Penpie is pleased to announce the highly anticipated 7th edition of the PENDLE RUSH, an event focused on converting PENDLE tokens into mPENDLE on Arbitrum. This initiative aims to reward participants with vlPNP incentives based on their PENDLE conversions. Building on the success of previous editions, Penpie has accumulated over 10 million PENDLE and distributed thousands of vlPNP to dedicated community members who embraced the PENDLE to mPENDLE conversion.

Participating in the 7th PENDLE RUSH is a seamless process. Users can easily convert their PENDLE tokens into mPENDLE by accessing Penpie’s user-friendly Staking page. The conversion rate is determined based on the total volume of conversions during the campaign. Similar to previous PENDLE RUSH campaigns, 50% of the converted PENDLE will be instantly converted to mPENDLE at a 1:1 ratio. The remaining 50% will be converted through the Smart PENDLE Converter, which buys mPENDLE from Wombat Exchange if the peg is below 95%.

Penpie has allocated 50,000 vPNP as incentives for users participating in the PENDLE RUSH #7. Rewards are proportional to the amount of PENDLE each user converts. As participants reach different conversion amounts, the reward rate for subsequent brackets dynamically adjusts based on the total PENDLE converted. Users can accumulate conversions through multiple transactions, allowing them to progress to higher reward brackets and unlock more enticing rewards. An address can a maximum of five times to prevent malicious looping.

Example:

1. User A converts 1,000 PENDLE: User A Rewards:

0.02 vlPNP * 1,000 = 20 vlPNP, accompanied by a minimum of 1,000 mPENDLE (with the potential for more if the mPENDLE peg falls below 0.95%).

1. User B converts 25,000 PENDLE: User B Rewards:

0.02 vlPNP * 1,000 = 20 vlPNP 0.022 vlPNP * 4,000 = 88 vlPNP 0.025 vlPNP * 15,000 = 375 vlPNP 0.029 vlPNP * 5,000 = 145 vlPNP In total, User B will receive 628 vlPNP, in addition to at least 25,000 mPENDLE (with the potential for more if the mPENDLE peg falls below 0.95%).

Claiming mPENDLE Tokens Following the conversion of their PENDLE tokens during the 7th PENDLE RUSH, participants will gain instant access to their mPENDLE balance. The received mPENDLE tokens can be deposited into the mPENDLE Stability Vault or the mPENDLE staking pool, enabling participants to earn a portion of Penpie’s revenue. Also, participants can deposit mPENDLE tokens into the mPENDLE liquidity pool, which allows them to acquire PENDLE emissions provided by Pendle Finance. The 7th PENDLE RUSH ensures users a minimum of 1 mPENDLE for each converted PENDLE converted. In the event that the mPENDLE peg falls below 0.95, converters will receive extra mPENDLE to ensure a fair and rewarding experience.

Claiming vlPNP Rewards Once the conversion process is complete, PENDLE converters will receive their vlPNP rewards directly in their vlPNP balance on Penpie. By holding vlPNP, users can actively participate in the Penpie Bribery Market and influence the distribution of PENDLE emissions across Pendle Finance.

The grand vision behind PENDLE RUSH #7 is to decrease the circulating supply of PENDLE while promoting the adoption of mPENDLE conversion and incentivizing user participation within the Pendle Finance ecosystem. With its user-friendly interface, dynamic conversion rates, and generous reward structure, PENDLE RUSH #7 provides an exceptional opportunity for users to convert their PENDLE tokens into mPENDLE and unlock substantial rewards.

About ​​Penpie: Penpie is a Next-Generation DeFi SubDAO created by Magpie XYZ 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 their returns on investments and monetize their governance power.

Penpie is pleased to announce the highly anticipated 7th edition of the PENDLE RUSH, an event focused on converting PENDLE tokens into mPENDLE on Arbitrum. This initiative aims to reward participants with vlPNP incentives based on their PENDLE conversions. Building on the success of previous editions, Penpie has accumulated over 10 million PENDLE and distributed thousands of vlPNP to dedicated community members who embraced the PENDLE to mPENDLE conversion.

Participating in the 7th PENDLE RUSH is a seamless process. Users can easily convert their PENDLE tokens into mPENDLE by accessing Penpie’s user-friendly Staking page. The conversion rate is determined based on the total volume of conversions during the campaign. Similar to previous PENDLE RUSH campaigns, 50% of the converted PENDLE will be instantly converted to mPENDLE at a 1:1 ratio. The remaining 50% will be converted through the Smart PENDLE Converter, which buys mPENDLE from Wombat Exchange if the peg is below 95%.

Penpie has allocated 50,000 vPNP as incentives for users participating in the PENDLE RUSH #7. Rewards are proportional to the amount of PENDLE each user converts. As participants reach different conversion amounts, the reward rate for subsequent brackets dynamically adjusts based on the total PENDLE converted. Users can accumulate conversions through multiple transactions, allowing them to progress to higher reward brackets and unlock more enticing rewards. An address can a maximum of five times to prevent malicious looping.

Example:

1. User A converts 1,000 PENDLE: User A Rewards:

0.02 vlPNP * 1,000 = 20 vlPNP, accompanied by a minimum of 1,000 mPENDLE (with the potential for more if the mPENDLE peg falls below 0.95%).

1. User B converts 25,000 PENDLE: User B Rewards:

0.02 vlPNP * 1,000 = 20 vlPNP 0.022 vlPNP * 4,000 = 88 vlPNP 0.025 vlPNP * 15,000 = 375 vlPNP 0.029 vlPNP * 5,000 = 145 vlPNP In total, User B will receive 628 vlPNP, in addition to at least 25,000 mPENDLE (with the potential for more if the mPENDLE peg falls below 0.95%).

Claiming mPENDLE Tokens Following the conversion of their PENDLE tokens during the 7th PENDLE RUSH, participants will gain instant access to their mPENDLE balance. The received mPENDLE tokens can be deposited into the mPENDLE Stability Vault or the mPENDLE staking pool, enabling participants to earn a portion of Penpie’s revenue. Also, participants can deposit mPENDLE tokens into the mPENDLE liquidity pool, which allows them to acquire PENDLE emissions provided by Pendle Finance. The 7th PENDLE RUSH ensures users a minimum of 1 mPENDLE for each converted PENDLE converted. In the event that the mPENDLE peg falls below 0.95, converters will receive extra mPENDLE to ensure a fair and rewarding experience.

Claiming vlPNP Rewards Once the conversion process is complete, PENDLE converters will receive their vlPNP rewards directly in their vlPNP balance on Penpie. By holding vlPNP, users can actively participate in the Penpie Bribery Market and influence the distribution of PENDLE emissions across Pendle Finance.

The grand vision behind PENDLE RUSH #7 is to decrease the circulating supply of PENDLE while promoting the adoption of mPENDLE conversion and incentivizing user participation within the Pendle Finance ecosystem. With its user-friendly interface, dynamic conversion rates, and generous reward structure, PENDLE RUSH #7 provides an exceptional opportunity for users to convert their PENDLE tokens into mPENDLE and unlock substantial rewards.

About ​​Penpie: Penpie is a Next-Generation DeFi SubDAO created by Magpie XYZ 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 their returns on investments and monetize their governance power.