Investors can stake their MAG through Magnet DAO's site by approving the target site and the amount they want to stake before submitting. Subsequently, MAG is vested linearly during a 5-day period during which investors can claim their MAG in order to stake it.ĭuring the early phase of the launch, Magnet DAO is offering a slightly elevated minting discount to quickly build its treasury and liquidity. In exchange, investors receive MAG at a discount. The deployment of the Magnet protocol allows users not only to stake MAG for rebase rewards, but also to mint using MIM and MAG-MIM LPs to purchase MAG at a discount.ĭuring minting, these assets are transferred to the Magnet DAO treasury. It is thus now also available for swapping by users through this avenue. Furthermore, it was whitelisted by Trader Joe, a decentralized Avalanche trading platform, on January 3. The MAG token is now available natively on Avalanche, through an app via Magnet DAO's site. During this period, bMAG is being staked and is receiving rebase rewards. On January 2 at 5PM UTC, Magnet DAO's protocol launched officially, with a projected vesting period of 7 days, thus vesting approximately 14% each day. Protocol Launch, Trader Joe Whitelisting, Minting, and Staking Investors who had participated in the December 7th community offering were airdropped an equivalent amount of bMAG to redeem following the protocol launch. The motivation behind offering NTTs was to prevent the development of non-approved liquidity pools (LPs) prior to the launch of Magnet's official listing.ĭuring the public sale, the total contribution limit of $10 million was reached within a mere 39 minutes. However, they have become redeemable with the launch of Magnet's protocol. These are NTTs (Non-Transferable Tokens), which cannot be sold on or exchanged for liquidity. Overall, 4 million bMAG tokens were available, representing 40% of the initial supply. The sale launched on December 28th at 5 pm UTC and was set to last for 48h or until a total contribution of $10 million MIM had been reached. The initial community offering was followed by a public offering on December 28, which equally exceeded anticipated investor interest. Overall, $1.6 million were raised at the time. The limit for individual maximum contributions was increased from $500 to $4,000 to meet unexpected demand, and the community offering was sold out within 32 minutes. However, these investors showed significant interest. This initial launch was open only to the Magnet DAO community on Discord. This represented 20% of Magnet's initial supply. Magnet DAO first launched natively on Avalanche (AVAX) on December 7, with 2 million MAG tokens up for sale at a price of $0.80. Raising $10 million in 39 minutes in December 28 Public Offering
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