Morphies
Description
Morphies are a collection of 2,500 hand-drawn avatars, uniquely created by NFT artists REPEATR and Tombheads. Morphies are powerful, evolutionary fragments of the blockchain in both their art form and utility. With their arrival, they bring exciting changes to the tokenomics of Morphex on BNB Chain.
Mint price: 0.5 BNB
- 70% will be paired with the equivalent MPX from Treasury to form MPX-BNB LP tokens to increase POL and deepen native liquidity.
- Treasury will burn an equivalent amount of MPX in correlation to what is matched to create this LP.
- Example: If Treasury provides 300k MPX to pair with 136 BNB, an additional 300k MPX will be burned.
- This position will be held in a separate Morphies multi-sig.
- 30% will be sent to Treasury for protocol development, expenses, and incentives.
Each minted NFT will
- Represent the voting power of 1000 MPX for future governance
- Burn 1000 MPX from total supply via protocol treasury
Each staked NFT will
- Earn rewards based on weight within the staking pool from the MPX-BNB LP within the Morphies multi-sig.
- All rewards from this position will be streamed to staked NFTs.
With these features, a full mint at the current prices would result in approximately 4.43mm MPX burned, an estimated 9% decrease in the total supply of MPX.
Tokenomics Change (BNB Chain)
With the arrival of Morphies, Morphex looks to strengthen tokenomics to deepen MPX-BNB liquidity. Bolstering our native liquidity is a top priority for Morphex and increasing the amount of rewards for LPs is necessary to scale liquidity.
BNB Chain Revenue Distribution Change
- 60% to MLP — NO CHANGE
- 20% to MPX/esMPX (single staking) — Redirection of 10%
- 10% to bribes for MPX-BNB LP on partner DEXs — NEW
- 10% to protocol treasury — NO CHANGE
This change does not apply to Fantom network operations or tokenomics.
Deeper native liquidity helps the protocol immensely by affording buyers less slippage, reducing sellers’ price impact, stabilizing MPX incentive APRs, and strengthening the stability of MPX during market volatility. With this change, Morphex will be able to better support the MPX-BNB liquidity providers that provide the stability required for a healthy DeFi protocol.
Morphies NFT contract: 0x2183765B7F1CD9B6dc7d12a936B4d31110ee4225
NFT Staking page: https://www.morphex.trade/nft-staking (opens in a new tab)
January 24, 2024 Update
Morphies NFT has been deprecated as voted by the community here (opens in a new tab) and here (opens in a new tab). See our Medium post (opens in a new tab) for more detals.