Multiplier is Incentivising Yield Farmers With MXX Tokens From July 29th
Multiplier platform will officially launch the minting of MXX tokens on its platform on the 29th of July, 2020.
MXX tokens are designed to balance liquidity for depositors and lenders through algorithmic derived interest rates and yield. These are based on the collateralisation and loans conducted on the Multiplier cryptocurrency platform. The minting of MXX tokens will start from 0 tokens, with a total supply of 9 billion, which can be accumulated through minting only.
Essentially, liquidity mining is when a yield farmer mints new tokens in exchange for their liquidity on the platform. This creates a positive loop; whereby users are incentivised with minted tokens to conduct transactions on the platform, which in turn increases the value of the same token, and attracts more users to join.
MXX Token and Community Governance
A maximum of 18 million MXX tokens are issued daily, shared among users in proportion of their contribution to the platform through lending, borrowing and making referrals. The currently accepted currencies on the Multiplier platform are BTC, USDT and USDC. MXX tokens are also currently listed on the trading platform Bilaxy.com.
MXX tokens will gradually allow the protocol to transit towards being entirely governed by the community. The number of votes is proportional to their amount of MXX tokens and can be used to make decisions on the protocol. The move towards a decentralised governance process will protect investor interests, reduce systemic risk and increase long term utility of the Multiplier protocol.
The simple-to-use Multiplier platform aims to attract holders looking to optimise their idle cryptocurrency assets, as well as attract experienced yield farmers looking for more ways to maximise their harvests.