Genesis Phase and TGE
The Token Generation Event (TGE) for H3RMES will start on XXXXX. During the TGE, you will be able to mint and borrow $H3RMES at a variable price that depends on which day you enter.
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The Token Generation Event (TGE) for H3RMES will start on XXXXX. During the TGE, you will be able to mint and borrow $H3RMES at a variable price that depends on which day you enter.
Last updated
The TGE is a 5 day event. H3RMES intends on the TGE being an actual event. All features will be available during the TGE, and users will be able to leverage up their $H3 as soon as they get it. All users will be able to mint $H3, at all times throughout the TGE. The mint price of H3RMES will increase every day, with the day one price being 1 $S/$OS and a day 5 price of $H3 will be >1.5S per $H3. After the 5 day genesis period has ended, the H3RMES mint will officially close. This means that after the 5 day TGE period, the only way to get access to H3RMES is by buying on the open market, borrowing from the lending market, or vesting xH3RMES rewards.
Mechanism: Users can mint H3RMES by depositing $S/$OS into the protocol's smart contract.
Fee: A fee is applied to each minting transaction. Fees are added to the protocol, increasing stability and backing
Supply Cap: Minting stops once the 5 day TGE has finished. After this, new $H3 tokens can only be minted via xH3RMES redemption system, and by buying from the open market.
The mint price will be 1:1 OS-H3RMES. You will be able to use the leverage mechanism immediately, although the maximum leverage and size you will have access to will be limited.
You will also be able to immediately swap your $H3 to $xH3 to start farming rewards in the $xH3 single staking pools, but by doing this users will lose the ability to access the lending/borrowing/leverage functionality, as xH3RMES leverage will not be functional until the TGE has completed. The H3RMES farms and single staking pools will also go live on day one, meaning that users can 'zap' into any LP farm immediately with a single click; giving users access to V3 trading fees (significant APR that depends on volume), xH3RMES rewards, and boosted Sonic Points.
There will also be a selection of genesis pools, which will be a variety of LP positions and single-asset pools with fees associated.
The mint price of H3RMES have been going up in a linear fashion, meaning that 1 $H3RMES will cost roughly 1.1 $S. The leverage mechanism will remain functional, although higher leverage and more size will be allowed.
The mint price of H3RMES will go up by roughly 0.1 $S again, meaning that 1 $H3RMES will cost around 1.2 $S. Once again, the leverage and size that users have access to will be increased.
Days 4-5 continue as previous, with the mint price of H3RMES increasing by roughly 0.1S every 24h. At the same time, the amount of leverage that users have available to them will increase, meaning that user will be able to access the same size (with the same amount of $S) as earlier users, simply by utilising the leverage functionality.
There are no H3RMES emissions outside of minted H3RMES during the TGE; all rewards (including yield farming rewards) are exclusively in xH3RMES.
After the TGE has completed (day 11 of the protocol launch), H3RMES scarcity is maintained by making sure that H3RMES can only be obtained in the following ways:
Buying it on the open market.
Borrowing H3RMES with $S as collateral.
Vesting xH3RMES over time.
Instant Redeeming xH3RMES with a penalty.
H3RMES scarcity is also maintained by our leverage system. Any liquidated positions that occur during volatile price movements will be burnt, decreasing the supply of H3RMES.
