Proposal 22: MCDEX DAO Genesis Day

Status

Approved

Motivation

MCDEX DAO is the governance organization of the MCDEX ecosystem. MCDEX DAO is the core of the MCDEX community. As we will launch the Mai3 protocol on Arbitrum, we will also launch MCDEX DAO on Arbitrum at the same time. The Genisis Day of MCDEX DAO is relative to the MCB tokenomcis and worth being carefully set.

Genesis Day

I suggest setting May 1st, 2021 as Genesis Day of MCDEX DAO.

Proposal 19 defines a new tokenomics of MCB. According to Proposal 19, the MCB has a minimal issue speed of 0.2MCB per Ethereum block. This minimal speed is set to ensure there is always a minimal supply of MCB for basic liquidity mining of the MCDEX perpetual pools. And the tokenomics logic is written in the DAO smart contract.

The liquidity mining smart contract needs to deposit a batch of MCB tokens in advance. Thus, MCDEX DAO needs to issue some MCB tokens in advance before launching the liquidity mining. To launch liquidity mining on the first day of the V3 launch, we have to set the Genesis Day of MCDEX DAO ahead of the launch of V3, making it possible to issue some MCB before launching.

We will deploy V3 on Arbitrum Mainnet when it is opened to the developers. And I believe that Arbitrum will open to the users in June. So, there will be about 1~2 months of minimal MCB supply (about 30k ~ 60k MCB) that can be used as liquidity mining/transaction mining reward for the first month after launch.

Update: Voting is living: MCDEX Governance Voting App

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