Magically Enhance Your Daily Routine with LUM Boosters
The introduction of Magic LUM and the launch of the Booster are highly anticipated events for ShimmerSea. Magic LUM, the protocol’s Governance Token, takes center stage in the ecosystem. The activation of the Booster marks the beginning of a new token economics model in DeFi.
Magic LUM
Unlike $LUM, the reward token of ShimmerSea, the supply of $MLUM, the Governance Token, is limited to only 1 million tokens.
In addition to its limited supply, the token also offers holders voting rights. These voting rights range from smaller daily decisions such as emission rates for $LUM in farms, to larger strategic decisions that impact the future of the protocol.
Holders also have the opportunity to earn all protocol revenue in USDT through a special staking pool, which will be available on IOTA EVM. This includes revenue from trading fees on the DEX and NFT marketplace, deposit fees, and revenue from fair launches. Until IOTA EVM is implemented, a Lumi locked $MLUM->$LUM staking pool will be available.
Magic LUM Launch and Distribution
The trading of Magic LUM will begin shortly before the Booster goes live. At 1pm CET on Friday, March 1, 2024, the MLUM-USDT trading pool will go live with a total liquidity of 50,000 USDT and 2,500 $MLUM, making the initial price for $MLUM 20$.
Be cautious in the first days of trading, as the total liquidity of 100,000 $ is relatively low and 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. The team allocation on IOTA EVM will be locked in the $MLUM staking pool for a minimum of 6 months and a maximum of 12 months. Any other undistributed $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 begins on March 1, 2024 at 4pm CET, the Booster will go live and users can start refinining their $LUM into $MLUM. The following day, March 2 at 8pm, the MLUM-USDT farm will go live as well.
The Booster
The Booster is a special staking pool that allows users to refine $LUM into $MLUM. The smart contract operates similarly to a standard staking pool, but with some important modifications. Just like a staking pool, a fixed amount of $MLUM is distributed per second through the Booster. However, the amount of $MLUM a staker earns depends on their share of $LUM allocated into the smart contract. Unlike a standard staking pool, the Booster burns the allocated $LUM on a percentage basis as the user earns $MLUM. The emission rate for the first month of the Booster is 30,000 $MLUM, and then decreases to 13,200 $MLUM per month.
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At ShimmerSea, security is of the utmost importance. Therefore, the Smart Contract Booster has undergone two audits by HashEx and one by AuditOne.
Timeline
The launch of $MLUM and the activation of the Booster are sequential events. The following timeline shows all the key dates surrounding the launch:
With the launch of Magic LUM and the Booster, new farms will also be introduced for both Magic LUM and LUM. These new farms will reward liquidity pools with USDT, providing more price stability for both tokens.
On the horizon, we can already see another major event approaching: ShimmerSea scaling to IOTA EVM. With this, ShimmerSea will evolve into a multi-chain DEX! This major evolution will also see the implementation of the last major piece of the protocol’s tokenomics: the $MLUM staking pool, which will distribute protocol revenue on IOTA EVM!
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