Ancient Magic Reveals a new way to DeFi: Forced Greed and Profits
A technical guide:
Ancient Magic is named for the concept and philosophy that it is built upon, that boils crypto speculating and investing down into two base components — Innovation and Greed — combining these elements into new forms of DeFi.
Introducing: Forced Greed Contracts.
The way the smart contracts work is centered around the premise that if someone can make money by simply clicking a few buttons, they’ll click the buttons. This is inherently how arbitrage trading works, and the bot trading we see so prevalent in the crypto space. People take tokens trading on different liquidity pools, where you can buy on one pool and sell on the other, for profit.
From a project standpoint, adding liquidity is a huge decision. Traditionally, these liquidity pairings require being added to a DEX, where the token essentially marries another token. Thus why projects predominantly pair to the major tokens out there whether they are ETH, BTC, USDT, USDC, and so on. Liquidity is then almost always locked for a long duration of time to create security for the community. Thus the marriage, because once locked, the token pairing cannot be undone until the lock duration wears off, if it ever does.
But there’s another way → off-DEX, decentralized swapping. A decentralization to the decentralization, so to speak. And the beautiful part is that is designed with intention so that when you swap, you profit.
And, every time you profit on this system, a series of events may occur throughout the Dexes, creating volume, token burning, and transaction fees that feed token ecosystems from staking contracts to other elements designed to benefit the project and community.
Your profit means community profit. Everyone wins.
How it Works
The Forced Greed contracts work like this: The contract has a pairing of two tokens available for users to trade between. Sound familiar? Except, for the Forced Greed contracts, you can only trade in one direction.
This is because there is a fixed trade ratio between the tokens set into the contract by the contract owner (dynamically set). For example: token A trades to token B at a ratio of 1:2. For every 1 token of token A you send to the contract, it will send back 2 tokens of token B (less any transaction fees token B may have). Unlike traditional DEX trading, this ratio does not change after a trade. As long a there are tokens in the contract, you can always trade at the fixed set ratio.
For the User
As a user, you input the specified DeFi Magic tokens, and can swap those tokens, for another project’s tokens at a fixed and guaranteed ratio. This means that, the price difference between the two tokens can lead to an arbitrage opportunity to make easy money where you can buy the input token, swap for the output token, sell the output token, and profit. All within just a few clicks!
In the Background
For the user, what happens is simple and easy. In the background, that’s where the magic happens. The input tokens are sent to the contract are converted to the output token and reloaded back into the contract to be available to the community. This creates transactional fees that feed both sides, into the ecosystem, and healthy, real volume.
Example: In the Dark Magic → Ancient Magic contract, the user sends Dark Magic and receives Ancient Magic at the posted, fixed swap ratio based on the amount of Dark Magic they send in. The contract itself sells the Dark Magic tokens sent in to Ancient Magic, and reloads the contract to allow for swapping again.
The starting contracts to this concept will be as follows:
- Dark Magic → Ancient Magic
2. Axioms → Ancient Magic
3. More to come!
Cross Chain (coming soon)
- Some HUGE surprises!
Special Forced Greed Contract:
Axioms makes its official, starting debut connection into the ecosystem! This contract will begin the automated burning mechanisms of Axioms.
- Axioms → Dark Magic
(Axioms sent to this contract are sent to the Ethereum Network 0x000000000000000000000000000000000000dead address/black hole)
In order to properly manage aggregator lists in terms of tracking burnt tokens, tokens are not automatically burnt. Since tokens on Polygon are in the Polygon bridge, burning on Polygon, without network syncing, would simply result in a burn on Polygon, but stuck tokens in the Polygon bridge since the tokens couldn’t be returned back to Ethereum. To solve this in a simple manner, the Axioms tokens are sent to a wallet under project control. When the balance reaches sufficient numbers to warrant paying the GAS cost to bridge, the Axioms tokens will be sent from Polygon to Ethereum, thus unlocking the Axioms in the Polygon bridge, and then sent to the dead address on the Ethereum chain.
Axioms tokens will get bought, but never sold, because those tokens will be burned. This is one of the first steps of profits by forced greed:
A buy that can never be sold FORCES a price rise.
