MAG mining: a journey of value discovery and consensus cohesion
Preface Introduction:
MOV is a new Decentralized and interoperable DeFi Protocol. The MOV protocol is customized for cross-chain DeFi. The framework is composed of three modules: the magnetic contract (Magnet), open cross-chain gateway (open federation management framework (OFMF)), and high-speed side chain (Vapor).
MOV has a series of built-in protocols, including open exchange protocols such as the MagnEx Protocol, SuperTx Protocol, and FlashSwap.
FlashSwap：Token swap with a market maker( The market makers will do a swap for you with their price)
MagnEx：Order book exchange （order’s are matched on blockchain）
SuperTx：an AMM/CFMM trading protocol for cryptocurrencies, low slippage, low cost and you can earn profit by adding liquidity to the pool.
Regarding SuperTx protocol，we released SuperTx Liquidity mining and Suptx community governance proposal, and we got 7 community proposals, the community governance is playing a more important role in SuperTx protocol.
And what about the MagnEx protocol?
Magnetic contract（the core function of MagnEx protocol) is a decentralized value exchange engine based on the on-chain order book, and is an important part of MOV. Due to the current lack of trading depth and other reasons, the value of MagnEx protocol has not been discovered by the majority. At the same time, Bytom Foundation also noticed that the Bytom community has also proposed related to the governance of magnetic contracts during the SupTx(SUP) governance process. Appeal. Therefore, in order to significantly improve the trading depth of magnetic contracts, expand the user base of magnetic contracts, and respond to the demands of the Bytom community, Bytom Foundation has decided to launch the mining activity of MAG, the governance token of MOV MagnEx protocol.
MAG distribution:
The release of MAG complies with the principle of “taking into account multiple parties and focusing on some aspects”, including five methods of place order mining, trade mining, airdrop for previous MagnEx users, trading channel mining, and liquid mining. Except for the airdrop part, the release period is four years, and the number of releases decreases year by year, and the release amount is the same in the third and fourth years.
Airdrop
The development of Bytom is inseparable from the support of the community, especially the community members who deeply understand and use MOV products have made an important contribution. Therefore, we will airdrop part of the governance token to users who participated in BTM MagnEx exchange. At the same time, in order to avoid traders receiving dusty MAG, part of the airdrop is divided according to the average number of addresses, and the rest is distributed according to the proportion of the trading volume of each address.
Order Mining and trade mining
The depth of the trade directly affects the traders’ experience, so the highest proportion of MAG is mined from trade mining or order mining. This activity plans to incentive the ten highest buy orders at a given time and The ten lowest sellers order at a given time, those orders will receive MAG by different weights.
Channel mining
At present, the trading of magnet contracts is mainly carried out through Bycoin. In order to better promote the magnet contracts to the market, this magnet contract governance token mining provides a unique type of trading channel mining, that is, access to various magnet contract. third parties (mainly wallets) can participate in trading channel mining, and each channel allocates governance tokens in proportion to the trading volume provided.
Liquidity mining
This event provides liquidity mining to encourage market makers to provide liquidity for new tokens such as MAG in the SuperTx. The start-up time of the liquidity mining will be one month later than the start-up time of this activity.
In this article, the original intention and design ideas of MAG mining activity were elaborated. For details, please keep an eye on the official details from Bytom official announcement( https://t.me/bytom_announcements）. In addition, MagnEx governance will be released when time is mature. MAG holders will have the right to issue proposals and vote for their favorite proposals.
Bytom Foundation
Nov 3rd.2020
