This post will give an update on the XMON distribution and other project updates. To start, there has been a lot of good discussion about the best way to distribute tokens in Discord. My own goals are to ensure that people who want XMON for the NFT ecosystem can acquire it without making large price swings.
Liquidity mining programs try to incentivize more liquidity to allow this to happen, but this is not the only method of ensuring liquidity. I’ve also been considering a relatively flat bonding curve as an alternative method of distribution. This would allow users to buy and sell back to the curve in a way that is relatively safe (they can always sell back to recoup most of their initials), and it unlocks more liquidity for people who want the token.
I’ve also made some updates to the UI, and things are getting set up so the project can finally launch!
Here is everything that is happening to the project:
1) No more XMON fees! In order to make integrations with other contracts easier, I’ve set the transfer fee of XMON to be 0, as seen here. Note that I have not yet renounced ownership, so the option to bring it back in the future still remains.
2) LP mining is starting next week! I’ve set up a rewards pool for XMON-ETH LP for 2 weeks that starts Tuesday Jan 5 at 18:00 UTC. The contract is here. The 0xmons website has also been updated with a UI to make staking and claiming rewards easier, as well as a countdown timer here. The initial farming rewards are 50 XMON over two weeks; emissions are kept intentionally small at first to avoid supply shock and opportunistic farm-and-dumpers.
Summoning (and then spawning) will come soon after, hopefully 1 week into LP farming.
2) Founder NFTs! In addition, I have some exciting news I’ll be sharing soon about 4 special edition XMON NFTs that will be listed directly to OpenSea for bidding. I’ll commit to putting half of the ETH raised paired with XMON as additional Uniswap liquidity locked for 1 year.
3) Token distribution plans still in progress! I’m still interested in a bonding curve as a way to make it easier for people to acquire more tokens without large price swings. However, I will wait to make decisions about how to best set this up after the 2 weeks of LP mining and demand. The same goes for altering LP mining incentives after the current 2 weeks.
4) THE MULTISIG IS LIVE! The 3/4 multisig now holds the lion’s share of the tokens, which can be verified here.
5) Memes! We had some fantastic submissions for the meme contest. Winners are below:
That’s all for now, hop into TG or Discord if you want to chat, and I’ll be back soon with another update.