Genesis
Last updated
Last updated
The stablecoin module of Mars Ecosystem will be launched on BSC soon, and a "Genesis" will be held at the same time.
The purpose of this Genesis is to incentivise the minting of USDm and to distribute XMS, BTC, ETH, BNB and CAKE to the early supporters of USDm for free.
The duration of Genesis is 30 days.
A series of "Genesis Events" will be held during this rollout.
A Genesis Event is the initial mechanism that allows users to mint USDm within the ecosystem.
Duration: The duration of each Genesis Event is several hours.
USDm Mintage Cap: There is a cap on the maximum amount of USDm that can be minted in each Genesis Event. In the case of oversubscription, all participating users will share the USDm mintage quota based on their subscription amount.
USDm mintage cost: 1 USD.
Whitelisted assets for minting USDm: BUSD.
XMS requirement for participation: To commit a certain amount of BUSD to participate in the minting of USDm, a user must stake a certain amount of XMS proportionately. The staked XMS can be claimed a period of time after the Genesis Event ends.
Example: A Genesis Event has the following parameters: the duration is 3 hours, the USDm Mintage Cap is 3 million, the XMS requirement for participation is that committing 1 BUSD to mint USDm requires staking 1 XMS, and the XMS claiming time is 3 days after the Genesis Event ends.
Assuming that when the Genesis Event ends, the price of BUSD is 1 USD, then 1 BUSD can mint 1 USDm. When the Genesis Event ends, all participating users committed 5 million BUSD in total (5 million XMS are staked at the same time). Therefore, all BUSD committed can mint 5 million USDm, which exceeds the USDm Mintage Cap of this Genesis Event. All participating users will share the USDm mintage quota based on their subscription amount. Suppose a user commits 10,000 BUSD and stakes 10,000 XMS during the Genesis Event. He will be awarded a quota of 6,000 USDm. Among the 10,000 BUSD he committed, 6,000 BUSD will be successfully minted into USDm. The remaining 4,000 BUSD will not be minted into USDm. After the Genesis Event ends, the user can immediately claim 6,000 USDm and 4,000 BUSD. The 10,000 XMS staked can be claimed 3 days after the Genesis Event ends.
x, r, n are variable ratios.
r = Your commit BUSD / Total commit BUSD
The mintage cap of each event will be changed
The final amount that minted for the user:
For example: USDm mintage cap = 3M, Total commit BUSD = 5M, You commit = 1000 BUSD, So you will receive 3M * 1000/5M = 600 USDm
Start Time: November 21, 13:00 UTC
Duration: 2 hours
End Time: November 21, 15:00 UTC
USDm Mintage Cap: The maximum amount of USDm that can be minted in Genesis Event 1 is 5 Million. In the case of oversubscription, all participating users will share the USDm mintage quota based on their subscription amount.
USDm mintage cost: 1 USD.
Whitelisted assets for minting USDm: BUSD.
XMS requirement for participation: To commit 1 BUSD to participate in the minting of USDm, a user must stake 2 XMS proportionately. The staked XMS can be claimed 7 days after the Genesis Event 1 ends.
Start Time: November 25, 13:00 UTC
Duration: 2 hours
End Time: November 25, 15:00 UTC
Venue: https://app.marsecosystem.com/stablecoin/#/
USDm Mintage Cap: The maximum amount of USDm that can be minted in Genesis Event 2 is 10 Million. In the case of oversubscription, all participating users will share the USDm mintage quota based on their subscription amount.
USDm mintage cost: 1 USD.
Whitelisted assets for minting USDm: BUSD.
XMS requirement for participation: To commit 1 BUSD to participate in the minting of USDm, a user must stake 1.5 XMS proportionately. The staked XMS can be claimed 7 days after Genesis Event 2 ends.
Start Time: November 29, 13:00 UTC
Duration: 2 hours
End Time: November 29, 15:00 UTC
Venue: https://app.marsecosystem.com/stablecoin/#/
USDm Mintage Cap: The maximum amount of USDm that can be minted in Genesis Event 3 is 15 Million. In the case of oversubscription, all participating users will share the USDm mintage quota based on their subscription amount.
USDm mintage cost: 1 USD.
Whitelisted assets for minting USDm: BUSD.
XMS requirement for participation: To commit 1 BUSD to participate in the minting of USDm, a user must stake 1.5 XMS proportionately. The staked XMS can be claimed 7 days after Genesis Event 3 ends.
1.Stake USDm Earn XMS,BTC, ETH, BNB, CAKE With 1000%+ APR
2.Users can exchange USDm for other tokens on Marsswap
Launch time: after the first Genesis Event ends. Rewards: Stake USDm to earn XMS rewards. The XMS rewards earned will be released linearly within 180 days. Amount of rewards: In Genesis, the number of XMS rewards will be significantly higher than after the end of Genesis. After the end of Genesis, the amount of XMS rewards will gradually decrease.
In order to achieve the purpose of incentivising the minting of USDm and to be consistent with the economic dynamics caused by the unique economic mechanisms of Genesis, the following modules will not be open in Genesis:
USDm Minting
USDm Redeeming
USDm Mintage Control
In order to incentivise the minting of USDm, the core modules related to the stability of USDm will not be open in Genesis. This makes the USDm price unstable at $1 in Genesis. As a result, the price of USDm is highly volatile in Genesis. However, the USDm price will return to $1 soon after Genesis.
The BUSD that the user successfully mints into USDm during the Genesis Event will be deposited into the Mars Treasury. After the first Genesis Event ends, all of the BUSD deposited in the Mars Treasury will be used to provide liquidity for the USDm-BUSD trading pair on MarsSwap. All BUSD deposited into Mars Treasury in the later Genesis Events will be temporarily stored in Mars Treasury. After Genesis ends and the USDm price stabilises at $1, these BUSDs will be used to provide liquidity for the USDm-BUSD trading pair on MarsSwap.
