DeFi protocol Magnify Cash has launched a presale of native token MAG

The asset is available for purchase on the Fjord Foundry platform until July 27

24.07.2024 - 12:30

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Last updated on Aug 6, 2024

What’s new? The Magnify Cash team has announced the launch of the decentralized lending protocol of the MAG native token. Magnify Cash is a non-custodial platform for individuals and businesses to lend or borrow in ERC-20 standard tokens secured by non-fungible tokens (NFTs) or tokenized real world assets (RWAs) including art, securities, and real estate.

Press release

What else is known? The protocol is currently running on the Layer 2 (L2) Base network testnet created by US crypto exchange Coinbase based on the Ethereum blockchain. Magnify Cash will soon be launched in the Base and Ethereum mainnets. The developers also do not rule out adding support for Abstract and Blast L2 mainnets.

The MAG token is launched via the Fjord Foundry platform’s liquidity protocol. The tokensale will last until July 27 and will distribute over 70% of the total supply of 880 million coins to regular users.

The asset is intended to support liquidity within the Magnify Cash ecosystem, increase community activity, and participate in voting on the project’s development.

The Magnify Cash team notes that this approach fosters the formation of an engaged community. In addition, MAG rewards are available for active project participants, including liquidity providers, lenders, and borrowers.

Magnify Cash collaborates with leading industry partners such as LydianLabs, Jiraiya, Tailored, Blaize, 4am, and H3AT Studios. Security audits have been conducted by third-party companies Guardian Protocol and Gaslite.

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