magicAPE
magicAPE: Abracadabra’s Automated Compounder for staked $APE Tokens
magicAPE is Abracadabra’s auto-compounder for APE tokens, where APE yield produced by APE farming on https://apestake.io/ is automatically auto-compounded back into magicAPE.
With magicAPE, the APE yield generated from APE staking is automatically reinvested into magicAPE, which helps you maximise your returns. Like other vault tokens, over time, the value of magicAPE will increase due to the auto-compound, causing the magicAPE:APE ratio to rise.
Deposit APE tokens into magicAPE
In order to join the magicAPE auto compounder, you must first have APE tokens in your wallet. You can purchase APE tokens with various assets on macha.xyz or 1inch.
Once in the wallet, you can deposit APE tokens by inserting the desired amount in the upper box, on the right side of the screen. The first time you interact with the contract, you will need to approve APE token spending before you can click on “Stake”. After having approved the transaction in Metamask, you will now have magicAPE tokens in your wallet and rewards will begin compounding!
Withdraw magicAPE tokens into APE
In order to “Unstake”, please click on the two arrows on the left side of the screen.
Once done, you can input how many magicAPE tokens are to be unstaked. The first time you interact with the contract, you will need to approve magicAPE token spending before you can click on “Unstake”. After approving the transaction in Metamask, you will now have APE tokens in your wallet, and will resume earning 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!
magicAPE Dashboard:
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 are gonna be able to compare how much the magicAPE yield is performing compared to plain APE staked! In the top right corner of the screen, users will be able to 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 will be able to see the magicAPE:APE exchange rate. As more and more fees get added, 1 magicAPE token will be worth more than 1 APE.
Lastly, users will be able to check how many APE or magicAPE tokens are available in their wallet, as well as the dollar value of those tokens. Below that, users will be able to find the total supply of magicAPE as well as the total rewards earned by magicAPE!
APY Computation
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
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