Tokenomics of Ancient Magic
Name: Ancient Magic
Mechanics: Burning utility for DeFi Magic ecosystem through Forced Greed Contracts
TX fee: 5%
·4% of every transaction (buys and sells) market buys and burns Axioms tokens (sends to 0x000000000000000000000000000000000000dead address/black hole)
·Mystery Greed that feeds the ecosystem may occur, be prepared!
Name: Ancient Magic
Supply: mint/burn token mapped wrapper token to Ethereum network version
Mechanics: Burning utility for DeFi Magic ecosystem, Arbitrage Generation (coming soon), Forced Greed Contracts, something secret.
TX fee: 5%
·5% market buys Dark Magic and feeds the Axioms to Dark Magic Forced Greed contract. This results in Axioms burned.
·Unknown Greed functions that feeds the ecosystem may occur, be prepared!
A snapshot will occur on 4pm EST, February 15th, 2022 for All Axioms token holders (both Ethereum and Polygon balances will apply), Dragon Eggs, and Magic Potions.
Ancient Magic tokens will be 100% distributed to holders as follows:
Dev Wallet — 0%
Axioms — 50% — NOTE: ETH and Polygon side will both be incorporated
Dragon Eggs — 25% (breakdown below)
- Boneskin Emerald — 50%
- Boneskin Sapphire — 35%
- Boneskin Amethyst — 15%
Potions — 25% (breakdown below)
- Future Sight — 50%
- Giant Strength — 35%
- Ironwoodskin — 15%
No Ancient Magic tokens pays out to team members. All will go towards community benefit. These benefits are utilities such as contributing to burning tokens, forced greed swap contracts, adding to liquidity, etc. In the spirit of greed for profit being the basis behind Ancient Magic, no addresses will be whitelisted on receiving their tokens to be excluded from fees. This means that the transaction fees associated with Ancient Magic will occur immediately at distribution and deducted from any amounts one would receive.
All Ancient Magic token claims relating to the snapshot must be completed by 2pm EST, January 5th, 2023. Any unclaimed Ancient Magic tokens after this time shall be considered forfeited and will be recovered to utilize to the benefit of the DeFi Magic community.
Bonus for Holding DeFi Magic Cauldron Partner NFTs
In addition to the above, any address holding a Cauldron partner NFT will receive up to 1.3x their airdrop! This means that you can get an extra 10% on your airdrop for up to 3 NFTs in your address. both Polygon and BSC partner NFTs count towards this total, and you can have any combination to reach it, even if it is all the same partner NFT. These NFTs must be in wallet at time of snapshot.
Methodology of Ancient Magic Distribution
The distribution of Ancient Magic tokens will occur via a claim contract on Polygon, which means that community members will claim their Ancient Magic tokens manually, directly on the DeFi Magic website.
The Inferno Continued
A massive 4,000,000 Axioms tokens will be burned to match the supply of Ancient Magic. This continues the equilibrium in expansion, as Axioms is part of a cross-chain ecosystem, focused on balancing all elements of inflation while maximizing growth benefits to the community.
The DeFi Magic ecosystem is designed to feed permanent value into all the underlying native tokens and NFTs.
Ancient Magic has a very novel, experimental concept being developed upon it. Using pure math, uniquely coded elements, and purpose to allow people to gain value upon their individual needs, after 366 days from the time Ancient Magic is airdropped to the community, a forced value will either have been created, or will be created.
In other words, people can take value as they see fit. Some prefer quick short term profits. Others, long term, higher gains for that long term asset hold.
Ancient Magic is designed to allow all of those desires to be possible, each method benefiting the other, longer term choices.
You can learn more by joining our social media and ask the developers directly:
$DeFi MAGIC 💫
DexGuru Magic: https://dex.guru/token/0x7538588f72ddada8583409a4a72915d550371b8f-bsc
DexGuru Dark Magic: https://dex.guru/token/0x61daecab65ee2a1d5b6032df030f3faa3d116aa7-polygon
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Note: All references to buying, selling, profiting, arbitraging, taxes, and any other related words to trading come with risks that users take on as their own liability, research, and choice. Though opportunities may present themselves for profits, market conditions are constantly changing and outside of the control of DeFi Magic.