Magma Wen
Stablecoin Profile
Magma Wen (WEN) is a crypto-collateralised stablecoin: users mint WEN by locking other crypto assets as over-collateral, with $83.2K currently in circulation across 1 blockchain networks. The USD peg is maintained through liquidation auctions when collateral value falls below required thresholds. Price feed sourced via defillama.
About Magma Wen (WEN)
Magma is a new DeFi primitive that enables users to mint a stablecoin, WEN. Fully collateralized by liquid staking tokens (LSTs) and real world assets (RWAs), WEN opens DeFi doors for projects and users alike through providing a native stable asset for the ecosystem.
Using Magma, users mint WEN by depositing IOTX/uniIOTX as collateral into a Vault. After the WEN loan is repaid to retrieve the collateral, the paid back WEN is burned
Recent supply activity
Magma Wen (WEN) supply was unchanged in the last 24 hours, was unchanged over the past week, and expanded by $2.2K (+2.73%) over the past 30 days.
Modest growth: net issuance is positive at 2.73% over the past month, indicating gradual demand uptake.
Supply History
Network distribution
Magma Wen circulates across 1 blockchain network. IoTeX hosts the largest share at 100.00%. Cross-chain distribution has remained broadly stable over the past 30 days.
| Chain | Supply | Share | 24h Δ | 30d Δ |
|---|---|---|---|---|
| IoTeX | $83.2K | 100.00% | 0.00% | +2.73% |
Peg stability history
As a crypto-collateralised stablecoin, Magma Wen (WEN) maintains its 1.00 USD target by holding excess on-chain collateral and routing redemptions through automated liquidation auctions. Spot price is currently $0.9999 (-0.010%); short-term excursions are normal in this range are typically arbitraged away within hours via the protocol's open mint/redeem mechanics.
How crypto-collateralised stablecoins defend their peg
Crypto-collateralised stablecoins like this one over-collateralise positions — borrowers must lock more than $1.00 of crypto for each $1.00 of stablecoin minted. If collateral value falls below the required ratio, the position is automatically liquidated in an open Dutch auction. Arbitrageurs can always mint and redeem against the protocol's contracts, which keeps the secondary-market price tightly bounded around $1.00. The main residual risks are sudden crypto-collateral crashes that outpace the liquidation engine, and oracle failure.
Practical implications for holders
- Collateral volatility is the dominant risk: a fast drawdown in the collateral asset can outpace liquidation auctions and leave the protocol under-collateralised.
- Oracle risk: the protocol relies on price feeds (typically Chainlink or a multi-oracle setup). Oracle manipulation or delay during volatile markets has historically caused peg excursions.
- Governance risk: parameter changes (collateral types, liquidation ratios, debt ceilings) are decided by token-holder votes. Sudden governance attacks remain a tail risk.
- On-chain transparency is a major advantage — collateral is verifiable 24/7 without trusting an attestor.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (crypto-collateralised) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
Magma Wen (WEN) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | io1ds9lfdfkj665xjsdy8razw4re0m4fyf73xu5k6 | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare Magma Wen to other crypto-collateralised stablecoins
Below are the largest crypto-collateralised stablecoins tracked on Mantapex alongside Magma Wen (WEN). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Sky Dollar (USDS) | $8.4B | crypto-backed | 6 |
| Ethena USDe (USDe) | $5.9B | crypto-backed | 23 |
| Dai (DAI) | $4.6B | crypto-backed | 48 |
| Falcon USD (USDf) | $1.6B | crypto-backed | 2 |
| USDD (USDD) | $1.1B | crypto-backed | 4 |
Across mechanism classes
If you're researching WEN as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.
Peg Stability
Chain Distribution
Resources & data sources
Magma Wen (WEN) is tracked across major crypto data providers. The links below open Magma Wen (WEN)'s pages on CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent Magma Wen news
Latest reporting from major crypto news outlets covering Magma Wen.
- Zycrypto
Cardano Whales Load Up With $161M Buying Spree—But This Support Level Determines ‘Wen $1 ADA'
Cardano (ADA) traded muted on Thursday, as elevated liquidity reflected a balanced interplay between buyers and sellers. Notably, over the past week, ADA has remained range-bound,…
- Zycrypto
Wen $10 XRP Price Target? — Analyst Maps Path to $10 Based on 3 Perfect Macro Cycles
XRP is at the center of bold long-term speculation after a prominent market analyst outlined a structural case for a potential move toward $10.
- Zycrypto
Wen $0.001 SHIB Price? — Shiba Inu Sees Supply Shock as Billions Pulled Offline
Shiba Inu (SHIB) is back in the spotlight as technical indicators and on-chain data hint at a potential bullish reversal.
- Blockchain News
GalaSwap Launches WEN/GALA Trading Competition with NFT Rewards
GalaSwap introduces a WEN/GALA trading contest, enhancing participation and liquidity in the GalaChain ecosystem, with NFT prizes for top traders.
- UToday
Dogecoin One-Fifth of Way to $1 Price Milestone, Wen Moon?
Dogecoin has traded higher in the last 24 hours, now at $0.20, putting it one-fifth of the way to the long-held $1 target. Dogecoin, which launched taking influence from the…
- Decrypt
Wen Lambo? Jaguar, Land Rover Customizer Revs Up Bitcoin Strategy
ECD Automotive Design, which bills itself as the largest Land Rover and Jaguar restorator, has raised half a billion dollars to buy Bitcoin and fund its corporate growth.
- Coindesk
Chart of the Week: Bitcoin Soars, But ‘Wen Lambo' Crowd Is Missing From the Rally
What happens when retail logs off from crypto and Wall Street tunes in? Looking at bitcoin's BTC recent all-time-high, one would say it feels bullish and the industry is maturing.
- Zycrypto
Shiba Inu Whales Accumulate Over 1.4 Trillion Tokens in A Week — Wen New SHIB All-Time High?
Shiba Inu (SHIB) could be on the brink of a major rally as whale accumulation surges to unprecedented levels.
Related stablecoins
Stablecoins comparable to Magma Wen by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other crypto-backed stablecoins
Stablecoins pegged to USD
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.