Magnify Cash Launches Presale of Native Token MAG
Magnify Cash, a new decentralized lending protocol, has announced the launch of its native token MAG and has begun its presale. This platform is designed for individuals and businesses that provide or receive loans in ERC-20 tokens. An interesting feature of Magnify Cash is the ability to use non-fungible tokens (NFTs) or tokenized real-world assets, such as art, securities, and real estate, as collateral.
Currently, the protocol is operating on the second-layer (L2) test network Base, developed by the American cryptocurrency exchange Coinbase based on the Ethereum blockchain. In the near future, Magnify Cash plans to launch on the main Base and Ethereum networks, and is also considering integration with other L2 networks such as Abstract and Blast.
The presale of the MAG token is being conducted through the liquidity protocol of the Fjord Foundry platform and will last until July 27. More than 70% of the total supply of 880 million MAG will be distributed among regular users during the token sale. This token is intended to support liquidity in the Magnify Cash ecosystem, stimulate community activity, and participate in project development voting.
The developers of Magnify Cash note that this approach helps to create an interested and active community. Participants in the project, including liquidity providers, lenders, and borrowers, are rewarded in MAG, providing an additional incentive to participate in the ecosystem.
This launch represents a significant event in the world of decentralized finance, expanding opportunities for using cryptocurrencies and tokenized assets as collateral for loans.
