We met up with Hardik, Co-Founder and CEO of Magnum Trading Bots to learn more about their new Cross chain trading bots.
Hardik started coding back in 2013 while still in college building mobile apps in the healthcare industry. In 2017 he was introduced to crypto and he was instantly drawn in.
Hardik and his team of developers went through a series of developing phases. They started with a centralized exchange, then moved into the on-chain trading scene, and even building utility blockchains. This made the team question how they could develop apps without having established trust, which led them to fintech. There they built launchpads, trading exchanges, basically working within the industry building as it evolved. With a now seasoned blockchain team capable of building the most sophisticated smart contracts and exchanges, they started what is now Magnum.
Their experience gave them the ability to finally compete, they were faster and more efficient and could easily outdo existing trading bots. They started building smart contracts and testing them against the competition and their assumptions were right. They could make their bots faster, which means faster entries into launches. So they built their sniping bots, copy trading bots, and multiple interfaces.
Many bot traders have never even been introduced to the more sophisticated tools on centralized exchanges, and Magnum set out to build a mobile app that provides bot trading, with a suite of tools typically only seen on centralized exchanges. On top of that, they wanted their users to be able to interact cross-chain, in a manner so simple, they won’t even need to know what chain their token is on.
Magnum is doing almost 1 million in trading volume every day and the token is doing pretty well. The product’s user retention rate is at about 85% and they are gaining new users at an accelerated pace.
Magnum launched a token that treats holders like investors giving them a share of the revenue every week. Each week 50% of the revenue goes to the token, with 25% going straight to holders and 25% used to maintain the price and volume of the token.
They have moved into a new phase of development and aim to make trading completely transparent with cross chain trading. “So even if you hold Ethereum and you want to trade on a token in Solana, you won’t have to exchange your ethereum for Solana. You can trade on any chain regardless of what blockchain it is built on,” Hardik said.
For new users to the platform, traders have a limit. You can create limited bots and limited wallets. They are launching premium plans now that will strip you of all your limits for a monthly or annual subscription. But their subscription is a bit different, all users need to do is own and stake the necessary amount of tokens. If you decide you are no longer needing the platform you unstake and leave. So in the end you don’t pay anything at all for going premium.
With the approval of the Bitcoin ETF, investors are flooding into the crypto market with the safety and familiarity of traditional investing methods. Beyond bot trading, Magnum is expanding into the fund manager space. Similar to the Bitcoin ETFs, Magnum is creating mutual funds but on the blockchain. Just like with a traditional mutual fund, users will be able to select a risk profile and the amount to invest. There will be a seasoned fund manager that is crypto hardened managing their portfolio. By enabling this through smart contracts, users can enjoy fund managers, without the risk of having funds stolen. This move was something personal to Hardik. He’s seen plenty of friends get taken advantage of in the crypto space and he wanted to have something to recommend to outsiders, that offered less risk and removed the scam exposure.
To learn more or get started with Magnum Trading Bots, follow Magnumtradebot on X.
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