# magicGLP
Before using magicGLP (also known as mGLP), make sure to fully understand how GLP works [here](https://gmxio.gitbook.io/gmx/glp). \
\
\&#xNAN;*Note: magicGLP staking is available only on the Arbitrum and Avalanche network. Join magicGLP* [***here***](https://app.abracadabra.money/#/magicGLP)*.*
**magicGLP is Abracadabra’s auto-compounder for GLP tokens, in which ETH /AVAX yield is produced by GLP farming, which is therein automatically auto-compounded back into magicGLP.**
With **magicGLP**, the **ETH/AVAX** yield generated from **GLP** farming is automatically reinvested into **magicGLP**, helping you maximize your returns. Like other vault tokens, the value of **magicGLP** will increase over time due to the auto-compounding, causing the **magicGLP:GLP** ratio to rise.
### Deposit GLP tokens into magicGLP
*The following example is set on Arbitrum, the same user experience can be found on Avalanche Mainnet!*
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\&#xNAN;*In order to join the magicGLP auto compounder, you must first have GLP tokens in your wallet. You can purchase GLP tokens with various assets* [*here*](https://app.gmx.io/#/buy_glp)*.*
Once in the wallet, you can deposit **GLP** 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 **GLP** token spending before you can click **Stake**.
After approving the transaction in **MetaMask**, you will receive **magicGLP** tokens in your wallet, and rewards will begin compounding!
### Withdraw magicGLP tokens into GLP
To **Unstake**, click on the two arrows on the left side of the screen (as shown above).
Once clicked, you can specify the amount of **magicGLP** tokens to unstake. The first time you interact with the contract, you will need to approve **magicGLP** token spending before you can click **Unstake**.
After approving the transaction in **MetaMask**, you will receive **GLP** tokens in your wallet and will resume earning the base **GLP** rewards!
**Note:** The exchange rate between **GLP** and **magicGLP** changes twice a day—each time a harvest is called and rewards are compounded!
### magicGLP Dashboard:
The **dashboard** features a graph showing the historical performance (APY) of **magicGLP** across various time frames. The **y-axis** represents the **APY**, while the **x-axis** represents the date.
In the top right corner of the screen, users can view the **magicGLP APY**, which includes the effects of auto-compounding. This calculation assumes two harvests per day and factors in the 1% management fee taken by the protocol.
In the middle right section, users will see the **magicGLP:GLP exchange rate**. As more fees are added, **1 magicGLP** will become worth more than **1 GLP**.
Finally, users can check the amount of **GLP** or **magicGLP** tokens available in their wallet, as well as the dollar value of those tokens. Below that, the total supply of **magicGLP** and the total rewards earned by **magicGLP** will also be displayed!
### APY Computation
The APY displayed by magicGLP is computed using GLP's APR (taken from GMX) and computed using the following formula, using two compounding actions per day:
$$
Magic GLP APY = (1+GLPAPR/N)^N - 1)\*0.99
$$
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\&#xNAN;*N= (Days in a Year) \* (Number of Compounding action per day) = 730*
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