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Messier Litepaper

  • Messier's applications will launch on a multitude of networks, where they will collect service fees from users that will be sent to the treasury of the Virgo DAO on Ethereum.
  • M87 is the community token that is able to be traded in the open market, staked in Virgo to earn passive income rewards, or used to bid on the Messier Objects NFTs (which will earn even higher passive income rewards from Virgo than staking M87 tokens alone).
  • The number of tokens an M87 holder stakes in Virgo will determine whether they can create proposals (Pōwehi) or vote on proposals (Halo) that pertain to spending treasury funds on alt tokens, which are then distributed to stakers.
  • When proposals are successfully passed, a smart contract will purchase the token type specified in the proposal. Of the newly acquired tokens, it will distribute 12.13% to rewards pool 1, 0.87% to rewards pool 2, and deposit 87% into the treasury for the duration of a cycle (a cycle consists of 87 proposals that have been successfully passed within the DAO).
  • Pool 1 gives rewards to all stakers (M87 Token stakers & Messier Objects NFT holders), while Pool 2 gives yield to Messier Objects NFT holders exclusively. Stakers will be able to claim the tokens that were distributed to them directly from Virgo's user interface.
  • At the end of a cycle, a smart contract named Supernova will darklist (whitelist) any M87 stakers and Messier Objects NFTs who staked for the entirety of the cycle; Messier Objects will always qualify for the "darklist" as they are always staked.
  • The Supernova smart contract will scoop up every alt token in the treasury (excluding any tokens that were not purchased through the DAO so as to avoid interactions with malicious tokens sent through dust attacks) with the exception of ETH. It will distribute 12.13% to the darklisted rewards pool 1, 0.87% to the darklisted rewards pool 2, and sell the remaining 87% back into ETH.
  • Of the newly acquired ETH, the Supernova smart contract will distribute 12.13% to the darklisted rewards pool 1, 0.87% to the darklisted rewards pool 2, and deposit 87% into the treasury.
  • The treasury has been coded to contain a maximum of 87 ETH tokens; any amount that surpasses this capacity triggers a smart contract that performs a buy & burn on the M87 token.
  • After the Supernova smart contract has deposited the ETH into the treasury, the cycle will conclude, after which a new cycle will begin.
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