Magna Quickstart Guide

Once you have access to the Magna app, there are a few very important preliminary steps you'll need to take to ensure everything is set up correctly

Admin Overview

An admin (or “project admin”) within Magna is a user from the token project with permissions to add and edit stakeholders, add and edit allocations, and initiate distribution transactions within the platform to transfer vested tokens to stakeholders.

The below pages serve as a comprehensive guide to Admins on how to navigate through all of the functions available.

Magna Demo: Full Video

You can see the full Magna Demo Video here.

The initial setup steps involve configuring the key details in Magna. For Steps 1-4 (setting up the project admin wallet, token, and vesting contract) you will need to have these handy:

1. An admin wallet to use to sign the vesting contract transactions

2. Your token contract address

Magna Key Definitions

Below are the core primitives that each user of Magna needs to understand in order to effectively use the platform as intended.

1. Allocation

An allocation is defined by a token amount (number of tokens), a schedule by which they vest or unlock (e.g., vesting/unlock schedule), , an associated stakeholder, and optional description that explains the purpose of the allocation (for example, “Refresh Grant”). Allocations are used to represent token grants, refresh grants, investor allocations, or any other types of token arrangements.

2. Stakeholder

A stakeholder is a user on the Magna platform that is the recipient of one or more allocations. A stakeholder has attributes including a name, email, and wallet address. A stakeholder could be, for example, an employee or investor. Stakeholders have the ability to change the receiving wallet addresses associated with their allocations. Stakeholders can also be associated with multiple allocations, for example, an employee with one allocation representing their original token grant and a second allocation representing a refresh grant.

3. Unlock Schedule

Magna supports tracking both unlock schedules and, if needed, a separate vesting schedule for a particular allocation. The unlock schedule defines the time-based milestones upon which tokens vest and become releasable to a stakeholder within the Magna platform. When an allocation is managed via direct distributions (not using a vesting contract), project admins can easily distribute unlocked tokens to stakeholders within Magna via a direct transfer.

4. Admin (or “project admin”)

An admin within Magna is a user from the token project with permissions to add and edit stakeholders, add and edit allocations, and initiate distribution transactions within the platform to transfer vested tokens to stakeholders.

5. Transaction

A transaction within Magna represents an on-chain transaction that, when signed and executed, transfers tokens from the company’s wallet directly to the recipients’ wallets. Transaction Proposals are created within Magna and provide the opportunity for project admins to review the proposed actions and resulting changes before signing the associated on-chain transaction.

6. Admin Wallet

The Admin Wallet is the wallet address that Magna expects to be used to sign the transactions associated with transferring vesting tokens. Typically, within Magna, the wallet used to sign these transactions is also the wallet from which the tokens are transferred.

7. Funded

Tokens are considered “funded” for an allocation when they have been sent directly to the recipient or deposited into a vesting smart contract.

NOTE: We are in the process of updating our application terminology to explicitly reference these tokens as “Transferred”.

8. Releasable

For allocations that have a vesting schedule, tokens are considered releasable if they have been vested. If allocations are subject to both a vesting schedule and an unlock schedule, tokens are considered releasable if they have both vested and unlocked.

9. Received

For allocations that are managed via Airdrop aka Direct Transfer, the amount Received will always equal the amount Funded. For allocations managed via Airlock aka Claim, the amount Received is equal to the amount claimed by the recipient from the escrow contract.

10. Airdrop / Claim

Allocations within Magna can either be managed as “Airdrop / Direct Transfer” allocations or “Airlock / Claim” allocations. With Airdrop allocations, tokens are transferred directly from the admin wallet to the recipient stakeholders on a periodic basis triggered by the project admin each time. With Claim allocations, tokens are deposited by the project admin into an escrow vesting contract, and recipients can claim tokens as they vest and/or unlock based on the schedule logic within the contract.

Read more about The Difference Between Airdrop vs. Claim