The stablecoin USDM of Mars Ecosystem will be launched, and "Genesis" will be held. XMS holders will be the FIRST ones to get the USDM!
The stablecoin module of Mars Ecosystem will be launched on BSC soon, and a "Genesis" will be held at the same time.
The purpose of this Genesis is to incentivise the minting of USDM and to distribute XMS to the early supporters of USDM for free.
The duration of Genesis is 30 days. A series of "Genesis Events" will be held during this rollout.
A Genesis Event is the initial mechanism that allows users to mint USDM within the ecosystem.
Assuming that when the Genesis Event ends, the price of BUSD is 1 USD, then 1 BUSD can mint 1 USDM. When the Genesis Event ends, all participating users committed 5 million BUSD in total (5 million XMS are staked at the same time). Therefore, all BUSD committed can mint 5 million USDM, which exceeds the USDM Mintage Cap of this Genesis Event. All participating users will share the USDM mintage quota based on their subscription amount. Suppose a user commits 10,000 BUSD and stakes 10,000 XMS during the Genesis Event. He will be awarded a quota of 6,000 USDM. Among the 10,000 BUSD he committed, 6,000 BUSD will be successfully minted into USDM. The remaining 4,000 BUSD will not be minted into USDM. After the Genesis Event ends, the user can immediately claim 6,000 USDM and 4,000 BUSD. The 10,000 XMS staked can be claimed 3 days after the Genesis Event ends.
Launch time: after the first Genesis Event ends. Rewards: Stake USDM to earn XMS rewards. The XMS rewards earned will be released linearly within 180 days. Amount of rewards: In Genesis, the number of XMS rewards will be significantly higher than after the end of Genesis. After the end of Genesis, the amount of XMS rewards will gradually decrease.
In order to achieve the purpose of incentivising the minting of USDM and to be consistent with the economic dynamics caused by the unique economic mechanisms of Genesis, the following modules will not be open in Genesis:
In order to incentivise the minting of USDM, the core modules related to the stability of USDM will not be open in Genesis. This makes the USDM price unstable at $1 in Genesis. As a result, the price of USDM is highly volatile in Genesis. However, the USDM price will return to $1 soon after Genesis.
The BUSD that the user successfully mints into USDM during the Genesis Event will be deposited into the Mars Treasury. After the first Genesis Event ends, all of the BUSD deposited in the Mars Treasury will be used to provide liquidity for the USDM-BUSD trading pair on MarsSwap. All BUSD deposited into Mars Treasury in the later Genesis Events will be temporarily stored in Mars Treasury. After Genesis ends and the USDM price stabilises at $1, these BUSDs will be used to provide liquidity for the USDM-BUSD trading pair on MarsSwap.