Radpie: RDNT's "Convex" is about to be launched

Radpie, as a "Convex" similar product of RDNT, is about to be launched. This article will introduce the mechanism, advantages and disadvantages, narrative tags, and participation methods of Radpie.

Radpie Mechanism

The operation of Radpie is similar to the role of Convex for Curve. Radiant, as a cross-chain lending protocol, has implemented liquidity incentive restrictions, requiring users to indirectly lock a certain proportion of RNDT to obtain mining rewards. Specifically, users must hold dLP equivalent to 5% of the deposit amount (80% RDNT/20% ETH Balancer pool LP), otherwise they will not be able to receive RDNT emission rewards.

The goal of Radpie is to raise dLP and share it with DeFi miners, allowing miners to participate in mining without directly holding RDNT. This mechanism is similar to Convex's sharing of veCRV. The raised dLP will be converted into mDLP tokens, similar to how CRV is converted into cvxCRV through Convex.

For RDNT holders, dLP can be converted into mDLP through Radpie, allowing them to enjoy high returns while maintaining their RDNT position. This is also beneficial for the Radiant project, as the conversion to mDLP will result in perpetual locking, supporting the long-term liquidity of RDNT and helping to attract more lightweight users.

However, unlike Pendle/Curve, Radiant currently does not determine incentive distribution through voting, so it lacks bribe income. However, Radiant has stated that it will continue to promote DAO construction, and governance rights may gain more value in the future. Radpie, as a large holder of governance rights (dlp), is also expected to benefit from this.

Advantages and Disadvantages of the Product

As a project that stands on the shoulders of giants, Radpie has relatively clear upper and lower limits. In horizontal comparison, Aura's FDV is about 35% of Balancer's, and Convex is about 14% of Curve's. Considering that RDNT is a project with a FDV of 300 million USD that has already been launched on a trading platform, Radpie's valuation has a certain comparability.

The disadvantage of Radpie lies in its lack of horizontal expansion capability compared to its parent DAO, Magpie. However, it will benefit from the internal and external circulation system of Magpie's various sub-DAOs.

Narrative Tag

The main narrative tags of Radpie include: LayerZero, ARB airdrop, super-sovereign leverage governance, internal and external dual circulation, and subDAO model.

1. LayerZero: RDNT is a well-known LayerZero concept coin, and Radpie will utilize LayerZero to achieve cross-chain interoperability.

2. ARB Airdrop: RNDT DAO has decided to airdrop part of the obtained ARB to new locked and existing dLPs, and Radpie is expected to participate in sharing this airdrop.

3. Supranational Leverage Governance: A large amount of RDP will be allocated to the Magpie treasury, bringing benefits to MGP holders and playing a role in Radiant DAO decision-making.

4. Dual Circulation: Magpie forms a unique system through the subDAO model expansion to achieve resource sharing and efficiency improvement.

5. subDAO: Inherits the reputation of the parent DAO, leveraging Tokenomics advantages to provide more investment options for the market.

How to Participate

The main ways to participate in the Magpie IDO are:

1. Long-term participation: Buy and hold vlMGP, which may allow participation in all future subDAO IDOs of Magpie.

2. Short-term arbitrage: By borrowing RDNT through collateral or hedging with short contracts, participate in the mDLP Rush activity to convert DLP into mDLP, while also obtaining RDP airdrop and IDO shares.

It should be noted that mDLP/DLP, like cvxCRV/CRV, is a soft peg rather than a hard peg, and it may not maintain a 1:1 ratio when exiting.

Summary

Radpie, as a Convex-like product of RDNT, has the main advantages of low valuation and being backed by a strong foundation. It features five narrative labels: LayerZero, ARB airdrop, super-sovereign leveraged governance, internal and external dual circulation, and subDAO. The participation methods are diversified, suitable for both long-term and short-term investors.