The Launch of Magnet DAO!
On January 2nd at 5PM UTC we’ll launch the Magnet protocol at our site. We want to make sure you know what that means for the day and are able to participate!
Claiming bMAG
If you purchased MAG from our public sale on December 30th, make sure to claim your bMAG at https://app.magnetdao.finance under the “Public Sale” section.
Once you’ve claimed your bMAG you can see it by adding the token address to Metamask. To do so open Metamask, then the Assets section, and scroll all the way down. Choose “Import Tokens” and then add these details:
- Address: 0x81DAE2083e4C4e7F7eF117e3E3ef4969c567E732
- Token name: bMAG
- Decimals: 9
Your bMAG will start vesting on January 2nd at 5PM UTC. See the vesting section below for more details. Once claimed, you can redeem vested bMAG under the “Redeem” section of the site.
Vesting bMAG
To promote price stability, any MAG sold during our community offering or public sale will vest during the first week of the launch.
All bMAG, whether claimed or airdropped, will vest over a period of 7 days starting at our launch on January 2nd at 5PM UTC. While vesting, bMAG is staked and will receive rebase rewards. Every second more bMAG will be available for you to redeem as you’d like. Each day ~14% will be vested.
You’ll redeem your bMAG under the “Redeem” section of the app.
Trader Joe Listing
If you didn’t get a chance to purchase MAG during our community offering or public sale, we will be adding liquidity to Trader Joe on January 2nd at 5PM UTC. At that time you can swap MIM for MAG using the contract address we’ll announce on our Discord. (Warning: do not swap MIM for other MAG tokens — scammers will use the launch to post fake tokens. Only use the official contract in our docs or announced on the server.) The easiest way to buy MAG? Use the “Buy on Trader Joe” link we’ll have our site at launch.
If you don’t want to use the link on our site, you’ll need to add the token to Trader Joe until it is whitelisted. Open https://traderjoexyz.com/#/trade then click on the “To” field where the token appears. Then enter the contract address in the search field. The only official contract for MAG will be in our “Announcements” channel, added to our Gitbook, and listed on our site.
After adding the token you can select it and trade MIM for MAG. You may need to increase your slippage tolerance during the first couple of hours, until liquidity from minting builds up. You can do so on the Trader Joe interface under the Trade Settings.
Staking and Minting
At the same time as we deploy liquidity to Trader Joe, we’ll deploy the Magnet protocol. You’ll be able to stake your MAG for rebase rewards, or mint using MIM and MAG-MIM LPs to purchase MAG at a discount.
Early in the launch there will be a slightly higher minting discount to help build our treasury and liquidity.
The APY will not be outrageous so as to avoid price volatility. The plan is ~20% 5-day ROI decreasing daily to a stable amount. In addition, our minting discount will be respectable but not outrageous. We want to support treasury growth without hurting our stakers and price stability.
Staking MAG
You’ll be able to stake your MAG under the “Stake” section of our site. You’ll need to approve the site to spend your MAG, then enter the amount you’d like to stake, and finally submit the stake.
We have a warmup period after staking: during the first two epochs you will be able to unstake your MAG, but doing so will forfeit any rebase rewards received. After two epochs have transpired, you can claim your sMAG — which will include your original MAG contribution + your full staking reward amount. Once you claim your sMAG, you are free to unstake at any point and your staking rewards will be included.
We included a warmup period to prevent rebase traders from abusing our protocol. Whales and other opportunistic investors will frequently purchase tokens and stake them directly before a rebase, receive the staking reward, and then dump the tokens — profiting off of the rebase, while taking no market risk. Rebase trading is harmful to the protocol, and thus we sought out a solution to prevent it.
Minting MAG
At our protocol launch we’ll also offer the ability to mint MAG using MIM or MAG-MIM LP tokens. When doing so, these assets are sent to the Magnet DAO treasury, and in turn you receive MAG at a discount compared to the market price. Minted MAG is vested linearly over a 5-day period. You’ll be able to claim your MAG throughout this period to stake it.
What is Magnet DAO?
Magnet DAO is the next evolution of the reserve currency protocol. The DAO uses its protocol controlled value to reward token holders with exceptional yields. At the same time, it uses its treasury reserves to invest in and incubate innovative projects. Magnet DAO uses 10% of bond profits to invest in high-quality crypto assets, effectively turning the DAO into an on-chain venture fund. The DAO will also help incubate and build projects from the earliest stages. All tokens acquired by the DAO will be owned by the treasury, creating exponential value and unmatched upside for investors.
Our network effect, community engagement, and synergies will allow us to build and scale projects quickly and efficiently; while providing investors with an unparalleled opportunity to invest in early-stage crypto projects.
What’s coming next for Magnet DAO?
Our roadmap for the protocol is extensive. We’re looking forward to building out our DAO governance framework and hearing proposals from the community on where to deploy our Innovation Fund, as well as how to manage the Main Treasury. The DAO will be a core part of our future with events like an Investathon — where community members team up, research, propose and vote on new projects for our Innovation Fund. We’re also excited to start building with the DAO and will be hosting Hackathon events to build out unique blockchain products.
The protocol itself will grow and change over time as well, with possible improvements like a variable ROI based off of minting period, bonus staking rewards for diamond handers, a zap functionality, new and diverse minting assets, and more.
In the future, we look forward to incubating new projects internally and supporting others through the use of our innovation funds. We’re looking to build out various DeFi apps, as well as DAO tooling interfaces which we plan to license out — all profits from any applications or products that Magnet DAO builds will be recycled into our Treasury.
IMPORTANT — PLEASE READ
Please be aware that there is a possibility that fake MAG tokens are created. Do not purchase anything that is not posted on our official socials / website. We are not going to be stealth launching and you will know well in advance when we add liquidity to Trader Joe. Please also be aware that Magnet DAO Team Members will never reach out to you first. Always ensure you have the right token address and website URLs.
All information will be posted via Magnet DAO official platforms:
Website — https://www.magnetdao.finance
Web App — https://app.magnetdao.finance
Docs — https://docs.magnetdao.finance/
Twitter — https://twitter.com/magnet_dao
Discord — https://discord.gg/MagnetDAO
Telegram — https://t.me/magnetdao
