Tezos Magic Button experiment: new version of the old game. MAG token, Governance, Yield Farming
Hello community, we’re launching the Tezos Magic Button experiment! That’s an open-source, easy, and fun game that helps you to get acquainted with the Tezos blockchain. You will try its main features and receive crypto rewards. Do you want to know more? Read this article and be the last one to click the button!
What is the Magic Button Experiment?
The game concept of Magic Button is as easy as pie: each player puts a coin to click the button, and when the countdown expires, the last one gets all tokens in the pool! To make the process even more fun and get more rewards, we’ve added a couple of unique features to the game: staking, yield farming, and governance.
Magic Button Experiment Rules:
Players use cryptocurrency XTZ to start playing. Each button click costs 0.1 XTZ:
- 80% of this sum goes to the Prize Pool. The winner takes it all — the only thing you need to do is to be the last one who clicked the button before the time ran out!
- 10% goes to the Dividends Fund.
- 10% goes to the Piggy Bank.
With a button click, the timer time will be changed in accordance with these rules:
- The timer maximum is 100 hours.
- If the Prize Pool is over 25 XTZ and the countdown is less than 1 hour, after your click — the timer will show 1 hour.
- If the Prize Pool is over 100 XTZ and the countdown is less than 45 minutes, after your click — the timer will show 45 minutes.
- If the Prize Pool is over 1000 XTZ and the countdown is less than 30 minutes, after your click — the timer will show 30 minutes.
- If the Prize Pool is 2000 XTZ and the countdown is less than 15 minutes, the timer will show 15 minutes.
- If the Prize Pool is over 5000 XTZ and the countdown is less than 5 minutes, the timer will show 5 minutes.
- In all other cases the timer starts the countdown from 100 hours.
MAG token and staking
In the process of the game, each button click paid by XTZ transfers 1 MAG token to your account. While waiting till the countdown expires, you can stake MAG tokens and earn rewards!
As we mentioned before, 10% of XTZ from each button click went to the Dividends Fund and distributed immediately among all MAG token holders who stake their MAGs.
The second part of rewards will come from a baker to whom all XTZ on smart contracts’ balances is delegated.
They will also be distributed proportionally among the holders of staked MAG tokens from the Dividends Fund.
Another 10% XTZ of each button click goes to the Piggy Bank. All XTZ in this pool is frozen. After 42 months from the official game start, all tokens from the Piggy Bank will be distributed proportionally among everyone who holds staked MAG tokens by that time and holds them in the Dividends tab.
The principle is simple: the more MAG tokens you will have in the Dividends tab, the more XTZ you get back!
MAG Yield Farming
You can participate in yield farming to get more MAG tokens. All you need is to provide liquidity to the XTZ/MAG pair on QuipuSwap. In return, you will receive Liquidity Pool tokens that you should stake on our Farming page and earn MAG tokens.
The game has 20 million MAG tokens: 10 million MAGs are distributed during a year on our Farming page and another 10 million MAGs go as a reward for button clicks paid by XTZ.
What does it mean for you as a farmer? You should be among the first players who staked MAG tokens! On our Farming page, MAG tokens are distributed linearly: every minute the same amount becomes available. The less players in the pool, the more MAG tokens are yours!
MAG token holders can vote for a Baker for whom will be delegated TEZ that are stored in the Magic Button smart contracts. In return, MAG token holders will receive baking rewards.
The current leader becomes a delegate of all XTZ in the smart contracts.
You can vote and unvote anytime, and your voting power will depend on the number of staked MAG tokens you own.
Why do I need a MAG token?
The Tokenomics of the Magic Button Experiment is simple: you enter with some XTZ to click the button and earn MAG tokens that you can use in staking, farming, and voting.
If you collect 10 MAG tokens, this sum is enough to press the button without the need to spend XTZ.
With MAG tokens, you may get extra rewards from the game, no matter if you win or not.
How can I earn from the game?
The Prize Pool size depends on the users’ activity. But getting it all depends on your luck: you should keep an eye on the button and be the last one to click it before the countdown expires!
Staking MAG tokens provides a more sustainable reward. You may earn from:
- Staking MAG tokens on the Dividends page and receiving XTZ from game participants.
- Getting Baker’s XTZ rewards on the staked MAG tokens.
- Creating LP tokens on QuipuSwap and staking them on the Farming tab to earn more MAG tokens
- Holding staked MAG tokens to get the portion of XTZ from the Piggy Bank after 42 months from the Magic Button experiment launch.
- Trading MAG tokens on QuipuSwap
The more players participate, the more XTZ you all will get at the end!
Security and audit
We have conducted an internal security audit of all our smart contracts and made the Magic Button Experiment open source and available on GitHub. We would be happy to receive any feedback about the quality of our code. It is a more educational project, so we don’t plan to order external audits.
How to start playing
Easy! Just select XTZ as your currency, and you need to have enough balance to pay for the button click. Before clicking, make sure you’ve connected the Temple wallet on the game page. The next click will be available to you in 1 minute.
Are you ready to collect MAG token rewards and fight for the XTZ in the Prize Pool? Let’s begin the game.