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Minting $MAG
By minting MAG you're trading your crypto assets for discounted MAG.
The Mint page allows users to mint $MAG from the protocol at a discount by trading it with i) liquidity (LP tokens) or ii) other assets. The former is called liquidity minting and the latter is reserve minting. The minting action creates bonds that take 5 days (15 epoch) to vest, and $MAG tokens are vested linearly to the user over that period. Liquidity minting helps the protocol to accumulate and lock liquidity, while reserve minting allows the protocol to grow its treasury, and thus the backing per $MAG faster.โ€‹ The Magnet DAO currently offers minting via $MIM and $MAG-$MIM only, but we expect to add AVAX and other mint assets soon.

Minting $MAG

  1. 1.
    Go to the Mint page and select the assets you wish to use to mint $MAG.
  2. 2.
    Enter the amount of the asset you'd like to use for minting.
  3. 3.
    Approve the website using your asset to mint. You'll need to do so in your wallet when prompted.
  4. 4.
    After the "Approve" transaction has been processed successfully, click "Mint" and sign the transaction. Voila, you have minted your first $MAG tokens.
Note: The "Approve" transaction is only needed when minting for the first time; subsequent minting only requires you to perform the "mint" transaction.

How to Redeem

Once you've minted $MAG you'll need to redeem it to stake it or sell it on a DEX.
  1. 1.
    Go to the Mint page and select the mint type you have purchased.
  2. 2.
    Select the "Redeem" tab.
  3. 3.
    Use the Claim to claim all of your available rewards, and have the pending $MAG sent to your wallet, or use the Claim and Autostake button to have all the available $MAG sent automatically to the staking contract.

Reading the Info

Mint Page:

  • MINT Price is the price of $MAG you get from minting. You can calculate the mint price using the following formulae: - LP Mint: (Value of your LP token / $MAG you'll get from minting) - MIM Mint: (Value of your MIM token / MAG you'll get from minting)
  • $MAG Price is the market price of $MAG.
  • Your Balance is your balance of LP tokens or assets used to mint.
  • You Will Get tells you how many $MAG tokens you will get from minting.
  • Max, You can Buy the maximum amount of $MAG available to be bought.
  • The Debt Ratio measures the total amount of $MAG created from mints that have yet to be paid out by the protocol. The debt ratio is calculated differently for LP mints and MIM mints: - LP Mint: ($MAG created from unredeemed mints / $MAG total supply) - MIM Mint: ($MAG created from unredeemed mints / $MAG circulating supply)
  • Vesting Term measures the period a minting action takes to fully redeem. This number is expressed in days.
  • Minimum Purchase: Minimum amount of $MAG that can be minted

Redeem Page:

  • Time Until fully vested time until the $MAG minted will be fully redeemable
  • Pending Rewards is the amount of $MAG you are entitled to receive from minting.
  • Claimable Rewards is the amount of $MAG that you can claim now. This amount keeps increasing as $MAG is vested to you over the vesting period.
  • ROI is the Return On Investment
  • Vesting Term measures the period a Minting action takes to fully redeem. This number is expressed in days.