Magnify Cash, a non-custodial and permissionless decentralized credit marketplace, has announced the launch of its native token $MAG through a Fair Launch. The platform also introduces a new DeFi protocol integrating real-world assets (RWA) into its ecosystem.
A press release shared with Coinvestasi on Thursday (July 25, 2024) states that Fjord Foundry’s liquidity bootstrapping protocol is facilitating the $MAG token launch via a Fair Launch event to ensure fair and transparent distribution.
The Fair Launch of the $MAG token runs from July 23, 2024, to July 27, 2024. During this period, 70% of the total token supply will be available.
Magnify Cash aims to reward active users, including lenders, liquidity providers, and borrowers, with $MAG tokens. They expect the initiative to foster a strong community.
Integrating Real-World Assets into DeFi
Unlike other projects, Magnify Cash strives to pioneer the integration of traditional finance (TradFi) with decentralized finance (DeFi) by introducing a protocol that unlocks liquidity for various digital assets.
This protocol allows users to lend ERC-20 tokens and borrow using non-fungible tokens (NFTs), future yield tokens (FYT), and RWA as collateral with clear flexibility and transparency, eliminating intermediaries.
Furthermore, Magnify Cash’s Universal Collateral Acceptance feature supports a range of tokenized assets, including ERC-1155 and ERC-721 tokens.Through this protocol, users can leverage NFTs and tokenized RWAs such as artwork, real estate, bonds, and luxury goods as collateral.
Available on Base Testnet
Currently, Magnify Cash is available on the Base testnet. Since its launch, Magnify Cash has recorded over 500 lending desks, more than 500 issued loans, and nearly 5,000 unique users engaged.
Magnify Cash will soon launch on the Base and Ethereum mainnets, with potential launches on layer-2 networks such as Abstract Chain, Blast Chain, and others.
Magnify Cash collaborates with industry leaders like LydianLabs, FjordFoundry, Jiraiya, Tailored, Blaize, 4am, and H3AT Studios to enhance platform functionality and reach.
Additionally, security audits by Guardian Protocol and Gaslite affirm Magnify Cash’s commitment to a safe and reliable platform.
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