HMX on Blast: Unifying the Operations of HMX on Blast & Arbitrum & Introduction to $HLP SURGE 2.0 and Surge Points
Dragons,
Exciting times are ahead as HMX ventures into its first cross-chain expansion initiative with Blast! As we gear up for our full launch on Blast, we’re thrilled to share more insights into how HMX will harmonize our operations across Arbitrum and Blast as well as the upcoming HLP SURGE 2.0 & Surge Points.
However, before we get into any details, we want to announce here that HMX will be distributing to the community 100% of airdrops received from Blast from the developer’s allocation!
Now without further ado, let’s get right into today’s update:
🏦 HLP SURGE 2.0:
To bootstrap liquidity for HLP on HMX on Blast, we will be conducting HLP SURGE 2.0, where deposits committed into HLP in this phase will earn additional monthly rewards in airdrops from Blast, in addition to the benefits of HLP, such as 50% of protocol revenue (generated on Blast).
While we await the governance token airdrop from the Blast team, we will be utilizing an IOU token called “Surge Point” to represent your portion of the airdrop rewards.
Below, you will find the specifics of HLP SURGE 2.0 and a table outlining the Surge Points allocated to users based on their participation tier:
Start date: Thursday, 7th March, 12PM UTC
End date: Monday, 11th March, 12PM UTC or until vault is filled.
Capacity: $10m (across 4 tiers)
Total Surge Points Awarded: 10m
Other remarks:
- Surge Points will be airdropped monthly for 6 months with distribution on the 11th of every month, from April 2024.
- 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.
- If the user decides to withdraw his liquidity from the pool, the rewards for that month and the following months will be distributed to the remaining users.
Please note that “Surge Point” and “Slurp Point” are two different things. We will make an announcement on “Slurp Point” soon.
Please also note that the conversion rate between “Surge Points” and BLAST tokens will be announced at a later date.
⚡ Full-scale Launch on Blast
Once HLP SURGE 2.0 ends, we will engage in a full-scale launch of HMX on Blast, where the our leveraged trading feature will go live, and users on Blast can start Trading Limitless. Once the full-scale launch on Blast is live, the following will happen:
- Leveraged trading feature goes live on Blast (12th March)
- More markets are added (12th March)
- esHMX emission rewards for trader’s on Blast live (TBD)
Unification of HMX Operations on Blast & Arbitrum
📈 Trader’s Loyalty Credit (TLC):
Traders on HMX on both Blast and Arbitrum will earn esHMX from trading on both Blast and Arbitrum through the same mechanics of TLC.
$esHMX and $PYTH rewards to traders will be shared across the weekly TLC accrured on both blockchains. Therefore, the higher the trading activity on each chain, the higher incentives for that respective chain.
💸 HMX/esHMX Stakers:
As a staker of $HMX and $esHMX, you are entitled to 35% of the protocol revenue generated on both Arbitrum and Blast, unlocking a dual-stream of rewards. Here’s a breakdown of how you can claim your yields on each platform:
Claim on Arbitrum:
- $esHMX emissions
- 35% of HMX protocol revenue on Arbitrum (in USDC)
- $PYTH token rewards from Pyth Network airdrop program
- $esZENO rewards from Zeno Exchange
Claim on Blast:
- 35% of HMX protocol revenue on Blast (in USDB)
- $BLAST token rewards from Blast’s Big Bang competition & airdrop program (when live)
🏦 HLP depositors — Separate Assets, Different Yields:
While the integration of Blast with Arbitrum streamlines many aspects of the user experience, it’s crucial to note that assets deposited into HLP on each chain will be separate. Users depositing on Arbitrum & Blast will exclusively contribute to market making for traders on that respective chain. Consequently, yields on Arbitrum and Blast will differ, reflecting the unique dynamics of each platform. This separation ensures that users can make informed decisions based on the specific market conditions and opportunities presented on each chain.
However, please note that $esHMX rewards will be available to HLP depositors on both chain.
👥 Referral Program:
One of the exciting features connecting Blast and Arbitrum within the HMX ecosystem is the integration of referral codes. Users can utilize the same referral code across both Arbitrum and Blast, enabling the tracking of their activities on both chains.
It’s worth noting that while users can utilize a unified referral code, the claimability of referral rewards is contingent upon the chain on which their referees conduct their trades. In essence, referral rewards will be claimable on the specific chain where the referred trading activities take place.
🏷️ Trading Discount:
Tier qualification for trading discounts will consider combined activities on both chains. Users will enjoy trading benefits and discounts on both Arbitrum and Blast, fostering a harmonized trading experience irrespective of the chosen chain.
Note that while the discount tier is calculated based on the weekly TLC balance on both chains, the trading fee rebates can be claimed based on the fees paid on each respective chain.
Below is a table summarizing the rewards flow for each staking tokens on each blockchain, and where rewards can be claimed/compounded:
