Announcing the Final Stage of HMX’s Launch: $HMX TGE, HLP SURGE, & Full-Scale Launch
Dragons,
It has been an incredible three weeks since we launched the public open beta. During this time, HMX has achieved numerous milestones, thanks to your unwavering support and trust. We highlight some of the achievements below:
- $150+ million in Total Trading Voume
- $1.9 million+ in Total Value Locked (TVL)
- 440+ unique depositors of $HLP
- 570+ unique traders
- 100+ daily active users (DAU) for the past 15 days
- Achieving 150%+ APY for HLP — all from real yields!
- Over 15 new assets listed
- 4,000+ community members across Telegram & Discord
- Incorporated of numerous UI/UX improvements based on community feedback
We are truly grateful for your contributions, and we promise to continue working hard to set a new standard for a decentralized perpetual trading platform. With significant progress made on both the product and community fronts, we believe it’s now the right time to move forward to the next phases of the launch.
In this article, we will provide you with more details about the Phase 2 and Phase 3 of our launch plan, and how you can participate to maximize the available earning opportunities.
Without further ado, let’s jump right into it!
What’s Next? 🤔
The launch of HMX is divided into four phases. Over the past three weeks, we successfully achieved the objectives of the Public Open Beta (Phase 1), which were to thoroughly test our product and gather valuable feedback from the community. With the objectives accomplished, we are now ready for the next phases of the launch.
- Phase 2: $HMX Token Generation Event
- Phase 3: $HLP SURGE
- Phase 4: Full Scale Launch
Phase 2: $HMX Token Generation Event
Start Date: Monday, July 31st 2023, 12PM UTC
End Date: Thursday, August 3rd 2023, 12PM UTC
In Phase 2, we will have a Token Generating Event where we conduct a fair, open and transparent price discovery mechanism. Our process will give everyone the same chance to participate in the event with no advantage to snipe bots, highest gas (e.g., whales), or insiders.
We will make available 8% of the total supply (800,000 HMX.) in the TGE, and the community will have 3 days to contribute ETH to the pool in return for the HMX token. All participants will acquire HMX tokens at the same rate.
There will be a max. Cap of 1,500 ETH. If more ETH is contributed in the TGE than the max. Cap, $HMX will be distributed proportionally and un-spent ETH will be refunded.
The received $HMX amount will be calculated according to the formula below:
- $HMX Final Price = Min(maxCap, totalContribution) / 800,000 $HMX
- Received $HMX Amount = userContribution / totalContribution * 800,000 $HMX ETH
- Refund = userContribution — ((userContribution / totalContribution) * Min(maxCap, totalContribution))
Example:
Alice contributes 20 ETH to the TGE, and the total ETH contributed is 2,000 ETH.
Final price = Min(1500 , 2000) / 800,000 = 1,500 / 800,000 = 0.001875 ETH / $HMX
Received $HMX Amount = 20 / 2,000 * 800,000 = 8,000 $HMX
Refund = 20 — ( 20/2,000 * Min(1500, 2000)) = 20 — (0.01 * 1500) = 5 ETH
Below are the key setup parameters for the TGE events:
- Phase 2 Start date: Monday, July 31st 2023, 12PM UTC
- Phase 2 End date: Thursday, August 3rd 2023, 12PM UTC
- Duration: 3 days (72 hours)
- Token Made Available: 800,000 HMX (8% of total supply)
- Minimum purchase amount: None
- Max Cap: = 1,500 ETH (If more is contributed, $HMX will be distributed pro-rata)
- Contribution Currency: ETH
- Vesting: Immediately liquid and claimable at the end of TGE
Phase 3: HLP SURGE
Phase 3 Start date: Friday, August 4th 2023, 12PM UTC
Phase 3 End date: Wednesday, August 9th 2023, 12PM UTC
The objective of this phase is to bootstrap the liquidity for the $HLP vault to build up the market making liquidity to support the leveraged trading feature.
To reward the early depositors of the HLP vault, we will be allocating additional incentives for the participants of this phase of launch. The deposits committed in this phase will earn additional monthly incentive rewards over 12 months on top of the other yields they are entitled to. The amount of additional incentives rewarded to the participants will be determined based on the value of their deposits and the batch into which their assets are deposited.
Participation Rules & Benefits:
- First-come-first serve. Users can only deposit HLP in to SURGE program during the five-day period (Aug 4th — Aug 9th)
- A total of 500,000 $esHMX token rewards will be allocated to the participants. To calculate the share of your qualified rewards, simply use the formula below:
Your Monthly Share of $esHMX Rewards = (# of HLP you deposit * Batch Multiplier) / (Total # of HLP Deposits * Their Respective Batch Multipliers) * (500,000 $esHMX / 12 months)
Below is a table summarizing the multiplier assigned to each batch and their size.
- The liquidity committed in this phase will be locked for the first month. Afterwards, users will have the option to withdraw their funds anytime. But once they do, they will no longer be able to re-enter the SURGE pool.
- If a user decides to withdraw his liquidity from the pool, the rewards for that month and the following months will be distributed pro-rata to the remaining users -i.e., remaining users will receive a higher share of rewards.
- The HLP SURGE bonus will be distributed monthly on the 1st of each month for 12 months, starting 1st September 2023.
Phase 4: Full-scale Launch
Start Date: Thursday, August 10th 2023, 10AM UTC
In this phase, HMX will be fully operational! All the incentive programs and emissions ($esHMX, $HMX, $TLC, & $DP) will start.
The trade mining campaign to determine the total $esHMX airdrop rewards allocated to the participants in Phase 1: Public Open Beta will continue for 1 month after the start of Phase 4. Contribute your way to HMX’s total trading volume of $1bn to maximize the airdrop rewards in $esHMX.
Closing Remarks
We would like to again extend our heartfelt gratitude to each and every one of our Dragons for their unwavering support and trust throughout the incredible three weeks since the launch of HMX’s public open beta.
Your engagement and feedback have been instrumental in shaping the evolution of HMX. Thank you for being an integral part of the HMX community. Together, we will continue to push the boundaries and shape the future of decentralized trading.
If you have any questions regarding our Launch Plan, please do not hesitate to ask away in our community groups!
