Announcing the Launch of HMX Public Open Beta & Governance Token Airdrop Plan for Participants
Dear Dragons,
We are excited to announce that the HMX’s public open beta will go live on 21 June 2023 at around 9:00 AM UTC. This article is the fourth part of the series that will provide a comprehensive look at HMX before its official launch.
Our plan is to run the public beta for approximately 2–4 weeks. The exact duration will depend on the feedback and the number of improvement requests received from users. The full launch is expected to be around mid to late July. We will announce the exact date and plan for the full launch at a later date.
In this article, we will be covering the following topics:
- Public beta features’ details
- How to qualify for airdrop rewards
- How much tokens will be allocated as airdrop rewards
- Protocol’s Security
Public beta features’ details 📈
At launch, all of the core features of HMX will be fully functional. The only feature not yet live will be the $HMX token emission and incentive rewards, which will come after the full launch.
Below are the key features of HMX:
Leveraged Trading (Cross-Margin & Multi-Collateral Support)
Users can open up to 1,000x leveraged long or short positions on many asset classes, including Cryptocurrency, FX, and Commodities. HMX also accepts various crypto assets as collateral (BTC, ETH, and stablecoins) with cross-margin collateral support, allowing for flexible position and risk management. More details on our Leveraged Trading feature can be found here.
🎁🤩To celebrate the launch of HMX, we are reducing the trading fees for BTC and ETH markets to 0.04% — the lowest in the industry — through 31 October 2023.
Leveraged Market Making (HLP Vault):
Users can deposit assets into the HLP vault to become market makers at HMX. The HLP vault is unique because it is built on top of GMX’s GLP token. This means that the liquidity deposited into the vault will be used to market make for traders both at GMX AND HMX. Learn more here.
Other functionalities include:
- Advanced Order Types
- Subaccount Support
- 1-Click Trading (through Account Abstraction)
- … and many more. To learn more about all the available features, visit our Docs.
How to qualify for airdrops rewards ✅
Creating an exceptional user experience is one of our goals to make HMX standout as one of the leading perpetual DEXes. We also want to encourage users to try using our platform. Through an airdrop of $esHMX tokens, we hope to achieve these goals by incentivizing users to give HMX a try, solicit their feedbacks, and ideally, convert them into long-term users.
To qualify for $esHMX airdrops, there are two participation options available. These options are not mutually exclusive, meaning you can participate in all of them if you wish.
Please note that $esHMX tokens are the escrowed version of $HMX can be converted into $HMX through vesting. For more details on its utilities, please visit our Docs.
Option #1: Complete Airdrop Campaigns on HMX’s Zealy: Complete Airdrop Campaigns on HMX’s Zealy: Participate in airdrop campaigns on HMX’s Zealy page and earn points by successfully completing them. Each campaign will have assigned points that contribute to calculating your final share of the airdrop received. We will continuously release new campaigns up until the end of Phase 1: Public Open Beta, so be sure to follow our profile on Zealy!
Option #2: Become a Beta Tester: Engage in any of the tasks listed below, each of which carries a specific point value. The more tasks you complete, the larger share of the airdrop you will receive.
- Open a leveraged trading position on different asset classes
- Make a deposit into the HLP liquidity pool
The points you earn from completing the actions above will be used to calculate your airdrop share from the final amount of airdrop allocated to all qualifying participants.
Note that the total number of points you earn will be based on the combination of your transaction value and the # of transactions. To prevent sybil attacks, we will only announce the specific point value for each action AFTER the Public Open Beta concludes.
Once the Public Open Beta is live, you will be able to complete these actions through our website here.
Airdrop to early users of Perp88 🐲
We highly value the early supporters of Perp88 (HMXv1) who have played a significant role in shaping HMX into the product it is today. As a token of appreciation, they will also receive an airdrop of $esHMX. The airdrop allocation is determined by the deposit volume and the trading volume:
- Tier 1: $500 in deposits and/or trade/swap volume
- Tier 2: $1,000 in deposits and/or trade/swap volume
- Tier 3: $2,500 in deposits and/or trade/swap volume
- Tier 4: $10,000 in deposits and/or trade/swap volume
- Tier 5: $100,000 in deposits and/or trade/swap volume
- Tier 6: $250,000 in deposits and/or trade/swap volume
🙏The snapshot for this airdrop has already passed. Performing trades on Perp88 now would not earn you any airdrops.
How much $esHMX will be allocated as airdrop rewards 🪙
The allocation of $esHMX tokens to qualified participants (early Perp88 users, beta testers, and participants of Zealy campaigns) will be determined based on the cumulative trading volume of HMX achieved from now until one month after the Public Open Beta of HMX ends, which is expected to be around mid-August.
At the base level, which corresponds to a $0 trading volume, 0.5% of the total supply (50,000 $esHMX) is set aside as rewards. As the trading volume increases, the percentage of the total supply allocated as rewards also increases, with the maximum airdrop amount totaling 2.0% of the total supply (200,000 $esHMX) if the trading volume reaches $1 billion.
AirdropTokens = 2e-4*TradingVol + 50,000
Protocol Security 🔐
At HMX, we understand the importance of security when it comes to DeFi. It is crucial to ensure the protection of our users’ assets and maintain the integrity of our platform. As such, security is not just an aspect we consider; it is our top priority.
Audits
HMX has been audited by Foobar & WatchPug. The audit reports from both parties can be found below:
- Foobar’s audit report
- WatchPug’s audit report (Report to be published prior to the Beta Launch)
Closing Remarks 🙏
We will share more details on our launch plan closer to the end of the Public Open Beta, Specifically, we will be holding a liquidity bootstrapping event for $HMX as well as the HLP liquidity pool. Participating in these events will give you opportunities to earn extra yields and incentive rewards.
Please make sure to stay tuned, follow our social media channels, and join our community groups to stay updated on the latest developments of HMX.
