Introducing mPoints followed by MassDrop
Milkers, the wait is over. We’re incredibly excited to introduce mPoints followed by our MassDrop. This blog post serves as the one-stop shop to answer all your questions about the Rewards system that we are rolling out today.
Read on to find out whether you were eligible, how to become eligible, and what mPoints translate to.
What is mPoints?
MilkyWay is new.
Our team assembled in October 2023 with the mission to provide a simple yet highly secure liquid staking solution for the Modular ecosystem. On December 18th, 2023, MilkyWay launched as the pioneering liquid staking protocol for Celestia, solving the pain point of TIA holders seeking to stake without the 21-day lock-up period. Since its inception, MilkyWay’s growth has been substantial, surpassing $43 million TVL in less than a month with milkTIA gaining adoption across various DeFi protocols.
Although we work hard and move fast, certain tasks like token launch still require time. Deploying a token is relatively easy, but ensuring that the token accrues value for long-term sustainability via onboarding and listing on strategic partners requires certain procedures. 😎
While we are quietly working on the token launch behind the scenes, we want our early Milkers to know that your support is highly valued. Therefore, today we are introducing mPoints to keep you informed about your standing in the upcoming MassDrop.
Wondering if you read MassDrop correctly?
Yup. It’s going to be a Massive airdrop, as at least 10% of the total supply will be allocated to mPoint holders!
As for the MILK token, more details on the tokenomics will follow in a separate blog post.
TLDR, you’ll be glad we did mPoints instead of using real token 😉
How do mPoints Work
Earning mPoints is straightforward. Whether you’re holding milkTIA, using it in liquidity pools, or engaging in lending and borrowing, you’ll be milking points.
For Our V1 Launch:
- HODL milkTIA:
Holding milkTIA accrues mPoints.
We’ll be taking daily snapshots of your milkTIA balance, and every wallet address with a milkTIA balance receives mPoints.
The math is simple, for each milkTIA you hold, you will accrue 1 mPoint on a daily basis.
There is no minimum amount required, but the milkTIA has to be on the Osmosis chain, which is where it’s minted, in order to be eligible.
2. Engage in DeFi:
Putting your milkTIA to work accrues more points than merely holding milkTIA.
We’ve curated a selection of DeFi protocols to partner with. Currently, milkTIA is compatible with Osmosis, Levana, Mars, Demex, Quasar, and Margined. Daily snapshots will be taken of your milkTIA that are working merrily at these protocols on your behalf.
Each milkTIA in the whitelisted set of protocols will accrue at least 1.2 mPoints on a daily basis.
As we are continually expanding our integrations, be sure to check the latest list at https://app.milkyway.zone/discover to keep up to date on all the whitelisted protocols that will help you earn mPoints.
How the math works
Amount of mPoints a user receives on a daily basis:
UserTotalMilkTIA = The total amount of milkTIA a user has, regardless of whether it’s hodl or used in DeFi
TotalMilkTIA = Total amount of circulating milkTIA
UserDeFiMilkTIA = Amount of milkTIA a user has in DeFi activities e.g LP on Osmosis
TotalDeFiMilkTIA = Total amount of milkTIA used in all the DeFi activities
An example:
Total amount of circulating milkTIA = 100 milkTIA
Total amount of milkTIA used in all the DeFi activities = 60 milkTIA
Alice holds 3 milkTIA and has 4 milkTIA in LP on Osmosis, the amount of mPoints Alice will receive = 7 + 0.2*100/60*4= 8.333 mPoints
Important Note: The mPoints system’s mechanics, including point calculation and distribution, are flexible and likely to evolve, ensuring equity in the ever-changing DeFi world. We’ll keep the community in the loop on all updates for transparency.
Upcoming Enhancements
We will be rolling out the Rewards System in various versions. In each version, we will add new categories for you to earn mPoints or to retrospectively receive mPoints.
Some of the upcoming ones are:
- Social Media Activities for Zealy campaign participants
- Early Adopters for Milkers who held, used milkTIA prior to this rewards launch and for testnet testers 🫶
- Referral Initiatives for Milkers to share their love for us with others
- Opportunity Cost for Milkers who had to choose between MilkyWay or others
- Booster campaigns that will run for a limited time only so stay tuned!
Tracking Your mPoints
Your mPoints don’t accumulate in your wallet as they aren’t on-chain; instead, track your mPoints through our real-time Leaderboard on our website, updated everyday.
Wen Token
The mPoints system will be in full swing throughout early 2024, with multiple versions rolled out. This will all culminate in a MilkyWave in the form of a MassDrop when the MILK token launches in H1 2024.
Get Involved
As we continue to roll out future versions, we’d love to hear your feedback and suggestions. Head over to our Discord channel, #feedback, to participate.
As always, none of this is financial advise. Please do your own due diligence.
Happy Milking! 🐄 🥛 And brace yourselves for the MassDrop! 🌊
