magicAPE
magicAPE: Abracadabra’s Automated Compounder for staked $APE Tokens
Last updated
magicAPE: Abracadabra’s Automated Compounder for staked $APE Tokens
Last updated
magicAPE is Abracadabra’s auto-compounder for APE tokens, where APE yield produced by APE farming on is automatically auto-compounded back into magicAPE.
With magicAPE, the APE yield generated from APE staking is automatically reinvested into magicAPE, which helps you maximize your returns. Like other vault tokens, over time, the value of magicAPE will increase, due to auto-compounding, causing the magicAPE:APE ratio to rise.
In order to join the magicAPE auto compounder, you must first hold APE tokens in your wallet. You can purchase APE tokens with various assets on the macha.xyz or 1Inch protocols.
Once in the wallet, you can deposit APE tokens by entering the desired amount in the box at the top right of the screen. The first time you interact with the contract, you will need to approve APE token spending before you can click Stake.
After approving the transaction in MetaMask, you will receive magicAPE tokens in your wallet, and rewards will begin compounding!
In order to “Unstake”, please click on the two arrows on the left side of the screen.
Once done, you can specify the amount of magicAPE tokens to unstake. The first time you interact with the contract, you will need to approve magicAPE token spending before you can click Unstake.
After approving the transaction in MetaMask, you will receive APE tokens in your wallet and will resume earning the base APE rewards!
Note: The exchange rate between APE and magicAPE changes twice per day, each time a harvest is called and rewards are compounded!
The dashboard contains a graph of magicAPE’s historical performance (APY), TVL and Price across various time frames. The y-axis represents the statistics that is showed, and the x-axis represents the date.
On the Yield page, you can compare the performance of magicAPE yield against that of plain APE staked!
In the top right corner of the screen, users will see the magicAPE APY, which factors in auto-compounding. This calculation assumes two harvests per day and includes the 1% management fee taken by the protocol.
In the middle right section of the screen, users can view the magicAPE:APE exchange rate. As more fees are added, 1 magicAPE will become worth more than 1 APE.
Finally, users can check how many APE or magicAPE tokens are available in their wallet, as well as the dollar value of those tokens. Below that, the total supply of magicAPE and the total rewards earned by magicAPE will be displayed!
The APY displayed by magicAPE is computed using APE's APR (taken from apestake.io backend) and computed using the following formula, using two compounding actions per day:
N= (Days in a Year) * (Number of Compounding action per day) = 730
