Blockchain

Magnify Cash Launches DeFi Protocol and Announces $MAG Token Fair Launch

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    Singapore, Singapore, July 23rd, 2024, Chainwire

     

    A groundbreaking moment in decentralized finance (DeFi) is here as Magnify Cash unveils its state-of-the-art DeFi protocol and announces the upcoming Fair Launch of its native token, $MAG. As a pioneer in financial technology, Magnify Cash is set to reshape the financial services landscape for individuals and enterprises alike.

    The Future of Decentralized Credit Markets

    Magnify Cash is spearheading the next evolution in decentralized credit markets, unlocking liquidity for Real-World Assets (RWAs), Future Yield Tokens (FYTs), and a myriad of digital assets through its innovative, permissionless lending desks.

    Solving Key Financial Challenges

    • Limited Liquidity: Bridging the gap for diverse digital assets.
    • Decentralization: Eliminating centralized and custodial lending limitations.

    Innovative Products and Solutions

    • Permissionless Lending Desks: Facilitate borrowing and lending for any ERC-20 token against RWAs, FYTs, and other digital assets.
    • Decentralized Borrowing Options: Provide lending solutions without intermediaries, ensuring maximum security and transparency.

    Universal Collateral and Currency Support

    Magnify Cash’s Universal Collateral Acceptance feature supports an extensive array of tokenized assets, including ERC-1155 and ERC-721 tokens. Users can now leverage NFTs and tokenized real-world assets such as art, real estate, bonds, and luxury goods as collateral, unlocking liquidity without the need to liquidate these valuable assets.

    Key Features

    • Comprehensive Support: Universal support for lending currencies and loan collateral (ERC-20, ERC-1155, ERC-721).
    • Seamless Operations: Asset-backed borrowing and lending with permissionless creation and management of lending desks.
    • Enhanced Liquidity: Extensive liquidity options for all digital assets, including stablecoins, ETH, liquid staking tokens (LSTs), meme tokens, blue chip NFTs, and treasuries.
    • Advanced Risk Management: A dynamic interest rate model utilizing linear interpolation and scaling factors, eliminating the need for oracles.

    Robust Security and Compliance

    Proven Testnet Success

    • Over 500 lending desks created.
    • More than 500 loans issued.
    • Nearly 5,000 unique users engaged.

    Strategic Alliances and Future Roadmap

    Magnify Cash collaborates with leading industry partners like LydianLabs, FjordFoundry, Jiraiya, Tailored, Blaize, 4am, and H3AT Studios, amplifying the platform’s capabilities and outreach. Key security audits by Guardian Protocol and Gaslite reinforce Magnify Cash’s commitment to providing a secure and reliable platform.

    Currently Live on

    • Base Testnet

    Exciting Upcoming Launches

    • Base Mainnet: Coming Soon (Including RWAs)
    • Ethereum Mainnet: Coming Soon (Including RWAs)
    • Potential Layer 2 launches: Abstract Chain, Blast Chain, and more.

    Fair Launch of $MAG Token

    The $MAG token will be launched through Fjord Foundry’s liquidity bootstrapping protocol, ensuring a fair and transparent distribution. The token sale runs from July 23rd, 8:00 PM EST to July 27th, 8:00 AM EST, with over 70% of tokens allocated to the public. This equitable approach encourages broad participation and fosters a strong, engaged community. Active participants, including lenders, liquidity providers, and borrowers, are rewarded with $MAG tokens.

    Participation Opportunities

    Secure $MAG Tokens: The MAG token sale begins on July 23rd at 8:00 PM EST (July 24th, 8:00 AM Singapore Time). Participants are invited to join the Fair Launch at Fjord Foundry here.

    Explore the Ecosystem: Magnify Cash invites interested parties to discover its comprehensive ecosystem by visiting the Website. Access the Pitch Deck, engaging Intro Video, detailed Whitepaper, and technical Documentation.

    Engage with Our Community: Magnify Cash encourages joining its vibrant community for real-time updates and support. Follow us on Twitter, join the Telegram group, and participate in discussions on Discord.

