Magpie Joins Restaking: Reviewing Token Performance of Projects Under "The Yield Master"
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Magpie Joins Restaking: Reviewing Token Performance of Projects Under "The Yield Master"
Eigenpie can generate restaking receipts ILR, and its platform token is EGP.
Navigating Web3 tides with focused insightsAuthor: shushu
A new player enters the restaking arena.
On January 23, Magpie announced a collaboration with EigenLayer to launch Eigenpie, a SubDAO focused on liquid restaking. Magpie XYZ is a DeFi protocol ecosystem offering yield and veTokenomics enhancement services across multiple blockchain networks. With the restaking sector gaining momentum, this move undoubtedly injects fresh energy into the Magpie XYZ ecosystem.
According to data from Magpie's official website, the TVL of the Magpie ecosystem has exceeded $190 million. Eigenpie marks the sixth SubDAO launched by Magpie. In addition to introducing the newly launched Eigenpie, BlockBeats also reviews other products within the Magpie XYZ ecosystem for readers' reference.
Eigenpie
EigenLayer is an Ethereum-based restaking protocol that allows users to re-stake native ETH, LSD-ETH, and LP tokens via EigenLayer smart contracts to earn validation rewards. The Eigenpie being developed by Magpie leverages EigenLayer’s smart contract technology to provide LRT (Liquid Restaking Token) services, enabling users to earn passive income from both Ethereum staking and EigenLayer—without lock-up periods.
Isolated Liquid Restaking Tokens (ILRTs) are restaking receipts issued by Eigenpie. These can only be minted by depositing specific LSTs, not a basket of different LSTs. Users can deposit their LSTs into Eigenpie to receive an LRT version of that specific asset. The ILR tokens received upon deposit retain the original name of the underlying asset but are prefixed with an "m".
EGP is Eigenpie’s platform token, though its tokenomics have not yet been disclosed. Additionally, Eigenpie will introduce a points system to incentivize users to deposit LSTs or refer new participants.
Magpie
Magpie is the first protocol in the Magpie XYZ ecosystem—a yield aggregator and multi-chain DeFi application built through a partnership with the Wombat exchange. Magpie’s relationship to Wombat is similar to Convex’s relationship to Curve.
Users can deposit stablecoins, BNB, Liquid BNB, frxETH, ETH, WOM, or mWOM into single-sided pools to earn high APRs while also supporting governance voting on the Wombat platform, generating passive income. Magpie locks converted WOM as veWOM on Wombat, accumulating veWOM over time to increase entitlements to WOM rewards and governance benefits on Wombat.
The native token of Magpie is MGP, with a total supply of 1,000,000,000 tokens. At the time of writing, MGP trades at $0.07, up 14.7% over 24 hours. The market cap stands at $22.5 million, with an FDV of $70.46 million.
Penpie
Penpie is a sub-DAO built on Pendle, a DeFi protocol specializing in interest rate swaps. Users can deposit PENDLE into Penpie to receive mPENDLE, which can be freely swapped back for PENDLE on secondary markets like Wombat. Meanwhile, Penpie locks all collected PENDLE for two years to accumulate vePENDLE.
Penpie’s native token is PNP, with a total supply of 10 million. At the time of writing, PNP trades at $3.41, down 12.6% over 24 hours. Its market cap is $12.97 million, with an FDV of $34.17 million.
For users, this offers higher yields than holding vePENDLE directly, derived from revenue sharing on PENDLE earnings and PNP token incentives, while also unlocking liquidity for their capital. For the Penpie team, it secures substantial voting power and associated benefits.
Additionally, liquidity providers on Pendle can stake their LP tokens on Penpie to earn accelerated yields without needing vePENDLE—and these yields exceed those available directly on Pendle.
Radpie
Radpie is a SubDAO product co-launched by Magpie and Radiant Capital, a cross-chain lending protocol. Its core mechanism incentivizes liquidity provision through restrictive measures requiring indirect locking of a certain proportion of RNDT to qualify for mining rewards. Specifically, users must deposit dLP equivalent to 5% of their deposit amount into Radpie. dLP refers to LP tokens from a Balancer pool containing 80% RDNT and 20% ETH. If the dLP ratio falls below 5%, users lose eligibility for RDNT emissions. When using the one-click loop feature, the system automatically borrows funds to purchase dLP, maintaining the required 5% threshold.
By pooling dLP and sharing it with DeFi miners, Radpie enables participation in mining without direct RDNT holdings—similar to Convex’s shared veCRV model. Collected dLP is converted into mDLP tokens, analogous to how CRV is transformed into cvxCRV on Convex.
For RNDT holders, converting dLP into mDLP allows them to maintain RNDT exposure while earning high yields—mirroring the cvxCRV logic, since dLP contains 80% RNDT and closely tracks RDNT price movements. For Radiant, this is beneficial as mDLP remains perpetually locked, directly supporting long-term RDNT liquidity and attracting lighter-weight users.
Radpie’s native token is RDP. At the time of writing, RDP trades at $1.05, down 2.1% over 24 hours.
Beyond the SubDAOs described above, Magpie has also partnered with Arbitrum-based DEX Camelot to launch Campie, and with multi-chain DEX PancakeSwap to launch Cakepie. However, due to insufficient liquidity or underdeveloped tokenomics, these are not discussed in detail here. Their mechanisms align with previous SubDAO offerings—locking native tokens to obtain veTOKENs, thereby increasing reward accrual and governance rights, while generating additional passive income for DEX users.
CMP is Campie’s governance and revenue-sharing token. By locking CMP, users receive an equivalent amount of vote-locked CMP (vlCMP). Holding vlCMP grants two key benefits: generating passive income and participating in governance for both Campie and Camelot. Voting rights earned by Campie via xGRAIL are distributed proportionally among vlCMP holders.
CKP is Cakepie’s governance and revenue-sharing token. Users can lock CKP on a 1:1 basis into vote-locked CKP (vlCKP), granting CKP holders both passive income and governance rights over PancakeSwap and Cakepie.
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