Short Intro
Decentralized finance (DeFi) technology has become a byword among crypto-asset lovers in the past year. Many people see DeFi as a financial revolution in the future, while others consider it a disruption of the financial services sector that already exists today.
Decentralized finance itself is a variety of financial service applications that are operated on blockchain technology.
Through the DeFi application, users can perform conventional financial services, such as lending and borrowing, without the need for intermediaries such as banks or finance companies. This is because all transactions in it are carried out automatically through a system called smart contracts.
One of the Defi projects currently being developed is the Magic Balancer. Runs on a dual chain (Ethereum Chain and Binance Smartchain). This is done to facilitate every transaction, when one network requires a higher fee than the other network, Magic Balancer users can switch to using the network that charges the lowest fee. (As of now, fees on Ethereum Chain are higher than the fee charged by Binance Smart Chain).
“Magic Balancer is a deflationary governance DEFI token that provides exceptional rewards to active users via Smart Contract protocols, while seamlessly incorporating transactional rewards with liquidity rebalancing feature.”
However, regardless of the fee set by the network (both the Ethereum network and Binancechain), every transaction on Magic Balancer is subject to a fee of 1% of each sales transaction, which will be transferred back to MGB (Magic Balancers Token) holders automatically when the transaction takes place.
MGB Tokenomics
The MGB Token is designed to be integrated into “Necromancer’s” ecosystem, which’s extremely simple functions. As described on MBG Whitepaper
Function A
1% added to liquidity on sells, buys and txn’s This allows us to constantly have the liquidity to execute Function B.
LP Rewards
- Each time function two is called, all MGB from function one is distributed to LP providers.
- All you need to do to get these rewards is provide liquidity.
Once MagicSwap is Released
All tax goes to an address to later be added to MGB/rETH in MagicSwap
Function B
Liquidity Buy and Burn
Function becomes available once an hour and can be called by anyone.
Caller of the function will receive 5% of the MGB for incentive to spend Gas (%1 for BSC).
When Function is Called:
- 2% of liquidity is removed
- the liquidity is then split into ETH and MGB
- ETH market buys MGB
- 95% of the MGB is then burned
- 5% of MGB sent to caller of the function (to incentivize user spending gas, for BSC %1).
To call the Function its required the callers holds a minimum 200 MGB
You can learn more about this mechanism through the MGB White Paper which I will put the link at the end of the article!
As mentioned earlier, this project using a dual chain (Ethereum Chain and Binance Smart Chain) which means that this project also has a token with the same smartcontract but with a different chain. More details of the MGB tokens on each chain are as follows:
MGB on ETH Chain
- Total Supply: 300,000 MGB
- Smart Contract Address: MGB ETH Chain
- Token Allocation:
- Presale: 150,000 MGB
- Initial Liquidity: 85,000 MGB
- Marketing, Promo, Community Engagement: 35,000 MGB
- Team: 30,000 MGB - Token Sale Details:
- Presale Price: 999 MGB/ETH (~$1.5/MGB*)
- Min. Buy: -
- Max Buy: 3 ETH (~$4,500*)
- HardCap: 30 ETH (70% for liquidity, 20% for future development, and the rest 10% for presale referral rewards).
*)ETH Based Price: 1500
MGB on Binance Smartchain
- Total Supply: 300,000 MGB
- Smart Contract Address: MGB Binance Smartchain
- Token Allocation:
- Presale: 150,000 MGB
- Initial Liquidity: 85,000 MGB
- Marketing, Promo, Community Engagement: 35,000 MGB
- Team: 30,000 MGB - Token Sale Details:
- Presale Price: 99 MGB/BNB (~$2.5/MGB*)
- Min. Buy: -
- Max Buy: 30 BNB (~$7,500*)
- HardCap: 300 BNB (70% for liquidity, 20% for future development, and the rest 10% for presale referral rewards). - )BNB Based Price: $250
Learn More About Magic Balancer:
Disclaimer
The content in this article is for educational purposes only. I (Content Creator) am not part of the project development team. This article created with potential reward through Bitcointalk Bounty Thread.
Before deciding to invest in this project (and any project), you should do deeper research first. DWYOR
Proof of Authorship
Bitcointalk Username: as9ardia
