MagnetAI Testnet Phase I (referred to as: T1) is the first testnet for MagnetAI, operating on an invite-only whitelist basis. The main focus of this phase includes testing:

1. [Model Store] MagnetAI LLM Infrastructure

2. [Model Store] Knowledge-base Embedding System

3. [Model Economy] Tokenize Contract

4. [Model Economy] Token Mint Contract

5. [Model Economy] Chat2Earn Contract

T1 participants will be able to receive our newly introduced Magnet Points and gain eligibility for future $MAG token airdrops. Additionally, we will cover all transaction fees (excluding platform fees) for all T1 users when interacting with our platform. Read more about our testnet rewards below.

T1 will be open for everyone to browse, but only whitelisted users will have permission to create and interact with agents. All transactions will be recorded on Base Mainnet.

We’ll monitor and track user activity, with feedback on bugs and product issues being communicated directly to the MagnetAI engineering and product teams via Discord.

T1 will kick off on Aug 23rd 12am UTC time and run for 4 weeks. During this period, we’ll gradually expand the test pool with the goal of involving around 200 participants.

All users who sign up for early access will receive an invitation to apply for T1. Just fill out a short form, and we’ll select 25 participants from the submissions.

These members will be invited to test the features listed below. Each week, we will double the number of the whitelisted users, aiming to have 200 T1 users by week 4.

T1 will distribute multiple cash prizes and Magnet Points redeemable for future $MAG token airdrops.

T1 will come with some amazing rewards for early users who are eager to explore our innovative platform and all its beautiful features. Get ready for a journey packed with user incentives:

• Collect your first Magnet Points for future reward distributions

• Receive Cash Back on all tx fees(excluding platform fees) for risk free testing

• Win amazing cash prizes during our 4-week testnet.

• Automatic eligibility for Phase II of our testnet roadmap

• Special Discord Role and designated Channel for test users

Magnet Points are a new concept introduced with the launch of our testnet and will help us to understand and measure user contribution to the MagnetAI Ecosystem. Also, Magnet Points will define the proportion of future reward distribution and can be acquired via different activities. All activities for T1 are listed below.

Each week, we will publish the previous week’s Magnet Points board and calculate the specific USD rewards based on the following tables:

To be eligible for Social Magnet Points users need to use the Hashtag #MagnetAITestnet

MagnetAI is pioneering the first ModelFi protocol, designed to create financial opportunities for AI creators, consumer, and investors through blockchain-based principles like tokenization, incentivization and monetization.

ModelFi transforms the AI economy through 3 primary components:

• Model Store: A decentralized AI marketplace that enables creators to monetize their AI products, such as models, bots, agents, and knowledge bases.

• Model Economy: Allows creators to tokenize their AI products, facilitating fractional ownership and benefits such as revenue sharing with "Model tokens."

• Model Network: Integrates Web2, Web3, and Virtual GPU nodes into a cohesive inference network that is ZKP-based and on-chain verifiable.

Discover more about how MagnetAI shaping a new AI economy on our homepage: https://magnetai.xyz/

Stay engaged with MagnetAI: Follow us on X, and join our Discord and Telegram for the latest news and developments.