The exchange rate of PILLS to MPX will be 1:1. After swapping PILLS to MPX, 50% of the MPX would be immediately available, with the other 50% vesting linearly over a period of one year. Users would be able to claim their vested tokens however often they’d like, and they would be able to visit a simple interface to facilitate this. The migration would be live for a specific period of time — voted on by PILLS holders.
20% of MPX would be reserved for the PILLS migration, with half of it being immediately available upon launch, and the other half vesting linearly over a year. 1% of this would be used in an airdrop for early PILLS holders back in April 2022 ( (opens in a new tab)https://github.com/0xidm/ms-reports/blob/main/pills-analysis.ipynb (opens in a new tab)).
Staked MPX will receive three types of rewards:
- Escrowed MPX
- Multiplier Points
- FTM Rewards
For more info on Escrowed MPX and Multiplier Points, please see the Rewards section of the documentation.
30% of fees generated from trading are converted to FTM and distributed to staked MPX tokens. Note that the fees distributed are based on the number after deducting referral rewards and the network costs of keepers.
In order to stake your MPX tokens to begin earning rewards, head over to the Earn page on the website.
For the token supply of MPX, the maximum supply will be 50 million tokens, with the following planned token distribution:
- 20% of MPX would be reserved for the PILLS migration, with half of it being immediately available upon launch, and the other half vesting linearly over a year.
- 25% to be used as protocol liquidity incentives in the form of an escrowed token reward (esMPX). The team will monitor and analyze the performance of incentives and balance accordingly, presenting all findings to the community.
- 45% to be allocated to the Morphex Treasury. This would be used for marketing incentives, partnerships, capital-raising rounds, to provide protocol-owned liquidity, and to compensate community contributors. Treasury expenses will be transparent and presented to the community.
- 10% to be allocated to the team, according to the same vesting schedule for PILLS holders — linearly over one year.