MagmaCake Finance — a project on the Binance blockchain. The $ MAGMA Token charges an 8% transfer tax, but it does not apply to the placement, withdrawal of bets and collection of $ MAGMA tokens on the farm. Farms should focus on maintaining the price of their own token, and the transfer tax does help in providing deflationary pressures on their own token.
Contents:
About MagmaCake Finance
Similar to the BSC version, Magma implements the 1% Anti Whale feature to ensure there are no huge transactions in one go. The team will also follow RugDoctor's proposal to implement a minimum amount (0.05%) in this Anti Whale feature. Thus, it is possible to receive the rating "Low Risk" from RugDoctor. Every 2 weeks, there will be an automatic 50% reduction in emissions and eventually the emissions will stop.
To stimulate HODLING, a VIP pool will be allocated with a maximum amount of $ MAGMA. This means that the APR% will be fixed and you can enjoy that APR% since it will not be diluted. To participate in VIP Capped, you need to have MAGMA tokens. The actual requirements will be updated in the Telegram group closer to the launch of the pool.
Other features:
| 1 | The MAGMA pool will be charged a 0 percent deposit fee, but non-MAGMA pools will be charged a 10 percent deposit fee as non-native users receive a high interest rate per annum. Please note that you can still withdraw your initial investment at any time. |
| 2 | There is also a 8 percent transfer tax to encourage HODLING instead of trading, similar to the BSC version. |
All source and non-local pools will have a 7-day reward lockout. This is done in order to dissuade those who make a bet to fold MAGMA immediately after starting farming. Investors, who have placed their tokens, will be able to withdraw from the bet at any time, even before the expiration date, but the rewards will be unlocked and will be available for collection only after 7 days from the start of farming.
Additional information
An introductory document is available on the site. Also, there is a RoadMap with future updates.
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Smart contract audit is available here.