Multiplier Introduces New Tokenomy. 5.5 Billion MXX Burn. SSB Restructure.
MXX Initial Tokenomy
MXX maximum supply was capped at 9 Billion MXX, with no pre-mine, no pre-sale and no ICO.
In Q4 2020, Multiplier committed to launching Multi-Chain Lend (MCL), an Aave-fork on the Binance Smart Chain with flash loan support.
It was decided that the native token for MCL will be bMXX, a BEP20 governance token.
New MXX and bMXX Tokenomics
Phase 1:
Burn approximately 5.5 Billion MXX Tokens to achieve a desired supply of 3.2 Billion MXX.
- A total of 2.05 Billion MXX (Foundation) will be burned on 23 November 2020
- A total of 2.65 Billion MXX (Reserves) will be burned on 30 November 2020
- A total of 0.87 Billion MXX (SSB allocations) will be burned on 07 December 2020
Phase 2:
2.3 Billion MXX will be burned, and a corresponding 23 Million bMXX will be minted in accordance to the bMXX release schedule (conversion rate 100:1).
- A total of 0.726 Billion foundation MXX tokens will be converted to 7.26 Million bMXX
- A total of 1.574 Billion reserve MXX tokens will be converted to 15.74 Million bMXX
MXX Contract Link:
https://etherscan.io/token/0x8a6f3bf52a26a21531514e23016eeae8ba7e7018
Restructuring of Simplified Stable Bonds (SSB)
Simplified Stable Bonds (SSB) was built as a token distribution mechanism, which together with the CeFi platform, distributes MXX tokens with the goal to grow a vibrant and active community.
900 million MXX tokens are allocated for this distribution phase:
- CeFi platform: 774 million MXX (one-year escrow with daily distribution until September 2021)
- SSB platform: 126 million MXX (25 million MXX yet to be minted)
To ensure a sustainable and healthy ecosystem, and in preparation for the next utility phase with the launch of MCL on Binance Smart Chain, SSB will be restructured on 07 December 2020.
*Existing SSB contracts will not be affected. Changes only apply to new SSB contracts created from 07 December 2020 2:00 pm UTC+8 onwards.
*When all 126 Million allocated MXX tokens for the SSB platform have been used, no new SSB contracts may be created.
