FAQs
Below is a list of your most frequently asked questions. Please visit our Help Center (help.magna.so) to learn more.
Does Magna ever have access to/control of tokens?
No, Magna is not a custodian. Magna is application used for the escrow contracts but Magna technically never handles tokens ourselves.
Tokens are always stored in either the organization’s wallet, the stakeholder’s wallet, or, if utilized, escrow vesting contracts controlled by the organization.
Tokens are in control of the organization/protocol the entire time. Organizations can use Magna’s airdrop functionality to distribute tokens directly from their wallets via our gas-efficient airdrop contracts. Organizations can also deposit tokens into vesting contracts controlled by the client to automatically unlock tokens to recipients.
Can I use Magna with Safe or a Multisig?
Yes! We have a native Gnosis Safe integration built into Magna. If you’re interested in using other Multisig providers, please reach out via messenger!
What’s the difference between a Vesting Schedule and an Unlock Schedule?
Please refer to this blog article for a comprehensive breakdown of the difference between a Vesting vs. Unlock Schedule.
Vesting is a legal term that denotes the transfer of legal ownership of tokens from the company to an individual employee or service provider, and usually starts on the first day of employment.
An Unlock Schedule usually refers to the transfer of control or transferability of a set of tokens to an individual over time, and usually starts on the first day of a project’s TGE or exchange listing.
While many in the ecosystem use the terms “vesting” and “unlock” interchangeably, Magna separates those concepts so protocols can be explicit about legal information tracked off-chain and what will be distributed on-chain, all within the app.
How to use Gnosis Safe with Magna
Configuring WalletConnect With Gnosis and Magna
Navigate to Gnosis and create or join a Safe with the desired threshold and account owners.
Navigate to Magna, click on “Connect Wallet” button and select “WalletConnect”.
Copy the WalletConnect Link that is displayed.
Navigate to the Gnosis app, and select “Use WalletConnect”.
Copy the WalletConnect link from Magna and paste it in the field.
Keep this tab open to maintain the connection and accept new transactions.
Sign subsequent transactions in another SAFE tab.
You should now see that you are “Connected”, which means you are now able to accept transactions within the Gnosis app. After adding the transaction in Gnosis and obtaining any subsequent required signatures, you will be able to confirm execution for the transaction itself.
Note: addresses and values may be different between the video and your transactions in the app.
you can see video demos here
Troubleshooting Steps:
I’m clicking on Wallet Connect but nothing is happening:
CMD + Option + i (open browser console)
Click "Application" tab
On left hand side click the drop downs for
Local Storage
And right click and delete everything in the tab
I don’t see the Open button for Wallet Connect, I only see “Get”
Please close the tab and reopen it
This will reset the session storage that Wallet Connect has set. From here the Get button will disappear and you will see “Open”. Click on that and continue as normal
I see a previous connection in my Wallet Connect App in Safe. Or my wallet connect is automatically connecting to a previous connection.
Click Disconnect
Please close the tab and reopen it to reset and session storage
What does the stakeholder see when they log into the platform?
Stakeholders can be added with an associated email or a wallet address that will allow them to log in. To understand more about the stakeholder views, please visit docs.magna.so
NOTE: Currently, Magna does not send any automated invite or welcome emails/notifications to stakeholders. We are working on setting that up in the future. In the meantime, we are happy to provide a copy template that admins can send to their stakeholders to let them know their profile is ready.
What time does the unlock happen on the vesting date?
Magna automatically defaults the unlock time to 00:00 UTC (midnight) on the unlock date if the time is not specified within the onboarding sheet. However, you are able to specify the unlock time (UTC) within the onboarding sheet.
What on-chain transactions will I need to sign?
Every time you fund or cancel any allocations you always need to sign for them within the Transactions tab in order for the action to be finalized on-chain.
If you are distributing via the escrow method, you need to sign the following transactions in order (yes, they must be signed in this exact order!):
Initialize: this deploys your vesting smart contract, and needs to be signed once.
Approve Transfer: this sets an allowance of a specific number of tokens that can be transferred out of your admin wallet into your vesting smart contract
Fund (& Start): this is the step that actually moves fund and trigger allocation transfer. A signature is needed everytime you are looking to fund.
Why is an on-chain transaction failing?
The most common reason is that there is insufficient native tokens in your wallets to sign transactions (e.g. ETH for distributions on Ethereum, SOL on Solana, etc.)
If this is not the case, please contact us via Intercom messenger for assistance, specifying that the issue persists despite having sufficient tokens.
What are gas costs?
This is entirely dependent on two important factors: the current market rate + which blockchain you are on.
Who pays for the gas when you do Claim (Airlock) vs. Airdrop (Direct Transfer)?
Claims / Airlock: The stakeholders (token recipients) pay for the gas fees each time they claim their tokens, but the admin (you) would also pay some fee to do the lockup Airdrop / Direct Transfer: The admin (you) would pay the gas fees since you'll be the one signing the funding/deployment transaction. You can find more info on each option here.
Can I update an existing distribution schedule?
You can edit your allocation schedule and recipient wallet address anytime before it’s locked on chain (when you start and fund).
After you start/fund the allocation, you must cancel and then start a new one in order to make changes. Tokens that have not yet been distributed and claimed will go back to the admin wallet that is listed in the app.
Can I cancel a distribution?
If distributing via Claims:
Once tokens are deposited into escrow, they can be cancelled. Upon cancellation, locked tokens are returned to the admin wallet and unlocked tokens are sent to the stakeholder.
Distributions can also be configured with a full clawback option. This can sometimes be useful when distributing to bulk stakeholders (e.g. retail investors) that may make mistakes related to entering or securing their wallet, and may need the distribution redirected to a different wallet.
To configure distributions are un-cancellable, please discuss with the Magna team given the risks associated.
If distributing via Airdrop aka Direct Deposit:
Once tokens are sent on-chain to the recipients, those tokens are now in the custody of the recipients’ wallet. It is not possible to cancel / retract said distribution.
If tokens have not yet been airdropped (sent on-chain), those tokens will return back to the admin wall
How many stakeholders can I distribute to or lock up in one batch?
This is completely customizable! Magna has worked with customers who have hundreds of thousands of stakeholders.
If you still require assistance, please reach out to us via the Intercom chat widget on the bottom right corner of https://app.magna.so to speak to a live person.
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