MagnaCut is the first knife steel that does the best job of balancing edge retention, toughness, and corrosion resistance. It is basically a stainless 4V (if that means anything to you). Larrin focused on reducing the amount or chromium needed. Lots of steels will dump chromium into the steel to help corrosion resistance. This only helps if chromium remains in solution and not forming carbides with the iron. Chromium carbides don't offer much in the way of wear resistance (unless you have a ton of them like in ZDP-189) and they are large carbides (relatively speaking) even after the particle metallurgy process. Basically, you give up toughness when helping corrosion resistance (ignoring steels with nitrogen). Larrin uses a lower amount of chromium than you would expect, but it remains in solution. So you get the stain resistance you want without the chromium carbides.

Other benefits of the steel include grindability, which means makers can spend less time and abrasives on shaping the knife. You can obtain higher hardness than a standard stainless steel, which helps with forming an apex and removing the burr (sharpness for lack of a better word).

Spyderco, a major player in the knife world, has a line of knives called their Salt series. These knives are supposed to be as rust-free as one can make. MagnaCut will first enter their catalog as a Salt knife. This was a big shock given how well LC200N (nitrogen-based steel used by NASA for ball bearings) can resist rust and remain tough (wear resistance isn't anything special though).

Bottom line, Larrin built a well-balanced steel exclusively for knives. Many steels are adopted from other industries or were "knife-specific" but based on something like 440C, which was never intended for cutlery. So MagnaCut is upending the knife steel market by offering something you can't get elsewhere.