MAGIC Reward Token (MAGIC) is a decentralized cryptocurrency and similar to the Voodoo and Poison Tokens, built on the Pulsechain blockchain. The unique aspect of the MAGIC Reward Token is that it acts as a multi-functional currency. It offers holders deflationary benefits through its burn mechanism, passive income as a reward token, and utility as a gambling token. This overview highlights its cool features, functions, and integration across all the decentralized applications within the Voodoo ecosystem.
Attention! For a full detailed explanation of the Voodoo ecosystem, we recommend reading the whitepaper.
Introduction
The MAGIC Reward Token (MAGIC) is built as a deflationary PRC-20 token. It’s different from regular cryptocurrencies because it acts as a deflationary token and burns 2% of each transaction amount. This gives the token potentially more value over time. The MAGIC Reward Token also serves, as the name already suggests, as a reward token for people who use the Voodoo Token on the staking platform and as a utility token since you can gamble with it.
Token Details
• Token Name: MAGIC Reward Token
• Token Symbol: MAGIC
• Total Supply: 10,000,000 MAGIC
• Circulating Supply: 10,000,000 MAGIC
• Decimals: 18
The token address below is from the MAGIC Reward Token. Note that it does not refer to your personal wallet address!
0xd63b9d8d6e38cb7fbfdceede3ce92f97f5aea7ac
VoodooGroup
VoodooGroup acts as a DAO (Decentralized Autonomous Organization) and is an external and decentralized part of the Voodoo ecosystem, set up to ensure and analyze the smooth functioning and growth of the project. It uses the MAGIC Reward Token as reserve currency to fund decentralized applications such as staking and gambling. So, in case a smart contract needs to be (re)filled with MAGIC tokens, it is the responsibility of VoodooGroup to do that.
Use Cases of the Magic Reward Token
1. Passive Income: MAGIC provides Voodoo holders with the opportunity to earn passive income through decentralized finance (Staking). By participating in DeFi, Voodoo holders can earn MAGIC Reward Tokens over time.
2. Utility Token: The MAGIC Reward Token serves as a utility token within the Voodoo ecosystem, providing holders access to various possibilities such as gambling.
Future use cases are:
1. Governance Voting: Holders of MAGIC will have the opportunity to participate in decentralized governance voting. Through voting mechanisms, each MAGIC Reward Token holds a little bit of voting power so holders can shape the future of the Voodoo Token together. This is something we are still working on, and a decentralized voting application will launch in the near future.
2. Crypto Farming: By pooling MAGIC Reward Tokens with, for example, Pulsechain, holders have in the future the possibility to participate in another DeFi opportunity. So far, it is only possible to earn MAGIC with Voodoo on the staking platform, but by implementing it as a reward token on a farming platform, MAGIC gets another DeFi possibility.
Magic’s role across different decentralized applications
Staking Platform
The MAGIC Reward Token serves as a DeFi token on the staking platform, letting Voodoo stakers receive rewards in MAGIC tokens.
Gambling Application
The MAGIC Reward Token functions as a utility token on the gambling platform, allowing users to gamble with it.
Tokenomics
Liquidity Pool –30%
Around 30% (3,000,000 tokens) will be used as liquidity across multiple pools. This ensures easy trading and stability in the markets. The aim is a 15% MAGIC / Pulsechain pool and a 15% MAGIC / Voodoo pool.
Holders Redistribution –70%
VoodooGroup will use 70% (7,000,000 tokens) as a reserve to fund decentralized applications to make sure there are enough tokens to reward users.
The total supply of the MAGIC Reward Token starts at 10,000,000 and will be decreasing over time through the 2% transaction burn fee. The amount of MAGIC Reward Tokens that get daily burned depends on the trading volume; the higher the volume is, the faster the supply decreases and the scarcer the token becomes.
Future Developments for Magic
As you could have already read, Magic Reward Token gets functionalities as a voting token for a governance application, and the other thing is that we are building a crypto wallet where you can securely store MAGIC Reward Tokens on your own phone. With easy access and security features, managing your tokens will be very easy. This wallet also includes a cross-chain swap, special money requests for users, and storage for NFTs.
Conclusion
MAGIC Reward Token is a PRC-20 token designed with deflationary features, offering innovative functionalities and passive income opportunities within the Voodoo ecosystem. Through the 2% burn mechanism, along with gambling and farming capabilities, MAGIC serves as a DeFi and reserve currency for holder distribution. MAGIC Reward Token aims to redefine the concept of deflationary tokens while providing utility across various decentralized applications for all its users.
Disclaimer: Due to the inherent flexibility and volatility of cryptocurrency liquidity pools, the percentages and figures presented may not always be accurate or up-to-date. Please be aware that variations in market conditions and liquidity can affect these values.
