DeFi pioneer Andre Cronje's public chain Sonic, in less than 4 months since its launch, has seen its Total Value Locked (TVL) grow to $850 million, an 83% increase in the past month, becoming a hotspot for liquidity mining and a fertile ground for DeFi innovation. For example:
- Shadow's x(3,3): A brand new token economic mechanism
- Flyingtulip: Introducing an AMM model dynamically adjusted based on volatility
- Rome Protocol: Dual staking mechanism and Proof of Burn
Now, Magpie founder Ali Raheman is bringing the innovative FLY(3,3) token economic model into the Sonic ecosystem and will launch its token $FLY public sale tomorrow (22nd). How does this project work? Let's dive in together.
- Time: March 22 from 7:30 AM to March 25 at 7:30 AM
- Fundraising Amount: $2.1 million.
- Price: $0.45 per $FLY.
- Unlock Method: Full unlock at TGE, no lock-up period.
- Sale Type: Whitelist + Public Sale.
The whitelist covers users actively participating in the Sonic ecosystem, including communities of the protocols shown in the image, and can check whitelist eligibility through the following link: magpiefi.xyz/whitelist.
Participate in Magpie Boost Activity
Besides the public sale, users can also participate in Magpie's Boost activity to receive multiple rewards, including:
- Magpie Points (Eggs), which are limited
- Magpie Fragments (used as the basis for Sonic Gem rewards)
- Sonic Points
- Points from various partner protocols
Specific participation method is as follows:
- Visit the activity page: Magpie Boost
- Interact with Sonic ecosystem DApps through Magpie (e.g., @beets_fi, @eulerfinance, @SiloFinance, @Rings_Protocol)
- Perform DeFi operations, such as deposits, trades, and Staking
- Obtain multiple rewards: Accumulate higher multiplier rewards based on the type and frequency of participation, with a chance to receive future airdrops
- Magpie points are limited, so it is recommended to participate early and check the remaining quantity in the UI.
Conclusion
The cross-chain liquidity aggregation protocol Magpie aims to transform subsidies originally given to LPs into rewards for traders through the innovative FLY(3,3) Token economic mechanism, thereby stimulating protocol trading volume. The potential of this model lies in allowing users to truly enjoy a "spend less, earn more" trading experience. However, this mechanism is still iterating, and the protocol needs to achieve a healthy balance between voting, emission strategies, fee buybacks, and long-term Token value. Key points to observe in the future include:
- Whether actual trading volume can be significantly increased
- Whether the positive cycle of emissions and protocol revenue is stable
- The fairness of voting and lock-up mechanisms
If continuous optimization can be achieved in these aspects, FLY(3,3) may bring a new "trade-driven" Token economic paradigm to DeFi.
At the same time, participants still need to pay attention to risks, especially smart contract security. Magpie experienced a smart contract vulnerability in April 2024, resulting in a loss of $1.29 million affecting 221 wallets. Although the official team has repaired the vulnerability and strengthened security measures, users are still reminded to carefully assess risks before participating to ensure fund safety.
