One-Pager
Messier's applications run on many different blockchain networks. These apps collect service fees from users and send those fees to the Virgo DAO treasury on Ethereum.
M87 is the community token. People can trade it on the open market, stake it in Virgo to earn passive income and used it to bid on Messier Objects NFTs. These NFTs give even higher rewards than staking M87 alone.
The number of M87 tokens someone stakes in Virgo decides their role in the DAO. If they are in the top 87 stakers, they become a Pōwehi, which means they can create proposals. Everyone else is part of the Halo, and they can vote on proposals.
When a proposal passes, a smart contract automatically buys the token listed in the proposal. Then, it splits the new tokens like this:
12.13% goes to Pool 1 (for all stakers, including NFT holders)
0.87% goes to Pool 2 (only for NFT holders)
87% is stored in the treasury until the end of the cycle
A cycle is complete once a set number of proposals—determined by the DAO—have been successfully passed.
At the end of a cycle, a smart contract called Supernova activates. It gives a “Dark Listed” status to wallets and NFTs that stayed staked for the whole cycle. Messier Objects are always Dark Listed because they’re always staked.
Supernova then collects all the alt tokens (except ETH and any suspicious tokens). It distributes the alt tokens like this:
12.13% to the Dark Listed Pool 1
0.87% to the Dark Listed Pool 2
87% is sold for ETH
Next, the ETH is split again:
12.13% to the Dark Listed Pool 1
0.87% to the Dark Listed Pool 2
87% is put back into the treasury
The treasury is only allowed to hold 87 ETH. If more ETH comes in, a smart contract is triggered that uses the extra ETH to buy and burn M87 tokens. This helps reduce the supply and support the token’s value.
Once Supernova finishes its work and ETH is returned to the treasury, the cycle ends. Then, a new cycle begins, and the process starts over again.
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