Magnify Cash Announces $MAG Token Fair Launch and Introduces DeFi Protocol
Magnify Cash, a non-custodial and permissionless decentralized credit market, is proud to unveil its DeFi protocol and the fair launch of its native token, $MAG.
Magnify Cashs DeFi protocol seeks to spearhead the next evolution in Decentralized Credit Markets (DCMs), offering a fresh perspective on the evolving world of DeFi. A Decentralized Credit Market is a permissionless and non-custodial protocol that allows borrowing and lending with any on-chain asset. Users can lend ERC-20 tokens and use ERC-1155/ERC-721 assets as collateral. Users can borrow against non-fungible tokens and Real-World Assets (RWAs) such as real estate, art, bonds, and luxury goods.
The platform is designed to make it easy for users to borrow and lend with DCMs. The team behind the project aims to help users unlock liquidity for Real World Assets (RWAs), a myriad of digital assets, and Future Yield Tokens (FYTs). Lenders can leverage Magnify Cash to create bespoke lending desks, meticulously adjusting loan parameters such as loan-to-value (LTV) ratios, duration, and interest rates. On the other hand, borrowers can benefit from the stability of fixed-term loans and mid-term adjustments or be liberated from unexpected liquidations.
Magnify Cash features comprehensive support, seamless operations, advanced risk management systems, and enhanced liquidity. Magnify Cash has created over 500 lending desks, issued 500 loans, and onboarded about 5,000 unique users.
$MAG is an ERC-20 token serving as the official native token for the Magnify Cash ecosystem. This will enable a fair and transparent distribution of the tokens. $MAG has a total supply of 880 million tokens. 70% of these tokens have been allocated to the public to encourage broader community participation in different processes, including governance. In addition to governance, the token serves different utilities, rewarding active participants, liquidity providers, lenders, and borrowers.
The $MAG token will be launched through Fjord Foundrys liquidity bootstrapping protocol. The Fair launch started on July 23rd, 2024, at 8:00 PM EST and will continue until July 27th, 2024, at 8:00 AM EST. The public launch creates an opportunity for users to explore and engage with the Magnify Cash ecosystem.
Just recently, Magnify Cash announced its partnership with numerous leading industry leaders, namely FiordFoundry, Tailored, LydianLabs, Jiraiva, 4 AM, H3AT Studios, and Blaize. Still under development, the Magnify Cash team is working towards upcoming launches, including Base Mainnet, Ethereum Mainnet, and LAYER 2.
Read more: https://zycrypto.com/magnify-cash-announces-mag-token-fair-launch-and-introduces-defi-protocol/
Text source: ZyCrypto
