MagicGLP deploys on Avalanche Network to offer low fees on GMX
It has only been a couple of months since MagicGLP launched on Arbitrum. The platform has established a massive presence in the market due to its low fees and auto-compounding features.
MagicGLP currently boasts a total value locked (TVL) of 28 million dollars. In addition, the platform has harvested over 500 ether in user rewards. Now, the platform has turned its focus toward Avalanche Network.
According to the latest tweet by MagicGLP, the platform is set to deploy on Avalanche. As the biggest GLP auto compounder, MagicGLP will assist GMX users on the C-Chain. The primary incentive behind using MagicGLP is its intuitiveness and simplicity.
The platform allows users to earn rewards by staking GLP on Abracadabra. In return, they receive magicGLP as receipt tokens. MagicGLP automatically reinvests these tokens back into consumers’ initial stakes.
Thus, the earnings are compounded, and users get maximum returns over time. Every time the rewards get compounded, the magicGLP token earns more value based on GLP’s value. It causes the “magicGLP to GLP ” exchange rate to surge over time.
Users should note that the rewards can be compounded twice every day. The auto-compounding affects the yearly APY while also proposing a seamless investment experience. With MagicGLP, users can completely avoid manually claiming rewards while enjoying auto-compounded returns.
A collaboration with Avalanche will work wonders for the platform due to its security and scalability. When combined with MagicGLP’s value proposition, it creates an ideal ecosystem for GMX users. After MagicGLP is successfully deployed on Avalanche, Abracadabra will integrate MagicGLP into multiple DeFi platforms across Avalanche.
Since MagicGLP tokens are composable and transferable, the process will be quick and smooth. Abracadabra has even invited users to reach out to them if they wish to assist the network with this integration.