MAGI — The DeFi Experimental Ecosystem
With MAGI and GYA, we’ve got our foundations established in the DeFi space. We now have over 1900 MAGI holders and the healthiest spread of tokens we’ve had since launch.
Our Telegram group has 1200+ members and counting, and we’re proud to say that we have our own community on Telegram that continuously share fantastic ideas on the directions that we could take. Yet the question most commonly asked is, “What’s the token’s use case?” We’ll be answering that question today!
MAGI started as a meme coin, but it was never our intention to let it end as a mere meme coin. Yes, we embrace our roots, and it is through the amazing Karp that we’ve managed to garner enough attention to hold a space for our own on the BSC network. Yet now, it’s time for us to grow. The vision for MAGI was to build a DeFi experimental ecosystem. Big words, huh? What do you even mean?
It can be argued that the whole DeFi space is still an experiment. From the big boys like PancakeSwap, down to your latest shitcoins that you see being shilled mindlessly in chat every other day — we are all in the experiment. Some projects quickly tie themselves down to a single idea, but what we want to do here with MAGI and GYA is to push the limits of the DeFi space, and explore the possibilities. We want to become a platform for trying out different DeFi experiments, like advanced lottery games, BNB vaults, NFT-augmented farms. The list is not exhaustive for sure, but we’ll stop there, because, you know.
This means we’re not operating alone. We’re inviting partners and collaboration. 1 plus 1 could sum up to be more than 2 in value. The concept that tokens have to be rivals for market cap is a foreign one to us. ERC-20 and BEP-20 standards were implemented to foster collaboration, not hinder it. With the lower fees on BSC however, somehow tokens end up shilling their own tribes and dissing every other as a potential rug. That is not what we have for the future of our coin, and not the behaviour that we endorse as a community. For those who share the same vision for their projects, feel free to drop by and discuss opportunities.
GYA holders, you have not been forgotten. Our immediate priority now is to fix the farms while launching burn mechanisms to even make our farms viable. This would mean lotteries are coming right up! We know it’s not much, but hey, it’s honest work! We have to deliver something to our loyal supporters, but keep in mind that there are more in the works.
One of the ideas we have is to launch pools with MAGI rewards. You heard it, MAGI rewards! Not GYA. These rewards are finite and limited, and they will be funded by the dev funds as they get farmed along the way. This is a two-pronged approach towards adding value to GYA. With our lotteries, we add supply control via burns, and with the MAGI reward pools, we add demand for GYA.
This would give us the wiggling room we need to churn out new burn features to make farming GYA even more attractive. GYA will not be neglected, as we’ve reiterated many times, it will be the currency of our ecosystem as the inflationary cousin of MAGI.
Not a headless chicken!
People mistake our project for a headless chicken, a direction of no direction. That’s not the case here. We want to explore the options, and as we discover more viable solutions that are suitable for our ecosystem and community, we will adapt our resources to develop them to the community’s need. This way we get the benefit of both exploring a wide array of options, while at the same time being able to maximise the use of our resources. The value of time is something even Bitcoin couldn’t buy, so we want to make sure that we do not splurge unnecessarily on developments which are unsuitable for us.
The community gets a say on how we move ahead too! Our community provides so much valuable insights, our devs have to step in once in a while to shush the crowd before the gold leaks out! This is why we love our community so much, and we want to implement some form of governance system where the community can stake on ideas that they want us to try out in the experimental ecosystem.
So in the coming week, expect our farms to come back up with the lotteries! All those GYA holders itching to farm, you hear that?
👇 PARTNERSHIP 👇
We’re also announcing a new partnership with Ascend Protocol. It’s nice when other projects share our vision, so we’ll share the love here.