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Midas Gold : Restructure for Sustainable Multilayer Refinery

Restructure-Restructure-for-Sustainable-Multilayer-Refinery

After more than 2 weeks of release, Midas Gold has issued a total of 100,000 MDG tokens, of which 61,000 tokens are unlocked and 9,000 tokens are in Reserve Fund. Market cap has reached $8 million.

In addition to the main layer ($MDG), the second layer ($MDG2) has also been successfully launched. LoyaltyLocker and Midas Gold Commission proposals have been voted & passed by the community.

After all, we believe that a stable model for Midas Gold's sustainable development could be achieved with the restructuring as follows:

  1. Every layer including the main layer ($MDG), the second layer ($MDG2) and the next layers (layer N) will run only for 8 weeks.

  2. After the main layer is finished, new MDG tokens are issued only through the conversion bridge.

  3. For the main layer, LoyaltyLocker and MdgLocker remain as scheduled.

  4. Starting reward rate of every new layer is initialized to 0.06. Then reduces 25% every week, except 50% after week 2 (at the time to start the next layer).

  5. Max supply of MDG3, MDG4 … MDGn is limited to 40,000 tokens.

  6. For new layers, 50% of rewards will be transferred immediately, the remaining 50% will be locked until the end of the 4th week and distributed gradually over the next 4 weeks.

  7. Conversion bridge is opened after week 6 and lasts for 4 weeks. Each MDG-N minted will create 1 MDG to the bridge. The initial conversion rate MDG-N/MDG is set to a fair rate based on average prices of $MDG-N and $MDG at opening time, but not exceeds 1 (i.e. 1 MDG-N can be converted to up to 1 MDG). Then conversion rate decreases 5% every 2-hour but not less than 0.1 (i.e. 1 MDG-N is always converted to at least 0.1 MDG).

  8. After the bridge closes, 50% of excess MDG will be burned, 30% will be distributed to providers of MDG-based liquidity pools in the next layer, 20% will be sent to the Reserve Fund.

  9. Farming pools for layer 3:
    Screen-Shot-2021-03-23-at-8.45.34-AM-1

(*) Pool multipliers are always adjusted based on total liquidity in the pool to keep relative fairness between pools.
(**) The above plan will continue to be adjusted to ensure the MDG family's sustainable development.

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Midas Gold : Restructure for Sustainable Multilayer Refinery
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