MAG goes Stellar!
October 14, 2019
October 14, 2019
There was a discussion today on MAG Discord channel about the codebase update for MAG that led https://magnetwork.io/ team to look into this matter with fresh eyes. Crypto markets have not recovered from the massive corrections since 2018 and this situation has created new set of challenges for the cryptocurrencies to deal with. There have been unofficial reports on how many networks are still functional and numbers are frightening – some sources claim that 70-80% of all the active projects from 2017 have stopped. Centralized exchanges that were asking enormous listing fees have started to close their doors, once popular ICOs are not happening in hundreds everyday, regular people on the markets who are looking for the next coin to “moon” have been replaced by calculating daytraders.
A lot has changed for MAG during this time as well and now it is time to make decisions that are vital for survival in the current market conditions. By now we have lost almost all the exchanges MAG was listed on since 2017 and closing down the last one is in the process ( https://www.coinexchange.io/news/post/85/ ) that ends on 1st of December 2019. Good moment to remind all the MAG users to withdraw the funds ASAP from https://www.coinexchange.io !
After looking into MAG codebase update and re-assessing the whole situation, it started to become clear what move is needed in order for MAG to survive – a full transition from native currency into an asset on Stellar network. Among other benefits, this swap will bring seamless compatibility with Magnet.Market as it will be built on Stellar, lower the costs of running MAG chain and elimination of the need for MAG users to run masternode servers in order to gain profits from holding MAG.
With CoinExchange closing its activity tomorrow we are now in a position where MAG has no exchanges for the native token.Unfortunately, we are not able to afford listing on exchanges that would have enough volume to maintain a healthy market and MAG native token, orphaned from exchanges, is likely condemned to become inactive or worse, join the many dead coins out there.
We want to prevent that and revive the project!
Our MAG anchor on Stellar has been growing steadily since December 2018 (less than a year) and has now gathered over 7,000,000 MAG. Stellar has provided almost-instant transactions to all MAG owners here, very low fee and most importantly, access to any trading pair on the decentralized exchange.MAG is also expected to have increased activity on the Stellar blockchain with the addition of the magnet.market app to Litemint. As Fred confirmed again today, Litemint remains a strong partner of MAG and will provide exposure to its merchants.
The Stellar blockchain means that MAG has access to Smart Contracts. Such contracts are not Turing-complete but atomicity, batching, sequence, time allow for many scenarios such as escrow and crowdfunding. It also allows for non-fungible tokens as implemented by Litemint on Stellar.
Finally, Staking is fully supported by the Anchor on Stellar so any amount will stake automatically. You do not need to run a wallet.
We will publish and discuss additional details and vote for the new distribution model to account for loss of masternode rewards in the coming weeks, but you can already start swapping your tokens using one of the 2 methods below.
2 OPTIONS TO SWAP MAG TOKENS TO STELLAR
With the LITEMINT WALLET
The easiest way to SWAP is with Litemint. Go to https://litemint.com and launch the app or download on mobile/desktop.
- Enter a PIN to create a new account.
- Fund your wallet with at least 2 XLM.
- Go to Assets tab and add the MAG asset.
- Select the MAG asset and click on receive to get a deposit address.
- Send MAG to this address.
With the ANCHOR API
Use the endpoint below to get a MAG deposit address. You can then send MAG to the deposit address and the MAG will be swapped automatically to your stellar address.
Note: Make sure your stellar account has a trustline to MAG or you will receive an error!