DeFi MAGIC AMA with MultiChain Apes
On Monday, September 27th we had over DefiMagic team over for an AMA with our telegram members of MultiChain Apes. The MAGIC team was very friendly and well prepared for the questions. The AMA lasted 1hour and it consisted on Intro, Tech and Marketing.
Here you will have a summary of Q&A
AJCrypto: May we start guys?
MigaraX: sure :)
AJCrypto: ~ Can you please introduce yourself? What is your background? When did you start crypto and for how long you know the rest of team?
MigaraX: My name is Gordon and i am base din Europe. I am in crypto since 2015 and worked the last 10 years as a Business Analyst until i decided back in December to quit my irl job to work full-time in crypto.
I know the team of DefiMagic since August 2020.
Inglourious B: I’m a software engineer with 30+ years experience. I recently move to solidity because it’s relatively easy and doing fintech is fun and challenging. I’ve been in crypto for 3 years. Started with mining ETH and have moved on to development.
I’ve know the team since Nov 2020.
MigaraX: Unfortunately our founder Leaf can not be here right now cause of family issues, just to know for you.
AJCrypto: Alex told me
We wish him all the best!
~ Is this your first project with the core team? Is the whole team located in the same time zone?
MigaraX: Its my first project with them, even if we worked as admin, advisor on other projects before.
My timezone is UTC and core team tz is EST, so it makes it sometimes a bit difficult to find the right times.
AJCrypto: But a good time for the community imo
So it has its pros and cons I guess.
MigaraX: Absolutely. who needs sleep? :)
AJCrypto: Welcome @Bitgraphix
We have a big team here!
~ Are you guys privately doxxed to any company or partner?
MigaraX: Yes, i am doxxed to the core team and to some partners. Basically the core-team is doxxed to each other. It makes some stuff more easier.
Acroyear: Hey guys. I’m Acroyear, team leader for Bitgraphix. We handle all the content creation. I have a background in Hollywood VFX and live performance Rave Visuals.
Inglourious B: We are also doxxed with some of our partners.
AJCrypto: ~ How many people are part of the team at the moment?
MigaraX: We have a core team of 3, means Leaf as owner and @Bitgraphix and me as co founder. We have a dev team right now of 5 active developers and some great admins.
AJCrypto: Awesome! Let’s jump on the Defi Magic real quick, I know you have a super busy schedule
~ At the moment you’re in BSC and MATIC. Are you planning to expand in any other chains anytime soon?
MigaraX: Absolutely, Polygon and BSC were the first chains, we are actually evaluating other chains. There some interesting chains out there who started in the last months who are really interesting for us.
Acroyear: We have been discussing Polkadot, Solana and a few other chains… With particular interest in some of the rool- ups (like Arbiturm ) .. other chains are coming.. but the recent focus has been on building partner relationships.
AJCrypto: ~ What is the difference between MAGIC and dMAGIC?
MigaraX: DefiMagic is the overall name for the Project. Magic represents the Project on BSC and dMagic (dark magic) represents the Project on Polygon.
the chain tokens are equal to that.
Means dMagic is the native token for DefiMagic on Polygon.
AJCrypto: ~ How many products do you have in your website live at the moment?
MigaraX: Do you mean Projects built by DefiMagic ?
MigaraX: We have 4 Projects right now on the website, but not all of them are built by DefiMagic, some are related to a very close Partnership or we assist by building them.
As you may can see we have Strigoi, DefiDungeon, MythicRealms and Pi on the cauldron page.
AJCrypto: ~ I see you have a similar mechanism of ROOTKIT on LP tokens for creating a sustainable Price Floor. Can you explain that to our members please? Some people might not be familiar with Rootkit Price Floor.
Acroyear: We have tokens axBNB and axMatic that get created and paired to Matic and BNB during the LP creation process….
MigaraX: It means, in this case there is no direct BNB/MAGIC pair, instead of that we have a axBNB/MAGIC pair. AxBNB is pegged 1:1 to BNB.
It means that we are able to sweep out unused BNB to reuse it for the Project, this can be used for buybacks or higher rewards on staking.
It not easy to explain, but imagine that there is a ratio between magic and bnb and the more value magic gets, the more BNB will be free cause there are not bound in the liquidity pool.
So, it means we can sweep out the unused BNB-.
AJCrypto: ~ We all know that NFTs are having a lot of attention lately from the mass. I’d like to focus a little bit on the artwork and the utility behind
~ Do you have any in house artists for NFTs?
We have a talented team at Bitgraphix.
AJCrypto: ~ Are we going to have more NFTs in your marketplace?
I see only 3 at the moment
- Ironwood skin
- Giant strength
- Future sight
The graphic work is fenomenal imo. I have been familiar and introduced to many projects and I haven’t seen something like this before to be honest! So Congratulations to the Bitgraphix team.
Acroyear: Yes… We have more ready to drop when those sell out. We also have dragon eggs on the polygon side and partner NFTs. So 10 total at the moment.
Thank you for the kind words.
