Magnify Cash Unveils DeFi Protocol and Announces Fair Launch of $MAG Token

Singapore, Singapore, July 23rd, 2024

A significant development in decentralized finance (DeFi) has emerged as Magnify Cash launches its cutting-edge DeFi protocol and prepares for the forthcoming Fair Launch of its native token, $MAG. As a leader in financial technology, Magnify Cash aims to transform the financial services landscape for both individuals and businesses.

The Future of Decentralized Credit Markets

Magnify Cash is at the forefront of advancing decentralized credit markets, providing liquidity for Real-World Assets (RWAs), Future Yield Tokens (FYTs), and a host of digital assets through its innovative permissionless lending desks.

Addressing Key Financial Challenges

• Limited Liquidity: Addressing the gap for various digital assets.
• Decentralization: Removing limitations tied to centralized and custodial lending.

Innovative Products and Solutions

• Permissionless Lending Desks: Enable borrowing and lending for any ERC-20 token against RWAs, FYTs, and other digital assets.
• Decentralized Borrowing Options: Offer lending solutions that bypass intermediaries, ensuring heightened security and transparency.

Universal Collateral and Currency Support

The Universal Collateral Acceptance feature of Magnify Cash supports a wide range of tokenized assets, including ERC-1155 and ERC-721 tokens. Users can utilize NFTs and tokenized real-world items like art, real estate, bonds, and luxury goods as collateral, thereby unlocking liquidity without needing to sell these valuable assets.

Key Features

• Comprehensive Support: Universal backing for lending currencies and loan collateral (ERC-20, ERC-1155, ERC-721).
• Seamless Operations: Asset-backed borrowing and lending with unrestricted creation and management of lending desks.
• Enhanced Liquidity: Extensive liquidity options for all digital assets, including stablecoins, ETH, liquid staking tokens, meme tokens, blue chip NFTs, and treasuries.
• Advanced Risk Management: A dynamic interest rate model using linear interpolation and scaling factors, removing the reliance on oracles.

Robust Security and Compliance

• Guardian Protocol Audit: Guarantees high-level security.
• Gaslite Gas Optimization Audit: Aims at maximizing operational efficiency.

Proven Testnet Success

• Over 500 lending desks have been created.
• More than 500 loans have been issued.
• Nearly 5,000 unique users have engaged with the platform.

Strategic Alliances and Future Roadmap

Magnify Cash is partnering with leading industry entities to enhance the platform’s functionality and reach. Notable security audits by Guardian Protocol and Gaslite reinforce its commitment to a secure and reliable ecosystem.

Upcoming Launches

• Base Mainnet: Expected soon (Including RWAs).
• Mainnet: Expected soon (Including RWAs).
• Possible Layer 2 launches: Abstract Chain, Blast Chain, among others.

Fair Launch of $MAG Token

The $MAG token will be launched via a liquidity bootstrapping protocol, guaranteeing a fair and clear distribution process. 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 egalitarian approach promotes widespread participation and builds a robust, engaged community. Active participants such as lenders, liquidity providers, and borrowers will receive $MAG tokens as rewards.

Participation Opportunities

• Secure $MAG Tokens: The sale starts on July 23rd at 8:00 PM EST. Participants are invited to join this Fair Launch.
• Explore the Ecosystem: Magnify Cash encourages interested users to learn more about its complete ecosystem and access a variety of informative resources.
• Engage with Our Community: Magnify Cash invites everyone to connect with its vibrant community for real-time updates and support.

About Magnify Cash

Magnify Cash operates as a non-custodial and permissionless decentralized credit market that allows users to lend ERC-20 tokens and borrow against NFTs and Real-World Assets (RWAs) with unparalleled flexibility and transparency. The platform is dedicated to true decentralization, supporting ERC-20 tokens as lending currencies and ERC-1155/ERC-721 assets as collateral. Its innovative approach to on-chain credit markets offers a new perspective in the rapidly evolving DeFi space.

For further inquiries, interested parties can reach out to the press contact provided earlier.