Comment on page
Abracadabra - magicGLP
All about magicGLP, its integration with Dolomite, and what makes it special for magicGLP holders.
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.
Once you have magicGLP in your wallet, you may deposit it into Dolomite via the
Balancespage. To deposit it, select mGLP (mGLP is the symbol for magicGLP) from the asset dropdown with the
Deposittab selected (shown below).
The deposit/withdraw panel on the lower left hand corner of the Balances page
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.
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.