Magik

Landing Page
Vault Home
Vault Deposit
Vault Borrow

Inspiration

The growth of Solana’s DeFi ecosystem is incredibly exciting. However, for the average user, managing a portfolio has become an increasingly frustrating process. Products are complex and time-consuming to manage, often designed to serve the most technical users. Moreover, yields are mercenary and often unpredictable.

Introducing Magik.

We’re building the best platform for users to manage and grow their assets on Solana. We created this product to combat our own frustrations trying to find a reliable place to grow assets without fomo.

Our ambition is to become the black-hole for all top-of-funnel TVL into the Solana ecosystem by aggregating the best DeFi opportunities into our vaults. Most aggregators consolidate yields whereas Magik consolidates strategies across DeFi.

What it does

Magik creates super vaults which offers two features:

Magik Vaults: Deposit into our vaults to generate the highest yields possible without active management. Users choose a vault and we help them generate the best returns through a series of strategies. (Vault details at the end of the submission).
Magik Loans: Unlock capital with 0% auto-repaying loans. Users can borrow up to 50% of TVL. Loans are distributed as a synthetic asset so they can never be liquidated.

How we built it

We built everything from scratch. Creating fully customized design for Magik, from the landing page to the front-end user interface to user interactions. We believe user experience is a distinctive competitive advantage in DeFi.

Utilizing the Anchor libraries to set up basic functionality to connect to wallet, deposit, borrow our native synthetic asset, and liquidate. Collaborated with the Port Finance team to directly integrate deposits. Built the scaffolding for future features and integrations and Pyth integration to peg our synesthetic asset.

Challenges we ran into

Our entire team is bootstrapped working full-time jobs but still managed to sprint after work and on the weekends. It’s been amazing to see how well we were able to collaborate autonomously across 4 different time zones.

It was challenging to quickly setup and learn Solana’s infrastructure and how to interact with Magik’s back-end programs. Coding custom Figma designs took a significant amount of effort. Figuring out how to integrate the lending vaults with Port Finance was also challenging to QA and write an integration test on Devnet instead of local.

Accomplishments that we're proud of

Shipping quickly. Making iterative improvements. Never compromising on usability. Communicating effectively with everyone on the team.

What we learned

How much you can accomplish when you bring a group of energized, enthusiastic, and talented people together to work on a valuable product for the ecosystem. We’re energized and ready to ship this on the mainnet in a few months!

What's next for Magik

We’re working on our beta offering lending and options vaults, which will integrate with a host of protocols on Solana. In the near future, we will be offering Liquidity Provision and Delta-neutral vaults. We are working on building out the remaining features including the algorithms for our Magik vaults, in-app swap, LP farms, etc.

In parallel, we’ll be raising a seed round to fund operations.

Instructions to test out Magik:

Get some dev-net USDC tokens from Port Finance (https://mainnet.port.finance/). Click on the globe icon at the top-right and switch the environment to “Devnet”. Also change your wallet to Devnet (on Phantom: click on the bottom right gear icon > “Change network”)
Back on the Port Finance page, click on the “Faucet” page on the bottom left corner. Request some wSOL and then some USD Coin
You’re all set to use Magik! Deposit, Borrow, and Liquidate with your USD Coin (https://app.magikfinance.xyz/)

Team

engineers and builders from Microsoft, Amazon, Zillow, Mercurial, Yearn

Appendix

Lending Vault

We will create the optimal portfolio with deposits across multiple vetted lending protocols to maximize returns. Distributions will be reallocated every epoch (2 days). Examples of integrations: Solend, Mango, Francium, Apricot, Larix

Options Vault

We’ll deposit user funds to more specialized financial strategies including derivatives and structured products like selling covered call options or cash-secured put options. Every epoch, we’ll redistribute funds to the most attractive options vault. Integrations: Friktion, Katana, Ribbon Finance (tbd), Zeta Markets (tbd)

Dual LP

We’ll deposit single-sided user funds to dual-sided like-for-like LP pools to generate yields. Integration. Since the pairs offered will be natively the same structure (USD pegged stable - USD pegged stable), (SOL - derivative SOL), there will be limited/no exposure to impermanence loss. Integrations: Saber, Orca, Mercurial, Atrix