DeFi Magic: The Story Begins
DeFi Magic officially launches on Saturday, May 22nd, 2021!
The launch team will be focusing on the technical and mechanical deployment of Dark Magic and Drax on Polygon. After Dark Magic and Drax go live, there will be an initial yield staking pool available.
The initial functionality of the ecosystem will be a zapper that allows token swaps and a genesis event staking pool. In order to trade Dark Magic, you will need axMATIC, which is convertible via the zapper on defimagic.io at a 1:1 ratio with MATIC.
The staking pool will allow you to stake Drax and receive Dark Magic and Drax tokens as a reward. This pool receives rewards via a portion of the TX fees of the tokens. Since the protocol is initially launching, and no TX fees have been accumulated yet, a starting amount of 200,000 Dark Magic tokens will be provided as rewards, set over a duration of approximately 30 days.
You also have the ability to boost your pool yields. The Dark Magic multiplier numbers are as followed:
1.1x requires 500 dMagic
1.2x requires 1000 dMagic
1.3x requires 1700 dMagic
1.4x requires 2600 dMagic
1.5x requires 3700 dMagic
The details of the protocols can be found here and contract information below:
Dark Magic Tokenomics:
Name: Dark Magic
Symbol: DMAGIC
Supply: 4,000,000
Mechanics: Price Floor (locked liquidity), burning utility, deflationary, self-sustaining yields
TX fee: 1.5%
·1% (feeds Dragon staking contracts)
·0.2% goes to treasury fund
·0.3% burns, removed from supply forever
Contract Address: 0x61dAECaB65EE2A1D5b6032df030f3fAA3d116Aa7
DEX Link: https://analytics-polygon.sushi.com/pairs/0xf5a739b544b392a3fff893a91c53e7408116dfc5
axMATIC Contract Address: 0x1221591c1d77A9c334aBb0fe530ae6EE3aF51Af9
Drax Tokenomics — Polygon
Name: Drax
Symbol: DRAX
Supply: infinite — mints at a 1:1 ratio to MAGIC/axMATIC LP
Function: Wrapper token to MAGIC/axMATIC LP
Mechanics: Self-sustaining yields
TX fee: 0.5%
·0.4% “feed vaults”
·0.1% goes to treasury fund
Contract Address: 0x1Ba3510A9ceEb72E5CdBa8bcdDe9647E1f20fB4b
DEX Link: https://analytics-polygon.sushi.com/pairs/0x9817b7759096d1826a9256d8c62232c878cde7d2
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DeFi MAGIC 💫
Website: https://www.defimagic.io/
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