MAG (MagnEx governance token) Trade Mining rules
Preface: This rule is a tentative draft, and the subsequent implementation will be decided according to actual conditions.
The release of MAG complies with the principle of “taking into account multiple parties and focusing on some aspects”, including five methods of place order mining, trade mining, airdrop for previous MagnEx users, trading channel mining and liquid mining. Except for the airdrop part, the release period is four years, and the number of releases decreases year by year, and the release amount is the same in the third and fourth years.
Except for airdrop, MAG will be distributed in 4 years according to different mining patterns, annual mining proportion is as follows:
1.1 Mining proportion of MagnEx trading pairs and daily mining amounts are as following:
1.2 Only the ten highest buy orders and the ten lowest sellers order at a given time will be counted for order mining;
1.3 We will distribute MAG according to different trading pairs and floors, trading pairs including MAG or BTM will weigh more:
Trading pairs without MAG or BTM （For example like BTC/USDT）
Trading pairs with MAG or BTM （For example like MAG/USDT）
1.4 We will snapshot all orders every minutes and distribute MAG according to order value proportion;
1.5 Order mining will start at 10 am (UTC+8), Nov 12th, MAG for order mining will be distributed every 10 minutes;
2.1 Daily mining MAG for different trading pairs is constant, MAG will be distributed according to your trading volume proportion of all trading volume;
2.2 Different trading pairs weigh different:
2.3 Trading mining will start at 10 am (UTC+8), Nov 12th, MAG for trading mining will be distributed every 10 minutes.
3.1 If you traded BTM in magnet exchange before 0 am (UTC+8), Oct 1st, you could claim your reward;
3.2 We will airdrop 15% MAG of the total supply. 5% MAG will airdrop to effective addresses, 10% will airdrop to users according to the proportion of the weighted volume participating in a BTM trading before 0 am (UTC+8), Oct 1st. Buy BTM weighs 2, other tradings weigh 1.
3.3 Users need to claim their airdrop in the wallet, you can claim your reward after 10 am (UTC+8), Nov 11th;
4.1 Trading channel rewards will be distributed to partners which provide orders for magnet contracts, including Bycoin, Byone, and other wallets;
4.2 MAG will be distributed according to MagnEx trading volume proportion in different channels. If you want to be our partners, don’t hesitate to contact us;
4.3 Trading channel mining will start at 10 am (UTC+8), Nov 12th;
Daily mining MAG for different trading pairs is constant:
MAG will be distributed according to your share of LP pool every 10 minutes;
Liquidity mining will start at 10 am (UTC+8), Nov 12th
Finally, we need to remind everyone to pay attention to risks:
1. MAG has never raised any funds, everyone can participate in cost-free mining;
2. MAG has no investment value and is a MOV MagnEx protocol governance token.
If you have more suggestions and comments on these rules, please feel free to put forward your valuable comments in Bycoin-Settings-Feedback (Bycoin download link: bycoin.im/en)