    About Magnify Cash

    Magnify Cash is a non-custodial and permissionless decentralized credit market that empowers users to lend ERC-20 tokens and borrow against non-fungible tokens (NFTs) and Real-World Assets (RWAs) with unmatched flexibility and transparency. Committed to true decentralization, Magnify Cash ensures universal support for ERC-20 tokens as lending currencies and ERC-1155/ERC-721 assets as collateral. The protocol’s innovative approach to on-chain credit markets offers a fresh perspective in the evolving world of decentralized finance.

    For more information, users can visit https://Magnify.Cash or follow Magnify Cash on Twitter at X.com/MagnifyCash.

    Magnify Media Kit: Link.

     

    Contact

    Press Manager
    Magnify.Cash
    [email protected]

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    Bybit’s World Series of Trading 2024 Kicks Off: The Biggest Trading Competition in Crypto History Begins

    2024-10-02T11:36:42Z

    DUBAI, United Arab Emirates, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to unveil the World Series of Trading (WSOT) 2024, the world’s longest-running crypto trading competition. This year, WSOT pushes boundaries, integrating centralized and decentralized trading, allowing participants to experience the trustless trading of the future. 

    Game-Changing Features Traders Will Love
    Individual traders can battle in three arenas depending on their capital size: lightweight, middleweight, and heavyweight. With separate prize pools for each league, the competition is fairer and ensures that talent wins the day, not account size. 

    Furthermore, traders can add up to four subaccounts within their Unified Trading Account (UTA) and rack up PnL across multiple accounts and markets, increasing their chances of winning. Bybit’s UTA calculates margin across positions, unifies collateral, and improves capital efficiency so traders can operate multiple positions from one account, making it a killer tool for the rigors of competitive trading. 

    Expanding into Decentralized and Centralized Trading
    WSOT also includes Bybit Web3’s DEX Pro trading platform so participants can trade over 1 million decentralized tokens, including memecoins, DeFi, GameFi, and more. Participants can also take part in the first-ever Web3 Idol competition.

    To play, traders earn votes through trading and completing daily tasks. Voters can support up to three projects daily and have the chance to win from a 1,000,000 MNT prize pool, including a 600,000 MNT grand prize for those who vote for the winning project and 200,000 MNT daily rewards. The winning project will receive exclusive CEO backing, prime listing, and marketing support, making it a key event in shaping the future of Web3.

    Over 100 ecosystem partners and decentralized projects such as MomoAi and Tars Protocol from Solana, and Catizen, KTX Finance via Mantle will participate in the DEX Pro competition as part of WSOT. By marrying centralized (CEX) and decentralized (DEX) trading, all crypto lovers can experience the wave of the whole ecosystem.

    “Bybit aims to create industry best practices for onboarding users for both CEX and DEX to help create a broader landscape of crypto adoption,” said Ben Zhou, co-founder and CEO. “By combining these two elements, we are enabling the smaller projects and specialist traders to rise up the competition ranks.” 

    10,000,000 Prize Pool and Participation Details
    The prize pool for WSOT 2024 is bigger and better, with rewards including yacht cruises, Rolex watches, world travel tickets, and up to 10,000,000 USDT. The more participants join, the larger the prize pool grows, making this year’s competition the juiciest in crypto. 

    To participate, simply sign up for WSOT when the event opens on October 1 and maintain at least $500 in your Bybit UTA account. All participants can invite friends to join WSOT and get more chances in the lucky draw. 

    Over the years, Bybit’s WSOT has grown to historic heights, with nearly 117,000 traders entering competitions between 2020 and 2022. And in 2023, the competition attracted almost 120,000 traders globally. This resulted in a remarkable year-on-year trading volume surge of 42%, reaching a total trading volume of 70.5 billion.

    #Bybit / #TheCryptoArk / #WSOT2024

    About Bybit
    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

    For more details about Bybit, users can visit Bybit Press. 

    For media inquiries, users can contact: [email protected]

    For more information, users can visit: https://www.bybit.com

    For updates, users can follow: Bybit's Communities and Social Media

    Contact

    Head of PR
    Tony Au
    Bybit
    [email protected]


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