Good morning, Prince Longsan overslept in the morning! Sorry for the delay in ordering takeout!
Today I will mainly introduce to you a project on IOTX. This project is called Magma Protocol, which is the first mortgage stablecoin protocol on the IOTX chain.
The gameplay tutorial is as follows:
1) Users can mortgage IOTX to lend WEN (stable currency), and then use WEN to mine MGM points. What should be reminded here is that MGM is the governance token of the Magma Protocol. It has not been issued yet. MGM points can be airdropped to equal amounts of tokens in the future.
2) Users of mortgage loans should note that when the LTV (loan value) value is greater than 77%, the mortgage assets will be liquidated.
3) A one-time minting fee will be charged when borrowing WEN as collateral, and a redemption fee will also be charged when redeeming the collateral.
4) You can exchange WEN directly in mimo, and then Stake WEN to get MGM tokens or points.
5) WEN is a collateralized stable currency, which has risks such as de-anchoring and being hacked.
6) Magma Protocol is a collateralized stablecoin protocol. Please participate if you understand it. If you donât understand, then participate with caution. DYOR.
(ps: In order to save the time of delivering food, I copied it directlyđđđ. Brothers really want to deliver food. Maybe I wonât have to deliver food when iotx reaches 1u. Those who want to truly understand the IOTX ecological project can go to IOTX Chinese In the Telegram group, or the official group of its ecological projects, there are currently more and more original ecological protocols on IOTX, and there will definitely be surprises in the gameplay of subsequent projects. I hope that real IOTX players will participate in various ecosystems to make IOTX stronger. )
