Radpie: The "Convex" of the upcoming RDNT

Penpie$PNPIDO once rose 5 times since its opening. Magpie strikes while the iron is hot and announces that it will continue to launch Radiant$RDNT’s “Convex” in the subDAO mode - With the blessing of multiple narratives, can Radpie replicate or even surpass the benefits of PNP?

This article will introduce you to the Radpie mechanism, product advantages and disadvantages, narrative labels, and the participants of the Magpie-based IDO

A. Radpie mechanism

Simply put, Radpie is to RNDT, similar to Convex to Curve. The full-chain lending agreement and the concept of Layerzero Radiant has taken restrictive measures in terms of liquidity incentives. Simply put, you need to lock up a certain amount of RNDT indirectly to obtain mining income. Specifically, you need dLP equivalent to 5% of the deposit amount, and dLP is It is the LP of a Balancer pool with 80% RDNT/20% ETH, once the ratio is less than 5%, then you will not get RDNT emission benefits.

If you use the one-click loop function of RDNT, once your dLP accounts for less than 5%, the system will automatically borrow money to buy dLP for you.

This also brings better sustainability to RDNT. After all, when you mine RDNT, you are actually providing long-term liquidity for RDNT

After all, dLP has a lock time requirement, and the longer the lock, the higher the APR.

What Radpie does is to raise dLP and share it with DeFi miners, so that DeFi miners can mine without holding RDNT. This is actually quite similar to Convex’s shared veCRV. The raised dLP will also give mDLP tokens, which is the same as converting CRV to cvxCRV through Convex.

For RNDT holders, they can form dLP and convert it into mDLP through Radpie, and enjoy high returns while holding RNDT positions. The logic is similar to cvxCRV. After all, dLP contains 80% RNDT, and the price change is very close to RDNT. For the Radiant project, this is also a good thing. After all, after converting to mDLP, it will be locked in a perpetual cycle. Part of the RNDT will be sent directly to the black hole to support the long-term liquidity of RDNT, and it will also help attract more lightweight users.

For example, in the picture below, Pendle started to accelerate growth after the launch of the Pendle series “Convex” product, and Radiant is expected to benefit from this

The fly in the ointment is that Radiant does not vote to determine the incentive distribution like Pendle/Curve, so it lacks the bribe income.

However, Radiant has made it clear that it will continue the construction of DAO, so governance rights are expected to gain more value in the future, and Radpie, which holds a large amount of governance rights (dlp), is naturally expected to benefit from this.

B. Product advantages and disadvantages

Similar to Penpie, Radpie is also a project standing on the shoulders of giants, and the upper and lower limits of such projects are relatively clear. Horizontal comparison, Aura FDV is 35% of Balancer, and Convex is 14% of Curve. RDNT, as a project with an FDV of 300 million US dollars and listed on Binance, Radpie’s valuation is also somewhat comparable. According to the consistent style of Magpie subDAO, the FDV of Radpie IDO should be below 10M, so there is a certain profit margin for IDO participants.

The disadvantage is that Radpie does not have the same horizontal expansion capability as the parent DAO Magpie, but it will also benefit from the internal and external circulation system of Magpie’s subDAOs, please refer to the next section.

C. Narrative Tags

LayerZero/ ARB airdrop/ ultra-sovereign leverage governance/ internal and external dual circulation/ subDAO will be Radpie’s narrative label

LayerZero, RNDT is a well-known LayerZero concept currency, and Radpie will naturally use LayerZero to achieve cross-chain interoperability.

ARB airdrop, RNDT DAO has decided to airdrop 40% of the obtained ARB to the newly locked dLP in the next period of time, and 30% to the surviving dLP in the next year on average, and Radpie just happened to catch up with this time point and is expected to participate Divide up this 2M+ ARB feast, which is very helpful for the start of the project.

Super-sovereign leverage governance, as usual, a large amount of RDP will be allocated to the Magpie treasury. On the one hand, the benefits brought by these tokens will be distributed to MGP holders. On the other hand, when Radiant DAO makes decisions, MGP holders will also Participation is possible through controlled RDP.

Considering that MGP participates in RDP and RDP in RDNT as a whole, this actually comes with a kind of leverage. If MGP votes for a certain item, since it accounts for the majority of RDP shares, it can basically be passed as long as other people do not collectively object. In the RDNT vote, 100% dLP controlled by Radpie will also vote for this option , this is the essence of super-sovereign leverage governance

Internal and external double circulation, this is a unique system generated by Magpie using the subDAO model expansion under the governance track.

To give a simple example, mdLP/dLP trading pairs will be deployed in wombat with a high probability, and more wom incentive emissions will be obtained by bribing vlMGP holders. If Pendle is on mDLP in the future, then Radpie will bribe Penpie.

These emitted tokens still remain in the Magpie system, which is the so-called internal circulation, the meat is rotten in the pot, reducing external net expenditures.

The outer circulation refers to the sharing of resources between multiple projects to reduce costs and increase efficiency. For example, Ankr obtains Pendle incentives through Penpie Bribe, so if Radiant opens Bribe in the future, it will naturally be easy to talk about.

SubDAO, it is not difficult to see that the super-sovereign leverage governance and the internal and external dual cycle system are all based on the expansion of Magpie through the subDAO model. In addition to the above two, subDAO actually has other advantages. First, in the current Rug sky, the most important thing to do is reputation. The subDAO model can inherit the reputation of the parent DAO; the second is to provide independent tokens compared to direct integration. It can give full play to the advantages of Tokenomics to achieve growth; the third is to provide more gambling tools to the market to ensure that the parent project can keep up with most narratives.

D. Magpie is the way to participate in IDO

In Penpie, IDO shares are distributed like this

• 35% - xGRAIL holders
• 30% - mPENDLE holders
• 25% - vlMGP holders
• 10% - Penpie LP provider

By analogy, the future participation methods of Magpie IDO can be divided into:

The long-term way to participate is to buy and hold vlMGP, so that it is expected to participate in all future subDAO IDOs of Magpie. However, this model is greatly affected by MGP price fluctuations, please fully dyor

The short-term arbitrage-style participation method is to borrow RDNT through Binance mortgage or short contract hedging, participate in the mDLP Rush activity to convert DLP into mDLP, and take RDP airdrops on one side and IDO shares on the other. If you have a desire to hold base layer tokens (RDNT), you can also directly buy and participate in mDLP Rush.

It should be noted that mDLP/DLP, like cvxCRV/CRV, is a soft hook rather than a mandatory hook, and it may not be able to maintain 1:1 when you quit, Dyor Dyor!

In addition, the Launchpad platform can naturally share some benefits, but to be honest, it does not make much sense for such an undervalued project to raise funds through the Launchpad platform.

PNP is estimated to consider attracting traffic and contacting the ARB community through Camelot to help Magpie make a name for itself in Arbitrum, so Radpie seems to have no need for this?

Pancake/Camelot is naturally a viable candidate (Camelot is actually not that qualified 🤣), but if there are no suitable terms, there is no reason to take a share, so the uncertainty in this area is still relatively high. Moreover, the Cake & Grail plate is relatively large, and the arbitrage income may be relatively small, but the uncertainty factor is quite large.

Summarize

Radpie is the Convex of RDNT. The biggest advantage is its low valuation + being backed by a big tree to enjoy the shade. Rapie has the five narrative labels of LayerZero/ARB airdrop/ultra-sovereign leverage governance/internal and external double loop/subDAO. There are various ways to participate in IDO, and there are suitable methods for both long-term and short-term