AJCrypto: ~ How do you generate liquidity from the NFTs?
MigaraX: If a users buys an egg, the matic and bnb respective on bsc will go trough an liquidity generator, means each user who buys an nft will provide lp to the project.
AJCrypto: Last topic and my favorite
~ How do you plan staying competitive in the market long term? What is your strategy for the product development?
MigaraX: We are extending our development team and building projects non stop. Means extending also on other chains, building on other chains and we are finalizing a deal to a large real estate company to bring real estate to the blockchain.
AJCrypto: ~ Who are your partners at the moment? Do you have any new partnership coming up anytime soon?
MigaraX: Beside the real estate, we have announced recently 4 Projects, this is Strigoi, DefiDungeon, Mythic Realms and Pi Protocol. Each of this Projects is giving some utility to DefiMagic and also DefiMagic to them. There some genious idea behind, it will be visible soon.
actually there are 3 more projects beeing build right now, but the release takes some time.
AJCrypto: ~ Can you please explain in few words the utlity behind these 4 actual projects that you have in “The Cauldron”
MigaraX: Sure, Pi-Protocol will be an NFT Treasure Hunt on NFTs and will have NFT aggrgator Vaults for whitelisted Partner Projects, means that holders of DeFiMagic NFTs will be able to use the NFT Aggregator Vaults. There will be an NFT Marketplace for BSC and some more utility within its ecosystem.
Inglourious B: Strigoi and Mythic Realms are a new take on staking, NFTs, and gameplay. Strigoi will have interactive staking pools with NFT characters, with the yield as a new token created for the game. Mythic realms has a system of vaults and NFT staking pools, with the end result being a Clash of Clans style mobile game.
Acroyear: Defi Dungeon is an exciting fantasy game in early development. Based on NFT to start… (with amazing story narrative by paradoxdrifter ) and roadmap for MMORPG.
AJCrypto: ~ Everyone wants to know about your short-term Marketing Plans. Can you share with us your marketing strategy?
Acroyear: We are starting with NFTs and building to “World of Warcraft with crypto”
Inglourious B: We are not marketing gurus. Our skillset is well behind the scenes. We are relying on the skills of an experienced marketer.
Acroyear: Dungeon will be marketed more towards gammers than us crypto apes.
AJCrypto: Personally, I like what you guys are doing and as a “makreter” I think you’re doing great so far! A good project/product doesn’t need a lot of makreting, it will sell itself
I’l try my best to help you guys with whatever I can
I know it’s super late in EU so I think we will wrap it up
Anything else you would like to add before you end the AMA guys?
I’d like to host another AMA with Leaf whenever he comes back about the other products since we didn’t have enough time today.
MigaraX: Thank you! DeFiMagic started silent, without a big hype, self funded. So yes, still under the radar but we are working on some Marketing ideas and with new partners.
Thanks for the possibility to be here!
Yes its late in EU, but Inglourious is highly motivated to move forward here.
Inglourious B: Thank you for the opportunity to answer your questions. We have a lot of things going on and are around most of the time to answer any questions you may have. Head over to Defi Magic TG and hit us up. We’re here for the long term.
AJCrypto: Thank you for your time guys and good luck!
MigaraX: thank you also!
Question from the Community
- Question from @BigShmoney
“What separates DM/partner projects form the other 1000 defi projects. What makes you stand out. What drives investors to this project?”
Inglourious B: We have a very experienced team that works with our partners to create projects with the quality and integrity that is part of Defi Magic.
What separates us from countless other projects is that we’ve been around for a long time, have continued to grow a stable ecosystem built on multiple layers with innovative concepts that have continually rewarded the community. Everything we have done over the past years has been done with the utmost care and concern for our reputation and the reputation of the project.
MigaraX: We are building projects and there is a high request on the market right now, combined with a huge skillset by each teammember, knowledge and ambition, we are building non stop.
This is not a 3 month projects, this is longterm, means we are working behind the scenes to bring out new stuff every week / month.
- Question from @mimoho
“Please tell me more about your framework. How did you come up with the idea of developing your framework? What tasks does it solve? Is its code publicly available? And will it be possible to use your framework for third-party projects?”
Inglourious B: All the contracts are publicly available on the blockchain. Our github is private. If you are interested in us building a project for you, we are open to discuss that.
The goal of the dragon token is to create a custom dragon token for each partner project. The token wrapper, DRAX, is a liquidity pair that is an example of this concept.
MigaraX: Since each token wrapper ( DRAX, VEIN and NIGHT ) representing an LP, a project built by defimagic can have its own dragon for example. it depends on the requirement of the project.
Parts of our mechanics can be implemented as well. ( framework )
- Question from @Abel_X
“There’s a very limited amount of egg LP NFTs. Are these all the eggs that will ever exist to be used for LP boosting? Even 2–3 years from now?”
MigaraX: The LP nfts are the Dragons on Polygon for example. The eggs are booster nft for the staking vaults. We will release more of them as mentioned.
Also i want to say that not only staking booster is an option. There will be more utility soon for these eggs.