What is MAG？
MAG is generated by trading on MagnEx protocol, MAG will be the governance token of MOV MagnEx protocol.
Total supply
The total amount of MAG is limited to 1 million, 15% of the Total supply will be distributed to MagnEx users.
Airdrop Plan
1. The address that did trading on MagnEx before Oct 1st, 2020 will get the MAG airdrop, and the address of SUP will get the MAG airdrop.
2, All airdrop MAG amount is 15% of the total MAG including
1) 5% will be equally distributed to address that did trading on MagnEx
2) 5% will be distributed according to a certain proportion, the trading of buy BTM weight is 2, other tradings weight is 1.
3) The remaining 5% will be distributed to the relevant users in proportion to the amount of SUP users hold, the amount of SUP depends on the snapshot of the sidechain address on January 1, 2021 (Beijing time) shall prevail.
3, Users need to claim MAG, The starting time for the claim is 2:00 am (UTC), January 4, 2021
MAG trade mining phase 1
1. Distribution plan
The amount of MAG mining in the first phase is 100,000, which are distributed through four methods: pending order mining, transaction mining, trading channel mining, and liquidity mining. The specific proportions are shown in the following table:
Mining period:
One month, January 4, 2021-February 3, 2021
1.Order mining
1.1 Mining proportion of MagnEx trading pairs and daily mining amounts are as following:
1.2 Only the ten highest buy orders and the ten lowest sellers order at a given time will be counted for order mining;
1.3 We will distribute MAG according to different trading pairs and floors, trading pairs including MAG or BTM will weigh more:
Trading pairs without BTM or SUP （For example like BTC/USDT）
Trading pairs with BTM or SUP (For example like BTM/USDT)
1.4 Orders that buying BTM or SUP will get double amount of MAG compare with other orders
1.5 We will snapshot all orders every minutes and distribute MAG according to order value proportion;
1.6 Order mining will start at 10 am (UTC+8), Nov 12th, MAG for order mining will be distributed every 10 minutes;
2, Trade Mining
2.1 Daily mining MAG for different trading pairs is constant, MAG will be distributed according to your trading volume proportion of all trading volume;
2.2 Different trading pairs weigh different:
2.3 Buying BTM or SUP will get double MAG income, and the buying and selling weight of BTM-SUP trading pair is the same
2.4 Trading mining will start at 2 am (UTC), Jan 4th, 2021, MAG for trading mining will be distributed every 10 minutes.
3, Trading channels
3.1 Trading channel rewards will be distributed to partners which provide orders for magnet contracts, including Bycoin, Byone and other wallets;
3.2 MAG will be distributed according to MagnEx trading volume proportion in different channels. If you want to be our partners, don’t hesitate to contact us;
3.3 Trading channel mining will start at 2:00 am (UTC), Jan 4th, 2021;
4, Liquidity mining
Daily mining MAG for different trading pairs is constant:
MAG will be distributed according to your share of LP pool every 10 minutes;
Liquidity mining will start at 10 am (UTC+8), Jan 4, 2021
Finally, we need to reminds everyone to pay attention to risks:
1. MAG has never raised any funds, everyone can participate in cost-free mining;
2. MAG has no investment value and is a MOV MagnEx protocol governance token.
If you have more suggestions and comments on these rules, please feel free to put forward your valuable comments in Bycoin-Settings-Feedback (Bycoin download link: bycoin.im/en)
