Magna Integrates First Token Vesting and Claims Smart Contracts on Filecoin and Adds Support for Tokens on Filecoin Virtual Machine

Magna, the largest multi-chain token vesting platform, announces the successful deployment and UI integration of the first smart contract for token vesting and token claims on the Filecoin network for end-to-end usage.

NEW YORK, July 23, 2024 /PRNewswire-PRWeb/ — Magna, the largest multi-chain token vesting platform, is excited to announce the successful deployment and UI integration of the first smart contract for token vesting and token claims on the Filecoin network for end-to-end usage. This development marks a significant milestone in the integration of the Filecoin EVM with advanced token management features.

Magna currently has over $2B in TVL, native support for Ethereum, Solana, and Aptos, and over a dozen audits from auditors including Zellic, OtterSec, Trail of Bits, and Guardian Audits.

“By integrating these tools into the Filecoin ecosystem, we aim to facilitate smoother operations for protocols and their teams when managing token allocations, automating unlocks to stakeholders, and facilitating community claims ,” said Bruno Faviero, CEO of Magna. “Our mission is to make token distribution and management as secure, efficient, and seamless as possible. We choose our ecosystems carefully, and are excited to expand more into the Filecoin orbit.”

“Magna’s deployment of their token vesting and claims tools on the Filecoin network will simplify the token management process for teams building protocols,” said Brad Holden, Managing Partner at Protocol VC. “By providing a more secure and efficient way to manage and distribute tokens, it paves the way for greater innovation and growth within the Filecoin ecosystem.”

The newly deployed token vesting and claims tool on Filecoin will enable a more secure and efficient way to manage token allocations, ensuring that tokens are released based on predetermined schedules and conditions. This is a crucial feature for projects that seek to incentivize long-term commitment from stakeholders, reduce market volatility, and enhance overall project stability. Magna also gives projects flexibility in how to manage tokens including automated on-chain unlocks, off-chain schedule tracking, and tax withholding support via integrations with Rippling, Deel, and other HRIS providers. Magna’s custom white-labeled claim portals also allow projects to efficiently allow claiming of tokens by more than hundreds of thousands of recipients.

“Filecoin has been a pioneer in blockchain design that we’ve always looked up to and we’re super excited to give back to the community,” said Magna CTO Arun Kirubarajan, “We are excited to integrate our protocol and application with Filecoin and the FEVM to give Filecoin builders our full suite of tools including airdrops, token claiming, automated vesting, and minting.

In addition to the token vesting and claims tool, Magna has also added support for minting tokens on the Filecoin network and the Filecoin Ethereum Virtual Machine (FEVM). This integration allows developers to create, manage, and interact with tokens on Filecoin with greater ease and flexibility.

“As a lead engineer at Magna, I’m thrilled about the enhanced security and decentralization this brings to the Filecoin community”, said Larry Bekchyan, lead engineer at Magna. “This milestone showcases our commitment to innovation and was a smooth process, highlighting the strength of our team and commitment of our vision to provide our services omni-chain.”

The deployment of these new features underscores Magna’s commitment to driving innovation and providing cutting-edge solutions in the blockchain space. As the Filecoin ecosystem continues to grow, Magna remains dedicated to supporting its development and helping projects leverage the full potential of decentralized storage and tokenization.

Media Contact

Bruno Faviero, Magna Digital, Inc., 1 5619298444, bruno@magna.so, www.magna.so

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SOURCE Magna Digital, Inc.