MagmaDAO
MagmaDAO is a DAO-owned Liquid Staking Protocol designed for equitable token distribution via our Points Programs and the first Distributed Validator outside of Ethereum. MagmaDAO is built on Monad, which is the fastest, cheapest, and most censorship resistant EVM L1.
Why Choose a DAO?
A DAO represents a balanced approach between total centralization and decentralization, allowing the deployment of competitive products without the need for full centralization and custody on exchanges. Here are the reasons why a DAO is the ideal structure for launching MagmaDAO:
A DAO serves as a decentralized entity, prioritizing community involvement and fostering a more socially-conscious decision-making process.
The DAO possesses the capacity to fund protocol development and upgrades using resources from the DAO token treasury.
It can manage various management activities, contingent on technical capabilities.
The DAO will collect service fees from Magma, channeling them into insurance and development funds, with distribution decisions made by the DAO.
MagmaDAO allows Monad token holders to generate staking rewards while remaining liquid. When users stake Monad tokens to participate in Monad's DPOS consensus, they receive liquid staked tokens that represent their staked position.
MagmaDAO is building the first Distributed Validator outside of the Ethereum ecosystem. Distributed Validator Technology (DVT) was pioneered within the Ethereum ecosystem, offering numerous benefits to users and stakers, including: removing barriers to entry of running a node from home, increasing decentralization of the network, and reducing the risk of slashing due to liveness faults and other criteria. DVT is important for MagmaDAO because of the reduced slashing risk, making staking safer. It is also important for the decentralization of MagmaDAO, so that individual operators have less power to influence the protocol. Furthermore, DVT contributes to the decentralization of the Monad blockchain itself.
MagmaDAO is launching an ecosystem-wide Points program that is designed to boost and support community participation for both MagmaDAO and the Monad ecosystem. This initiative will result in a highly decentralized Liquid Staking DAO owned by the Monad ecosystem, and will serve as a cryptoeconomic incentive for applications launching on Monad.
Last updated