Hello, this is MEVerse team.
Here is a guide to the formulator policy that has been operated over the past five years.
The formulator policy, which began in July 2019, started with a five-year mining plan as a policy in which Formulators become nodes, contribute to the mainnet ecosystem and receive block compensation accordingly.
The five-year mining compensation was downgraded to 160 million from 360 million, and operated from the foundation Reserve allocation without additional issuance in the existing inflation structure.
As a result, mining rewards has been distributed without additional minting from the total supply of 2 billion, and Formulator mining will end at 7:30 UTC on July 31st.
Formulator NFTs are NFTs that prove mainnet contributions even after formulator mining has ended, and can also contribute to future mainnet operations, such as governance and generator node operations. Formulator NFT use cases are as follows.
1. Governance Proposals and Voting Rights
Formulator NFT holders have contributed as nodes to the Mainnet ecosystem over the past five years, which will allow them to make governance proposals and vote their rights at governance forum. Governance features will be added to MEVerse Dex (www.meversedex.io), and users with Formulator NFTs can spend 10,000 MEVs to make governance policy proposals.
The consumed MEV coins will be returned if the governance policy is passed and this policy is intended to limit reckless policy proposals.
Sigma, Omega Formulator holders will be able to create governance proposals and proceed with voting, and Alpha Formulator can vote to the proposals.
2. Privilege to Operate Generator Node
MEVerse Mainnet consists of a generator node, a seed node, a public node, an observer node, and a bridge node, which is responsible for creating blocks. Formulator NFT holders will have the privilege to operate the generator node, and instructions for configuring the generator node can be found at MEVerse Development Docs. (https://meversedex.gitbook.io/meverse-dev-docs/v/meverse-dev-docs-kr)
Thank you to everyone who has contributed to MEVerse Mainnet.
Thank you.
Team MEVerse
