Token

Future

DeFi

Fjord Foundry

Singapore, Singapore, July 23rd, 2024, Chainwire
A groundbreaking moment in decentralized finance (DeFi) is here as <a href="https://magnify.cash/" rel="noopener noreferrer nofollow" target="_blank">Magnify Cash</a> unveils its state-of-the-art DeFi protocol and announces the upcoming Fair Launch of its native token, $MAG. As a pioneer in financial technology, Magnify Cash is set to reshape the financial services landscape for individuals and enterprises alike.
The Future of Decentralized Credit Markets
Magnify Cash is spearheading the next evolution in decentralized credit markets, unlocking liquidity for Real-World Assets (RWAs), Future Yield Tokens (FYTs), and a myriad of digital assets through its innovative, permissionless lending desks.
Solving Key Financial Challenges
<ul>
 <li>Limited Liquidity: Bridging the gap for diverse digital assets.</li>
 <li>Decentralization: Eliminating centralized and custodial lending limitations.</li>
</ul>
Innovative Products and Solutions
<ul>
 <li>Permissionless Lending Desks: Facilitate borrowing and lending for any ERC-20 token against RWAs, FYTs, and other digital assets.</li>
 <li>Decentralized Borrowing Options: Provide lending solutions without intermediaries, ensuring maximum security and transparency.</li>
</ul>
Universal Collateral and Currency Support
Magnify Cash’s Universal Collateral Acceptance feature supports an extensive array of tokenized assets, including ERC-1155 and ERC-721 tokens. Users can now leverage NFTs and tokenized real-world assets such as art, real estate, bonds, and luxury goods as collateral, unlocking liquidity without the need to liquidate these valuable assets.
Key Features
<ul>
 <li>Comprehensive Support: Universal support for lending currencies and loan collateral (ERC-20, ERC-1155, ERC-721).</li>
 <li>Seamless Operations: Asset-backed borrowing and lending with permissionless creation and management of lending desks.</li>
 <li>Enhanced Liquidity: Extensive liquidity options for all digital assets, including stablecoins, ETH, liquid staking tokens (LSTs), meme tokens, blue chip NFTs, and treasuries.</li>
 <li>Advanced Risk Management: A dynamic interest rate model utilizing linear interpolation and scaling factors, eliminating the need for oracles.</li>
</ul>
Robust Security and Compliance
<ul>
 <li><a href="https://github.com/GuardianAudits/Audits/blob/main/MagnifyCash/2024-03-14_MagnifyCash.pdf" rel="noopener noreferrer nofollow" target="_blank">Guardian Protocol Audit</a>: Ensuring top-notch security.</li>
 <li><a href="https://gaslite-magnify-report.tiiny.site/" rel="noopener noreferrer nofollow" target="_blank">Gaslite Gas Optimization Audit</a>: Maximizing operational efficiency.</li>
</ul>
Proven Testnet Success
<ul>
 <li>Over 500 lending desks created.</li>
 <li>More than 500 loans issued.</li>
 <li>Nearly 5,000 unique users engaged.</li>
</ul>
Strategic Alliances and Future Roadmap
Magnify Cash collaborates with leading industry partners like <a href="https://x.com/LydianLabsLLC" rel="noopener noreferrer nofollow" target="_blank">LydianLabs</a>, <a href="https://x.com/FjordFoundry" rel="noopener noreferrer nofollow" target="_blank">FjordFoundry</a>, <a href="https://x.com/JiraiyaReal" rel="noopener noreferrer nofollow" target="_blank">Jiraiya</a>, <a href="https://x.com/TailoredWeb3" rel="noopener noreferrer nofollow" target="_blank">Tailored</a>, Blaize, 4am, and <a href="https://x.com/h3atstudios" rel="noopener noreferrer nofollow" target="_blank">H3AT Studios</a>, amplifying the platform’s capabilities and outreach. Key security audits by Guardian Protocol and Gaslite reinforce Magnify Cash’s commitment to providing a secure and reliable platform.
Currently Live on
<ul>
 <li>Base Testnet</li>
</ul>
Exciting Upcoming Launches
<ul>
 <li>Base Mainnet: Coming Soon (Including RWAs)</li>
 <li>Ethereum Mainnet: Coming Soon (Including RWAs)</li>
 <li>Potential Layer 2 launches: Abstract Chain, Blast Chain, and more.</li>
</ul>
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.
Participation Opportunities
Secure $MAG Tokens: The MAG token sale begins on July 23rd at 8:00 PM EST (July 24th, 8:00 AM Singapore Time). Participants are invited to join the Fair Launch at Fjord Foundry <a href="https://app.fjordfoundry.com/pools/0x5549aD973575E261fE9979321e27ad81F30a287f" rel="noopener noreferrer nofollow" target="_blank">here</a>.
Explore the Ecosystem: Magnify Cash invites interested parties to discover its comprehensive ecosystem by visiting the <a href="https://magnify.cash/" rel="noopener noreferrer nofollow" target="_blank">Website</a>. Access the Pitch Deck, engaging Intro Video, detailed Whitepaper, and technical Documentation.
Engage with Our Community: Magnify Cash encourages joining its vibrant community for real-time updates and support. Follow us on <a href="https://twitter.com/MagnifyCash" rel="noopener noreferrer nofollow" target="_blank">Twitter</a>, join the <a href="https://t.me/MagnifyCash" rel="noopener noreferrer nofollow" target="_blank">Telegram group</a>, and participate in discussions on <a href="https://discord.gg/MagnifyCash" rel="noopener noreferrer nofollow" target="_blank">Discord</a>.
About Magnify Cash
<a href="https://magnify.cash/" rel="noopener noreferrer nofollow" target="_blank">Magnify Cash</a> is a non-custodial and permissionless decentralized credit market that empowers users to lend ERC-20 tokens and borrow against non-fungible tokens (NFTs) and Real-World Assets (RWAs) with unmatched flexibility and transparency. Committed to true decentralization, Magnify Cash ensures universal support for ERC-20 tokens as lending currencies and ERC-1155/ERC-721 assets as collateral. The protocol’s innovative approach to on-chain credit markets offers a fresh perspective in the evolving world of decentralized finance.
For more information, users can visit <a href="https://magnify.cash/" rel="noopener noreferrer nofollow" target="_blank">https://Magnify.Cash</a> or follow Magnify Cash on Twitter at <a href="https://x.com/MagnifyCash" rel="noopener noreferrer nofollow" target="_blank">X.com/MagnifyCash</a>.
Magnify Media Kit: <a href="https://magnify.gitbook.io/magnify.cash/magnify-cash-media-kit" rel="noopener noreferrer nofollow" target="_blank">Link</a>.
<h5>Contact</h5>
Press Manager Magnify.Cash socials@magnify.cash 
The post <a href="https://www.ethnews.com/magnify-cash-launches-defi-protocol-and-announces-mag-token-fair-launch/" rel="noopener noreferrer nofollow">Magnify Cash Launches DeFi Protocol and Announces $MAG Token Fair Launch</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Magnify Cash Launches DeFi Protocol and Announces $MAG Token Fair Launch

ETHNews

Other articles published on Jul 23, 2024

Market Maker Manipulation: How To Avoid It – Part 2

Chainbase Series A Funding Secures $15M Led By Tencent Investment

Data Ownership Protocol Joins Forces with Polygon for Exclusive Solutions

2024 Summer Olympics Paris: Here are 4 streaming options you can use to follow the games

Flash Loans: Unlocking Instant Liquidity in the Crypto World

Uniswap (UNI) Sees Abnormal 1,298% Whale Activity Surge, What's Going On?

Join our free newsletter for daily crypto updates!