Filecoin Welcomes Magna with New Token Distribution Tools

• Magna integrates token vesting and claims smart contracts on the Filecoin network.
• Filecoin stores over 500 terabytes of U.S. government data for long-term preservation.

Magna officially announced their entry into the Filecoin ecosystem, which is a big milestone in blockchain technology. They successfully developed and integrated the first token vesting and claim smart contracts on the Filecoin network.

This integration adds Magna’s powerful token distribution features to the Filecoin Ethereum Virtual Machine (FEVM), allowing developers to mint, airdrop, vest, and create claims for tokens on the network with unparalleled ease.

We're expanding!

Magna is excited to announce that we are entering the @Filecoin ecosystem.

We have successfully deployed and integrated the first token vesting and claims smart contracts on the Filecoin network! #gmagna pic.twitter.com/uQSr7N9ffl

— Magna (@magna_digital) July 23, 2024

Magna Automates Token Management and Supports Filecoin Developers 

Magna’s goal with the launch of these tools is to automate token allocations, manage unlock dates, and simplify community claims.

They also provide off-chain schedule tracking and tax withholding through connections with HRIS providers like Rippling and Deel. This simplifies the procedure for developers and businesses wishing to take advantage of Filecoin’s powerful network.

Magna, a Protocol Labs Ventures portfolio firm, has been a part of the network community for the past two years and is now excited to support developers in the ecosystem. Their long-term cooperation demonstrates their commitment to improving the Filecoin network and its capabilities.

On the other hand, CNF previously reported that Filecoin is keeping over 500 gigabytes of US government data via the Democracy Library. This program intends to improve the long-term preservation and accessibility of government data through the use of the network.

This crucial move emphasizes Filecoin’s importance in data storage and administration, demonstrating its ability to serve essential data infrastructure.

Furthermore, Filecoin has teamed with Theoriq to establish itself as a pioneer in Web3 infrastructure. This cooperation brings together Decentralized Physical Infrastructure Networks (DePIN) with AI, allowing Filecoin to benefit from a more secure and intelligent data management ecosystem.

Such collaborations are critical for fostering innovation and establishing Filecoin as a major player in the blockchain ecosystem.

As of this writing, Filecoin’s native token, FIL, is trading at $4.61, slightly up 0.84% over the last 24 hours. This increases its market value to $2.645 billion, making it the 33rd largest cryptocurrency by market cap.