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Welcome to Magik.finance, home to the algorithmic token pegged to $FTM on the Fantom Opera network.
The $MAGIK'S algorithmic token serves as the backbone of a rapidly growing ecosystem aimed towards bringing liquidity and new use cases to the Opera network. The protocol's underlying mechanism dynamically adjusts $MAGIK's supply, pushing its price up or down relative to the price of $FTM.
Inspired by the original idea behind Basis as well as its predecessors (Tomb and soup), Magik.finance is a multi-token protocol which consists of the following three tokens: - Magik ($MAGIK). - Magik Shares ($MSHARE) - Magik Bonds ($MBOND).
Unlike previous algorithmic tokens, $MAGIK is not pegged to a stable coin— it is instead pegged to $FTM. Why is this? Magik.Finance believes in the potential of Fantom Opera, and has chosen to align its mission to both provide value to and derive value from $FTM's future growth.
One of the primary shortcomings of past algorithmic tokens has been a lack of use cases, leaving no good reason for somebody to want to use or hold them. In order to successfully maintain the peg in the long-run, the Magik team will maintain a focus on innovation around enhanced functionality and use cases.