[ad_1]
At Virgo, the funds held in its treasury are handled by smart contracts, which facilitate all purchases, distributions and purchases.
M87 token holders will be able to stake their tokens directly on the DAO or use them to bid on a unique collection of 110 NFTs called Messier Objects. If the NFT is won, the tokens used to earn it will be burned.
The Messier Objects NFT bet will result in additional prizes which would be impossible. As well as being able to sell to ETH directly, NFTs are not affected by the price that appears when selling against M87 liquidity.
Staking the M87 token in its original form will result in Pool 1 results, whereas staking as a Messier Object NFT will result in Pool 1 and 2 results. Pool 2 results can only be obtained if you own one of the NFTs.
The holder’s stake (whether loose tokens or Messier Objects NFT determines whether they can make proposals or vote on proposals.
Holders of M87 whose staking ranks among the top 87 positions will be known as Pōwehi (Decorated Dark Source of Endless Creation), who is responsible for making Treasuryfund proposals on other ERC20s on the DEX.
Pōwehi can propose to spend 8.7 or 17.4 ETH on any ERC20 listed on the DEX. They can also propose selling pre-purchased ERC20 to ETH via proposal.
Halo will refer to M87 holders with stakes below 88th place, who will vote on the proposal made by Pōwehi. One vote per wallet will become a Halo vote.
In an effort to encourage M87 staker consolidation, distribution will be based on staker’s share of the pool and staker’s rating on a linear bonding curve.
In this way, stakers are encouraged to avoid sharing staked tokens across multiple wallets to gain an unfair voting advantage.
Halo will vote blindly until the proposal passes or fails based on the majority of votes. If the proposal passes, the smart contract will take ETH from the Treasury, buy the ERC20 specified in the proposal, and distribute those tokens to the following places: 12.13% to Pool 1, 0.87% to Pool 2, and 87% to Treasury .
The Treasury can store any number of ERC20 tokens, except for ETH, which is limited to 87 tokens. Purchases of M87 tokens will occur whenever ETH exceeds its maximum capacity of 87 tokens, depleting the circulating supply of M87.
The cycle consisted of 87 approved proposals; stakers who remain staked for a full cycle will be considered blacklisted, and receive additional proceeds from the DAO.
M87 Stakers who were not staked when the cycle started can choose to lock in their stakes for a full cycle’s worth of proposals in exchange for “Dark List Qualification”
At the end of each cycle, the smart contract will distribute each ERC20 token purchased by the DAO, except for ETH, as follows: 12.13% will go to Pool Darklist 1, 0.87% to Pool Darklist 2, and 87% will resold to ETH.
As part of the Supernova smart contract, 12.13% of newly acquired ETH will be distributed to Pool Dark List 1, 0.87% to Pool Dark List 2, and the remaining 87% will be deposited back into the Treasury. This will result in massive buying and burning of M87 tokens.
Assuming that any token purchased by the DAO remains stable in value, and no profit is made on the investment, let’s run some numbers conservatively:
A total of 756.9 ETH was generated by 8.7 ETH multiplied by 87 proposals
756.9 ETH – 13% Yield (pool 1 + pool 2) ≈ 658.5 ETH
658.5 ETH – 13% Dark List Yield (pool 1 + pool 2) ≈ 572.9 ETH
572.9 ETH – 13% Yield 2nd Dark Listing (pool 1 + pool 2) ≈ 498.42 ETH
With Treasury limited to 87 ETH, the buy & burn smart contract is triggered by (498.42 ETH – 87 ETH) = 411.42 ETH
If you want to learn more about the upcoming Virgo M87 DAO, visit
Website: https://messier.app/
Twitter: https://twitter.com/MessierM87
Telegram: https://t.me/MessierM87Community
Documents: http://messier.gitbook.io
This press release was originally published on this site
[ad_2]
Source link
