Interest: 18%
Borrow Fee: 0%
With this cauldron, you can now borrow against your magicAPE or leverage up to earn even more APE rewards!
Our cauldron technology allows users to use their magicAPE tokens as collateral to borrow $MIM, that is then invested into new magicAPE, hence effectively increasing your initial deposit yield! All of this happens in just one click on our UI!
Once you want to deleverage, you can easily close your position in one click, selling your collateral for MIM, and hence unlocking the initial deposit (which will now be worth more than when you deposited it).
Please note: magicAPE collateral goes up in value, not in quantity, as every time a harvest is triggered your magicAPE tokens are worth more and more APE!
You can learn more about our leverage engine in our docs here.
The cauldron is already live and can be found here:
Join the magic of passive income with magicAPE, and start maximizing your returns on staked APE tokens today!
Head over to app.abracadabra.money/#/magicAPE to try it out.
Hop on our Discord server if you have any doubts or questions!