As we persistently strive to amplify our product’s value and yield maximum benefits for DeFi users, it brings us great excitement to share that our upcoming PNP token IDO is set to launch on Camelot Exchange. The PNP token, which stands as Penpie’s governance and revenue-sharing token, will soon be available for acquisition. As the most successful native DEX on Arbitrum, Camelot provides us with an avenue to broaden our scope and generate additional opportunities for Penpie by facilitating the distribution of the $PNP token through their platform. Penpie is a Next-Generation product that facilitates and maximizes the way users can benefit from Pendle Finance.
PNP IDO Allocation Update
Here we share the updated allocation of our upcoming PNP IDO. The distribution has been strategically planned to ensure a diverse and robust token ecosystem.
- xGRAIL: 35% — As governance stakeholders of Camelot Exchange, xGRAIL holders will have the chance to participate in the PNP token IDO, sharing a 35% quota. This will enable users of Camelot Exchange to gain governance authority over Pendle Finance through PNP.
- mPENDLE: 30% — As key contributors to Penpie, mPENDLE holders have played a vital role in providing Penpie’s vePENDLE, allowing the platform to offer optimized benefits within the DeFi space. In recognition of their direct impact, mPENDLE holders and stakers will be eligible to share 30% of the total PNP tokens for sale.
- vlMGP: 25% — As valued governance stakeholders in Magpie, vlMGP holders are granted the opportunity to participate in the PNP token sale. They will be eligible to share 25% of the total PNP tokens for sale, reflecting their integral role in the decision-making process for the platform.
- Liquidity Providers: 10% — Liquidity providers are an important aspect of the success of Penpie, as the platform’s PENDLE emissions are directly correlated to the TVL within protocol. To acknowledge their importance, Penpie liquidity providers will be granted access to share 10% of the total PNP tokens for sale.
$3M FDV and $600K Cap
Our Penpie IDO comes with a Fully Diluted Valuation (FDV) of $3M and a cap of $600K (20% of the total supply), allowing early supporters to acquire PNP at a highly competitive price. This is an exceptional opportunity for eligible users to invest early and maximize their potential returns.
Token Distribution Update
It’s important to clarify the reasoning behind our changes to the IDO and tokenomics, as well as how we believe they will provide long-term benefits for the Penpie community.
Camelot: A Partnership of Significant Value: We hold the firm conviction that launching the IDO on Camelot Exchange will be a substantial step towards raising Penpie’s profile and securing ample liquidity for PNP tokens. This partnership presents a unique opportunity to widen our horizons and strengthen the foundation for our future growth.
Additionally, our IDO on Camelot Exchange fosters a strategic relationship within the broader Arbitrum DeFi ecosystem. This synergy is built upon the collaboration between Penpie, which is meticulously designed to support Pendle Finance, and Camelot. Camelot hosts the liquidity for the PENDLE-ETH pool from Pendle Finance. Penpie offers a distinctive opportunity for Camelot users who wish to participate in the governance of Pendle Finance.
Onboarding Additional Bribe Partners: To successfully bring on board a larger number of partners for our bribery market, we acknowledge the necessity of a more sizable allocation of PNP tokens to the Business Development category. This increased allocation will serve as an incentive, empowering us to attract and retain valuable partnerships within our ecosystem.
At the heart of our mission, we are unerringly focused on our users. We strive to create and provide reliable and innovative opportunities tailored to their needs. We believe that by aligning the objectives of all parties — Penpie, Pendle Finance, Camelot, and most importantly, our users — we can unlock unparalleled value. As we journey into this exciting phase, we extend our heartfelt gratitude for your continued support. We couldn’t have reached this significant milestone without you. We look forward to shaping a more inclusive and prosperous DeFi landscape together.
About Penpie: Penpie is a next-generation DeFi product built by Magpie to provide Pendle Finance users with yield and veTokenomics boosting services. Integrated with Pendle Finance, Penpie focuses on locking PENDLE tokens to obtain governance rights and enhanced yield benefits within Pendle Finance. Penpie revolutionizes the way users can maximize returns on their investments and monetize their governance power on Pendle Finance.
