Magpie
MGP
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Magpie (MGP) is a micro-cap yield-boosting and governance token with a market capitalization of approximately $1.08M and severely depressed trading volume. A critical data gap exists in Active Development (scored -1.0 due to insufficient data from severe ticker/name collisions in search results), requiring weight redistribution across the remaining five sections. The project exhibits weak fundamentals across several categories: Community Support scores 1.5/10 due to dormant engagement and minimal market activity, and Market and Use Case scores 2.0/10 reflecting extreme long-term price drawdown (~99% from ATH) and low liquidity. Tokenomics (4.0/10) features a fixed 1B max supply with veTokenomics utility via vlMGP, though circulating supply figures conflict and demand remains weak. Team and Governance (4.5/10) benefits from a structured proposal/MegaDAO model but suffers from complete anonymity and opaque operational details. Security and Audit History (5.0/10) reflects third-party audits (BlockSec iterative review) and a CertiK Skynet score of 78.85/100, though smart-contract risks were highlighted by an April 2024 exploit (~$130k loss, subsequently reimbursed). No qualifying red-flag event triggers the 5.0 cap rule as the April 2024 exploit did not exceed the $1M threshold and was reimbursed. The final score is calculated from the redistributed weighted average.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Magpie (MGP)
Magpie (MGP) is the governance token for Magpie XYZ, a yield-boosting and optimization protocol deployed primarily on BNB Chain and Arbitrum. The protocol operates under a MegaDAO model, where users can vote-lock their MGP tokens into vlMGP. This locking mechanism enables participation in protocol governance through Magpie Improvement Proposals (MIPs), confers access to Initial DEX Offerings (IDOs), and distributes revenue generated from associated SubDAOs.
The tokenomics framework features a fixed maximum supply of 1,000,000,000 MGP tokens without mint-based inflation. The protocol utilizes veTokenomics across its ecosystem, which includes integrated yield-optimization platforms such as Radpie. However, the core team behind Magpie remains entirely anonymous, and detailed operational elements such as multisig custody arrangements, timelocks, and quorum specifications are not fully disclosed in public records.
Magpie has faced security challenges, including an April 2024 exploit in which approximately $130,000 was stolen due to a selector-position validation bug affecting user approvals across multiple supported blockchains. The protocol team published a post-mortem and stated that affected user wallets were reimbursed. Additionally, third-party code audits, such as BlockSec's review of the Radpie contracts, identified high-risk vulnerabilities that underwent iterative remediation. The project has also experienced severe market contraction, with MGP trading roughly 99% below its all-time high of €0.1815 alongside minimal daily trading volumes and diminished community engagement.