🎀 Magic Carpet Ride
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The Magic Carpet Ride is the heart of Genie. You choose whether to enter or not. Entering means burning 100% of your tokens for Magic Points, giving you a share of the distributed at the next Bitcoin halving in 2028. But the protocol tests your resolve, offering daily Genie tokens that grow over time. Claiming them means burning all your Magic Points. Will you stay on the ride or give in to temptation? The choice is yours.
The BurnLock mechanism is the gateway to the magic carpet ride, carrying users to the Bitcoin Halving, where the Genie Reward Pool awaits. Users burn $Genie tokens for Magic Points, with two ways to enter:
Immediate Entry Upon Claim:
Instead of claiming Genie tokens, users can burn them immediately to receive Magic Points at a 1:1 ratio of Genie tokens to Magic Points.
Burn liquid Genie with a premium
There is a initial 10% tax for entering the Genie reward pool through liquid Genie tokens
The 10% premium applies and magic points are awarded for the other 90%
To avoid the premium, users can choose to enter the Genie Reward Pool immediately upon claiming their tokens.
The premium increases to 100% tax in a linear fashion till the bitcoin halving.
When Genie tokens are burned and replaced by Magic Points to enter the Magic Carpet ride and access the Genie Reward Pool, the distribution is as follows.
50% Burnt: Reduces supply, increasing scarcity.
20% to Treasury: Supports protocol perpetual auctions.
30% to Daily Drip: Funds daily rewards for participants on the magic carpet ride to try and entice them to burn their magic points for the Genie tokens.
Magic points are given immediately when you burn your Genie tokens, the more Genie tokens you burn the more magic points you will accrue.
Conversion: Genie tokens are converted to Magic Points always at a 1:1 ratio.
Accumulation: Magic Points are added to your total every time you burn more Genie tokens.
Purpose:
Determine your share of the Genie Reward Pool.
Earn daily yield from the Daily Drip.
The Daily Drip distributes Genie tokens daily to all holders of magic points:
Source of Tokens: Genie tokens enter the Daily Drip from:
Buy-and-burn processes.
Participants burning their tokens to enter the Genie Reward Pool.
20% of all token burns goes into the Daily Drip. (50% is burnt and 30% into the perpetual auction treasury).
Daily Rewards:
Genie tokens accumulate in participants’ accounts daily.
If claimed, all Magic Points are burned, forfeiting access to the Genie Reward Pool.
Strategic Choice:
The protocol incentivizes you to burn Magic Points by offering Genie tokens.
Claiming Genie tokens takes all your share of the Genie Reward Pool away, increasing the share for others who stay.
This is last man standing game theory.
Release Schedule
10% of the Daily Drip is released on Day 2, and it stays on 10% permanently
The Magic Carpet Ride combines deflationary mechanics, sustainable rewards, and strategic decision-making. Participants must balance short-term gains with long-term perseverance to participate in the Genie reward Pool at the next Bitcoin halving.
Simple Instructions how to participate:
Here are links in the whitepaper that clearly explain how participation works. Please read all three to fully understand and avoid any misconceptions. This is the central core of Bitcoin Genie.
Magic Carpet Ride: Burn Genie tokens for Magic Points to access the Genie Reward Pool, but claiming daily rewards forfeits your share.
BurnLock Mechanic: Enter the Genie Reward Pool by burning 100% of $GENIE. At the point of claiming tokens at a 1:1 ratio or with liquid Genie at a 1:0.9 $Genie to Magic Points ratio.
Burn Distribution: When entering magic carpet ride, burned Genie tokens are split: 50% burned, 30% to the Treasury, and 20% to the Daily Drip.
Magic Points: Magic Points determine Genie Reward Pool share and provide eligibility for Daily Drip rewards.
Daily Drip: Distributes Genie tokens daily, but claiming them burns all Magic Points and forfeits Genie Reward Pool access. This is the key choice of Bitcoin Genie's Gamified Utility.
Game Theory: A last-man-standing dynamic rewards those who hold Magic Points as others claim Genie tokens, increasing their pool share.
accumulates Bitcoin, Ethereum, and TitanX as value enters the protocol. The reward pool contains Bitcoin fro the 10 day mining, and an LP that generate liquidity pool fees, which add value back into the protocol. The entire Genie Reward Pool is distributed proportionally to Magic Points holders at the 2028 Bitcoin Halving.
