DeFi
Magnify Cash Announces $MAG Token Launch, Introduces DeFi Protocol
Enlarge moneya non-custodial, permissionless decentralized credit marketplace, is proud to unveil its DeFi protocol and the fair launch of its native token, $MAG.
Magnify Cash’s DeFi protocol seeks to spearhead the next evolution of decentralized credit markets (DCMs), offering a new perspective on the evolving world of DeFi. A decentralized credit market is a permissionless, 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 allow users to easily borrow and lend with DCMs. The team behind the project aims to help users unlock liquidity for real-world assets (RWA), a myriad of digital assets, and future yield tokens (FYT). Lenders can leverage Magnify Cash to create bespoke lending desks, meticulously adjusting loan parameters such as loan-to-value (LTV) ratios, tenor, and interest rates. On the other hand, borrowers can benefit from the stability of fixed-term loans and mid-term adjustments or be freed from unexpected liquidations.
Magnify Cash offers comprehensive support, seamless operations, advanced risk management systems and enhanced liquidity. Magnify Cash has created over 500 loan offices, issued 500 loans and onboarded approximately 5,000 unique users.
$MAG is an ERC-20 token that serves as the official native token for the Magnify Cash ecosystem. This will enable a fair and transparent distribution of 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 various processes, including governance. In addition to governance, the token serves various public services, rewarding active participants, liquidity providers, lenders, and borrowers.
The $MAG token will be launched via Fjord Foundry’s liquidity bootstrapping protocol. The fair launch began on July 23, 2024 at 8:00 PM EST and will run until July 27, 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 many industry leaders, namely FiordFoundry, Tailored, LydianLabs, Jiraiva, 4 AM, H3AT Studios, and Blaize. Still in development, the Magnify Cash team is working on upcoming launches, including Base Mainnet, Ethereum Mainnet, and LAYER 2.