Tokens
Magik Finance Token contract addresses
Last updated
Magik Finance Token contract addresses
Last updated
Contract: 0x87a5c9b60a3aaf1064006fe64285018e50e0d020
MAGIK token is designed to be used as a medium of exchange. The built-in stability mechanism in the protocol aims to maintain MAGIK's peg of 1 MAGIK = 1 Fantom (FTM) in the long run.
Note that MAGIK actively pegs via the algorithm, it does not mean it will be valued at 1 MAGIK: 1 FTM at all times as it is not collaterized. MAGIK is not to be confused for a crypto or fiat-backed stablecoin.
Contract: 0xc8ca9026ad0882133ef126824f6852567c571a4e
Magik Share (MSHARE's) are one of the ways to measure the value of the MAGIK Protocol and shareholder trust in its ability to maintain MAGIK close to peg. During epoch expansions the protocol mints MAGIK and distributes it proportionally to all MSHARE holders who have staked their tokens in the Dungeon.
MSHARE has a maximum total supply of 70001 tokens distributed as follows:
DAO Allocation: 5500 MSHARE's vested linearly 12 months
Team Allocation: 5000 MSHARE's vested linearly over 12 months
Rewards: 59500 MSHARE's are allocated for incentivizing Liquidity Providers in two shares pools for 12 months
Initial mint: 1 MSHARE minted upon contract creation for initial pool
Contract: 0xca4cdc336fdeb7ee618dd7745bd27758c8e03a91
MBOND's main job is to help incentivize changes in MAGIK supply during an epoch contraction period. When the TWAP (Time Weighted Average Price) of MAGIK falls below 1MAGIK : 1FTM , MBOND's are issued and can be bought with MAGIK at the current price. Exchanging MAGIK for MBOND burns MAGIK tokens, taking them out of circulation (deflation) and helping to get the price back up to peg. These MBOND's can be redeemed for MAGIK when the price is above peg in the future, plus an extra incentive for the longer they are held above peg. This amounts to inflation and sell pressure for MAGIK when it is above peg, helping to push it back toward 1 MAGIK to 1 FTM ratio.
Contrary to early algorithmic protocols, MBOND's do not have expiration dates.
All holders are able to redeem their MBOND for MAGIK tokens as long as the Treasury has a positive MAGIK balance, which typically happens when the protocol is in epoch expansion periods.
