Magnify Cash has launched its DeFi protocol, introducing innovative lending solutions for digital assets, and announced the fair launch of its $MAG token through Fjord Foundry’s liquidity bootstrapping protocol.
Points
- Magnify Cash launches DeFi protocol for digital assets.
- Introduces permissionless lending desks and universal collateral support.
- Announces $MAG token fair launch via Fjord Foundry’s liquidity bootstrapping protocol.
- Strategic alliances and future roadmap for expansion.
Singapore, Singapore, July 23rd, 2024, Chainwire
Magnify Cash is spearheading the next evolution in decentralized credit markets by unlocking liquidity for Real-World Assets （RWAs）, Future Yield Tokens （FYTs）, and a myriad of digital assets through its innovative, permissionless lending desks. The launch of its DeFi protocol marks a significant milestone in the decentralized finance landscape.
Solving Key Financial Challenges
Magnify Cash aims to address critical challenges in the financial sector:
– Limited Liquidity: Bridging the gap for diverse digital assets.
– Decentralization: Eliminating centralized and custodial lending limitations.
Innovative Products and Solutions
Magnify Cash offers a range of cutting-edge solutions:
– Permissionless Lending Desks: Facilitate borrowing and lending for any ERC-20 token against RWAs, FYTs, and other digital assets.
– Universal Collateral and Currency Support: Accepts an extensive array of tokenized assets, including ERC-1155 and ERC-721 tokens. Users can leverage NFTs and tokenized real-world assets such as art, real estate, bonds, and luxury goods as collateral.
Key Features
- Comprehensive Support: Supports a wide range of lending currencies and loan collateral （ERC-20, ERC-1155, ERC-721）.
- Seamless Operations: Enables asset-backed borrowing and lending with permissionless creation and management of lending desks.
- Enhanced Liquidity: Provides extensive liquidity options for all digital assets, including stablecoins, ETH, liquid staking tokens （LSTs）, meme tokens, blue chip NFTs, and treasuries.
- Advanced Risk Management: Utilizes a dynamic interest rate model with linear interpolation and scaling factors, eliminating the need for oracles.
Proven Testnet Success
The protocol has demonstrated success through its testnet phase:
– Over 500 lending desks created.
– More than 500 loans issued.
– Nearly 5,000 unique users engaged.
Strategic Alliances and Future Roadmap
Magnify Cash collaborates with leading industry partners like LydianLabs, FjordFoundry, Jiraiya, Tailored, Blaize, 4am, and H3AT Studios. Key security audits by Guardian Protocol and Gaslite reinforce the platform’s commitment to providing a secure and reliable environment for users.
Currently Live on
– Base Testnet
Exciting Upcoming Launches
– Base Mainnet: Coming Soon （Including RWAs）
– Ethereum Mainnet: Coming Soon （Including RWAs）
– Potential Layer 2 launches: Abstract Chain, Blast Chain, and more.
Fair Launch of $MAG Token
The $MAG token will be launched through Fjord Foundry’s liquidity bootstrapping protocol, ensuring a fair and transparent distribution. The token sale runs from July 23rd, 8:00 PM EST to July 27th, 8:00 AM EST, with over 70% of tokens allocated to the public. This equitable approach encourages broad participation and fosters a strong, engaged community. Active participants, including lenders, liquidity providers, and borrowers, are rewarded with $MAG tokens.
Engage with Our Community: Magnify Cash encourages joining its vibrant community for real-time updates and support. Follow us on Twitter, join the Telegram group, and participate in discussions on Discord.
About Magnify Cash
For more information, users can visit Magnify Cash or follow Magnify Cash on Twitter at X.com/MagnifyCash.
解説
- Innovative DeFi Solutions: Magnify Cash’s DeFi protocol introduces innovative lending solutions that unlock liquidity for a wide range of digital assets, addressing key financial challenges in the decentralized finance sector.
- Comprehensive Support: The protocol’s support for a variety of tokenized assets, including NFTs and real-world assets, highlights its versatility and potential to revolutionize the lending market.
- Fair Launch: The fair launch of the $MAG token through a liquidity bootstrapping protocol ensures transparent and equitable distribution, fostering community engagement and participation.
- Strategic Partnerships: Collaborations with leading industry partners and successful testnet performance demonstrate Magnify Cash’s commitment to security, innovation, and growth in the DeFi space.