Magic LUM and the Booster
The birth of Magic LUM and the start of the Booster are together the most anticipated events for ShimmerSea so far! Magic LUM being the Governance Token of the protocol is the centre stage token on ShimmerSea. The activation of the Booster marks the start of a new token economic model in DeFi!
Magic LUM
Compared to $LUM which is the reward token of ShimmerSea, $MLUM is the Governance token of ShimmerSea and is therefore limited to 1 million tokens only!
Besides being limited in supply the token gives holders voting opportunities. These voting opportunities range from smaller every-day decisions like emission rates for $LUM in farms, to larger strategic decisions impacting the future of the protocol.
Finally, holders get to earn all protocol revenue in USDT through a special staking pool, which will go live on IOTA EVM. This includes revenue from trading fees on the DEX and the NFT marketplace, deposit fees, and revenue from fair launches. Until IOTA EVM a Lumi locked $MLUM->$LUM staking pool will be available.
Magic LUM Start and Distribution
Magic LUM will start trading shortly before the Booster goes live. This Friday the 1st of March 2024, at 1pm CET the MLUM-USDT trading pool will go live. The pool will have a total liquidity of 50.000 USDT and 2.500 $MLUM. This makes an initial $MLUM price of 20$.
Be cautious in the first days of trading as the total liquidity with 100.000 $ value is comparably low! High volatility is to be expected!
The initial liquidity will be locked with Hedgey. All other $MLUM tokens will either be locked in the Booster, locked with Hedgey or only minted later on IOTA EVM.
On IOTA EVM the team allocation will be locked in the $MLUM staking pool for another minimum of 6 months and a maximum of 12 months. All other not yet distributed $MLUM tokens will be locked in the new Booster contract on IOTA EVM where they will be distributed over the coming years.
Magic LUM distribution:
Booster — 79.5 %
Team — 20 %
Treasury — 0.5 %
Shortly after trading starts on the 1st of March, 2024 at 4pm CET, the Booster goes live and everyone can start refining their $LUM to $MLUM. The first month the Booster will have an increased $MLUM emission rate! On March the 2nd at 8pm the MLUM-USDT farm will go live.
The Booster
The Booster is a special staking pool in which you can refine $LUM to $MLUM. The smart contract works similar to a staking pool with some important modifications. Just like a staking pool a fixed amount of $MLUM tokens is distributed per second through the Booster. The amount of $MLUM a staker earns depends on his share of $LUM allocated into the smart contract. Different to a standard staking pool, the Booster burns the allocated $LUM on a percent basis. This means that your $LUM stake is burned away while the booster rewards you with $MLUM. The emission rate of the Booster in the first month is 30.000 $MLUM and continues with 13.200 $MLUM per month.
https://medium.com/media/0e15b9fdf1d41e206bf11a79518855c6/href
Security is at the centre of what we do at ShimmerSea. Therefore, the Smart Contract Booster has been audited twice by HashEx and as well has been audited by AuditOne.
Timeline
The birth of $MLUM and the activation of the Booster are two events that happen in sequence. In the following graph all the dates around the launch can be seen:
With Magic LUM and the Booster also new farms are being issued for Magic LUM and LUM. The new farms are rewarding liquidity pools with USDT. This will give both tokens, $LUM and $MLUM more price stability.
On the horizon we can already see the next big event approaching: ShimmerSea scaling to IOTA EVM. With this, ShimmerSea will evolve to a multi-chain DEX! With this magic evolution the last major puzzle piece of the protocol tokenomics will also go live: The $MLUM staking pool which distributes protocol revenue on IOTA EVM!
