Magikarp Finance

Mar 22, 2021

4 min read

Magikarp Madness 3/3

It’s been an eventful week for the Karps, and there’s so much to share.
We’d like to update you about the latest developments!

Karps surviving the Storm

In the past week alone, we’ve:

  • Hit our ATH of $0.04

All these milestones were made possible thanks to the continued support of our community. It is through such strong support that give meaning to our devs’ work, as we continue to toil and find new ways to bring more value to the community and raise MAGI and GYA to new heights.

Unavoidably, we’ve fumbled along the way. After our climb to the top, whales have cashed out with profits, which dragged our prices lower and lower. It is not all bad news though, with the exclusion of whales, the foundation of the community becomes stronger, while the remaining supporters reap the taxes off the whales’ exit. It is through such adversity that the community grows stronger, and with that, we would like to share some great news to our karps for their love and support.

When CMC? Now CMC!

Isn’t it beautiful? The price is definitely not accurate, has increased since writing.

The next logical step after listing on CoinGecko would be to get ourselves on CoinMarketCap. Just like our application with CG, this application did not come easy. There was a lot of documentation that had to be done by the devs before the application was even considered, and even thereafter Carlos had to send many back-and-forth emails with CMC admins to prove that MAGI did indeed have every right to play in CMC with the big boys.

This was one of the major steps we required in our foundation to be recognised as a BSC token with real value, and not just another meme-y coin for people to pump and dump. It’s a declaration that we’re in for the long haul.

With this listing, we’ll get the exposure required for our community to grow in numbers, and to be honest, with just a 1000 members in our telegram group (shameless plug, there’s still a lot of room to grow.

Omne Trium Perfectum

Or, to drop the classy latin facade, perfect things come in threes. With the CMC listing, we’re going to announce 2 other good news for our Karps to celebrate about.

Modern Latin Philosopher

First, we’re burning a million (yes, 6 zeroes) MAGI. Why? Because we love a good bonfire to celebrate, that’s why.

Once in a while, there will be rumors flying about (“look at the top 3 wallets, they hold the majority”). We hate to be a broken recorder, but just in case you didn’t catch it, one of those belong to the liquidity pool for PancakeSwap, one is a dev wallet for payments, and one is a dev wallet for community events. Our dev wallets are also secured with Gnosis Safe Multisig. We understand that a large dev wallet adds uncertainty for people who don’t know our team, which is understandable if you don’t frequent our chat. That’s why by burning off 1 million MAGI, we’re telling you that we listen. Obviously we would burn the entire dev wallet if we could, but the development and growth of the ecosystem still relies considerably on those wallets.

You can check the burn here:

In fact, burning is so fun, it’s addictive. Therefore, we’re also holding a Twitter retweet event for part 2 of our celebrations! For every retweet, we send another 1k MAGI into the blackhole. Remember, with every burn, the circulating supply decreases, which means the MAGI you have in your wallets become more scarce and valuable!

You can retweet this tweet to help burn more MAGI:

Room for Improvement

Brainpower Activated

We’ve heard the community talking about the issues with the farms. There are a couple, and we would like to be completely transparent and honest here:

First, the APYs for the MAGI-GYA farm is wrong. We understand that this has brought a lot of confusion, but as soon as we spotted that bug, we’ve came out to confess it was a bug. We’re currently investigating, and this was by no means an attempt to mislead the community with high APYs.

Next, there are insufficient burning mechanisms for the inflationary GYA. Without a good burning mechanism, the price of GYA would not be sustainable in the long run. We’ve listened to the community about ways to burn GYA, with mini-games, lotteries, and many of them are good ideas that we intend to implement. In fact, some of those are already in the works!

We recognize our mistakes with the launch of the farms and GYA, which is why we have decided to make a strong decision. We will temporarily disable farming (Tuesday 00:00 UTC) as we focus on bringing in the adequate burning mechanisms. People with their stakings in the farm can still continue to unstake via the farm page.

Coming up next:
Partnerships & MAGI usecase ? 🐟