The value capture model of Mars Ecosystem Token XMS includes the following :
Mintage control mechanism. The mintage control mechanism ensures that the market value of XMS is at least 2.5 times the circulating supply of USDm. If the market demand for USDm is 100 million, then the market value of XMS should be at least 250 million USD. If this is not the case then the circulating supply of USDm cannot reach 100 million (at the given moment).
This value capture method is very efficient. At present, the supply of DAI of the Maker Protocol is 4.8 billion USD, and the market value of its governance token MKR is 3.7 billion USD. If the Maker Protocol also uses the mintage control mechanism created by Mars Ecosystem, the market value of the MKR corresponding to 4.8 billion DAI would be 12 billion USD – This is more than a magnitude of 3 above the current valuation of 3.7 billion USD.
Mars Treasury control rights value. XMS holders can determine protocol upgrades within the Mars Treasury through protocol governance votes. To prevent the occurrence of a 51% attack on the protocol the market capitalization of XMS will always remain at least 2x the value of the assets held within the Mars Vault. If the circulating supply of USDm in the market is 100 million USD, and correspondingly Mars Treasury has 100 million USD assets, then the market value of XMS is at least 200 million USD, otherwise, the Mars Treasury is at risk of being attacked.