Abracadabra - magicGLP
All about magicGLP, its integration with Dolomite, and what makes it special for magicGLP holders.
Last updated
All about magicGLP, its integration with Dolomite, and what makes it special for magicGLP holders.
Last updated
magicGLP is an auto-compounding vault that was built by Abracadabra for the GMX platform's liquidity token, GLP. You can learn more about how GLP works here.
On Arbitrum, users can mint magicGLP by depositing GLP at any time. There are no fees incurred for depositing or withdrawing. There is currently a 1% fee that's taken from the yield earned The vault functions by taking the ETH rewards and auto compounds them into increasingly more GLP, resulting in magicGLP appreciating in value against GLP. Auto-compounding occurs twice per day.
magicGLP token address (Arbitrum): 0x85667409a723684Fe1e57Dd1ABDe8D88C2f54214
The prior information was taken from Abracadabra's Gitbook. If you notice any of the information is out of date or incorrect, please let us know.
magicGLP can be acquired by minting it on Abracadabra's staking page on their web application. To mint magicGLP, you must first have GLP in your wallet.
Once you have magicGLP in your wallet, you may deposit it into Dolomite via the Balances page. To deposit it, locate the plus icon (i.e ⊕), to the right of mGLP (mGLP is the symbol for magicGLP) and the In Wallet column (shown below).
Note, if it is your first time depositing, you will have to unlock magicGLP first, then perform the deposit. Once your magicGLP is deposited, you will be able to use it across Dolomite's various services.
magicGLP is not a borrowable asset. You can learn more about the other risk parameters by visiting the Risk Mitigation page.
The smart contract used for magicGLP can be seen on this page. The implementation accounts for the price of GLP using the methodologies described here as well as the exchange rate between magicGLP and GLP.
The current oracle implementation is flash loan resistant as long as magicGLP remains unborrowable. Meaning, the magicGLP asset must be unborrowable for this price oracle implementation to be considered safe.
As a precaution, the price oracle checks that magicGLP is not borrowable before returning a price. If for any reason in the future magicGLP is made borrowable, this failsafe will activate and the oracle will purposefully fail to function.
There are no special fees for using your magicGLP tokens on Dolomite. You keep 100% of the yield it generates.
