The Eruption Event Is Days Away: Staking Details & Audit Report Revealed
The Molten Volcano is almost ready to erupt any day now.
This article will prep you on the details of how staking will work, the $MAGMA token launch details and its tokenomics.
If you aren’t already familiar with the dual $MOL staking, then read this article explaining the Molten ecosystem.
(Again, remember that $MAGMA is just a work-in-progress name to defend against bots and scammers. The actual token name will likely be different.)
Stake $MOL To Earn $MAGMA
Once $MAGMA launches, you’ll be able to stake your $MOL to earn $MAGMA directly through the staking app (available on the homepage of our website soon).
The $MAGMA staking pool will continuously receive 2% of $MAGMA from every transaction. This means the more trading volume $MAGMA receives, the more rewards will be available for stakers.
Additionally, the $MAGMA staking pool will launch with 20% of the starting supply of $MAGMA to reward $MOL stakers with boosted APYs during the first 5 days of staking, in celebration of the launch.
$MAGMA Staking
After launch, $MAGMA can be purchased on Uniswap or earned through the staking system described above.
$MAGMA can then be staked to earn $MAGMA-ETH liquidity pool tokens generated by its auto-liquidity locking protocol.
One additional bonus of $MAGMA staking is there is no tax to stake/unstake your tokens. Unfortunately, this feature isn’t available for $MOL since the tax has already been deployed.
$MAGMA’s Audit
The $MAGMA token and staking contracts have been audited by Genji Sakamoto, the chief Architect at Swipe. There were no major issues but a few small one, all of which have been fixed.
Additionally, our auditor found a way to optimize the contracts for lower gas prices during this period of high fees.
You can read the full audit report here.
$MAGMA Tokenomics
- Total fixed supply: 5,000 $MAGMA
- Tx % that gets auto-added to LP: 4%
- Tx % that goes to $MOL staking rewards: 2%
- Starting max transaction limit: 150 $MAGMA per transaction
- Initial liquidity: 10 ETH / 3,500 $MAGMA added to initial liquidity with 75% locked for 1 year and 25% locked for 1 week. After 1 week, we will pull out our initial liquidity and re-lock the rest (same model as $MOL)
- Initial Staking Pool: 20% will be used to fund the staking rewards pool to give boosted APYs for the first 5 days.
- Dev + Team: 0% of starting supply. Instead, 2.5% of every reward claim from staking will be sent to the team wallet.
- Marketing: 10% reserved for marketing (articles, AMAs, Twitter and Telegram promotions, partnerships etc.)
$MAGMA Launch Date
We were hoping to launch $MAGMA by Wednesday November 25, but due to a few issues discovered in the security audit, we’re taking additional time to test all the contracts to stress-test the system and ensure everything works perfectly.
We know everyone is eager to get staking live ASAP, but due to the recent security exploits of some other DeFi projects, we’re not going to rush anything.
So we have the launch planned for Friday, November 27. The exact time won’t be announced ahead of time, again to prevent bots and scammers. We will notify our Telegram community as soon as we list on Uniswap and open up staking.
$MOL’s Tax Reduced And Admin Keys Have Been Thrown Into The Volcano
Since the Molten protocol now has over $140,000 of liquidity (the majority of which is locked inside of the contract), we’ve reduced the auto-liquidity-add tax from 3% to 2%. This means the effective tax per transaction is permanently at 3% (including the 1% burn).
Also, we finally burned the admin keys to the contract by calling the “renounceOwnership” function. So the contract values can no longer be edited by anyone and $MOL is 100% safu!
Admin key burn tx: https://etherscan.io/tx/0x87774622582cf3ce34fb619f4b0d82d19899bbcd2db05ec079b4402b6b3442d6
We appreciate the support of everyone in the Molten community and we’re looking forward to the eruption event!
