GM
#Starknet
boys πΊ
Today's presentation is about
@magnetyfi
, which has just released its testnet last weekend and aims to be the first DEFI Social Wallet
But WTF is a DEFI Social Wallet ? π€―
Okay let's deep into Magnety π§²
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Magnety is an asset management protocol that allows anyone (
#DAO
, individuals, investment groups...) to create and manage investment funds on
#Starknet
.
Currently, individuals and professionals face two problems :
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Indeed, there is a multitude of activities to do in crypto : DEFI,
#NFT
, trading (swing, day), bot, arbitrage, liquidator... Hundreds of different ecosystems : , dozens and dozens of DEX, a multitude of DEFI applications for the same service...
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If they want to raise external funds, they would probably have to go through the creation of a legal structure, which is complicated and costly. The users majority don't bother with that and just continue with their capital.
It is a lack of efficiency on both sides π«
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So, to address these issues, Magnety offers a platform that allows asset managers to create highly customizable vaults based on their investment strategies. In terms of customization, they will be able to choose :
π the name, description and category of the fund
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π the withdrawal and lock rules
π deposit limit and max
π to make their vault private or public
π their fee policy : entry, exit, performance, management...
π and much more
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Moreover, each vault will have a description of :
π its global informations (manager profile, description, sector...)
π its performance (ROI, volatility, ATH/ATL...)
π its activity
π its fee policy
π a social tab (rating, comment, manager's publication...).
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Users will be able to filter the vaults, on the marketplace tab, to find the one that best suits them :
π Performance (daily, weekly, monthly)
π Type of vault management (trading, DCA, DEFI...)
π Vault size
π Fee preference (eg no entry fee)
π Policy preference
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It's a real platform connecting people who need funds to capitalize on their strategy and people who have funds to delegate !
Asset managers will be able to customize their vault as they wish while individuals will be able to choose the vault that suits them best π«
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But users can delegate to other platforms to get passive incomes from professionals.
Okay anon, let's talk about the competition :
π§ββοΈCeFi and CeDeFi : have you seen what's going on with Celsius? ()
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Magnety offers non-custodial delegation of funds and allows better management transparency. When a user deposits funds on a Magnety vault, he gets a share of that fund (relative to his weight in it). The share will be in the form of
#NFT
.
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The manager receives the funds and can only use them on the protocols supported by Magnety. He will not be able to withdraw or block funds beyond the rules he has established.
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π§ββοΈOther DEFI asset management platforms : Magnety offers three main advantages.
π― The first is to be on the L2 offering the best ETH scaling technology over the long term IMO, ZK Rollup (Stark) :
#ETH
security, TX speed and low fees.
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Competitors are either on
#Ethereum
(high fees which restricts some operations) or on competing L1 (whose future is very uncertain for many of them β³). Moreover, Starknet is the most promising L2 on the long term, and Magnety is positioned as a long term project.
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π― The second is that Magnety will reward the best performers by airdropping MGTY tokens and giving them a huge visibility :
- By being well ranked in the protocol leaderboard
- By being quoted in the overviews made by the team on Twitter
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Indeed, there will have a vault leaderboard where top performers will have advantages :
π More visibility
π Airdrop of MGTY tokens
π Review in Magnety's publications
π Medals on the user profile
π More investors probably
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π― Finally, rather than having to use a simple dashboard, Magnety proposes to improve the user experience by integrating funds directly into the manager's wallet so that he can transact outside of Magnety directly on the dApps π€―
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So with these advantages, we get : a DEFI social wallet through an easy to use platform powered by
#Starknet
π§²
Magnety will therefore meet every userβs needs : experts who seek to capitalize on their knowledge, new entrants, cryptoboys who want to diversify, DAO...
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The MGTY token will be used to :
π Stake : 80% of the fees generated by the platform will go to the token holders who stake their MGTY (20% will go to the DAO)
π Governance in the DAO
π Reward the best Magnety funds
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At the partner level, Magnety plans to do extensive due diligence on the DEFI protocols they integrate. But we can expect them to integrate most of Starknet's DEFI landscape, and why not 3D integration via
@altzoneio
as
@JediSwap
or
@aspectdotco
already do !
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At the team level, they are currently 4 :
- CEO
@0xSacha
- CTO
@0xAurelou
- CMO
@0xgabL2
And a content writer who just joined them :
@Testnet_Digger
π«£
A designer will soon join the project to complete the team.
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For the roadmap, the important points are :
π Development of the wallet
π Beta testnet (with the wallet created)
π Integration of DEFI protocols (currently there is only
@alpharoad_fi
in testnet)
π Audit
π Mainnet
π Mobile application
Now, let's go to the testnet.
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@alpharoad_fi
Step 1 :
First, you need to install and configure a wallet that supports Starknet. You can choose between :
π
@argentHQ
:
π
@myBraavos
:
Both are very good, download one (or both to try) and add it to your browser.
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@alpharoad_fi
@argentHQ
@myBraavos
Step 2 : follow tutorial
For the rest, I let you see this video tutorial that explains very well the activities to do :
π
And the official Magnety tuto :
π
My thread would be too long if I did it here (TLDR bro)
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@alpharoad_fi
@argentHQ
@myBraavos
Anyway, let me know if you want me to do one, and I'll make a second thread about it !
Step 3 : Feedback, contribute and enjoy
Go to the project Discord: to give feedback on what you think about the protocol and the testnet!
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@alpharoad_fi
@argentHQ
@myBraavos
I also advice you to contribute to the project, I heard an airdrop is in the pipes π
Go to the
#progression
channel to see what's going on about it.
I hope you enjoyed this presentation and I'll see you soon for a new thread here and on
@MagnetyIntern
.
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