Metavault.Trade is a new type of Decentralized Exchange

tonojack (25)in #metavault • 2 years ago

Metavault.Trade
Metavault.Trade is a new kind of Decentralised Exchange, designed to provide a large range of trading features and very deep liquidity on many large cap crypto assets.
Traders can use it in two ways:
Spot trading with swaps and limit orders.
Perpetual Futures trading with up to 30x leverage on short and long positions.
Metavault.Trade aims to become the go-to solution for traders who want to stay in control of their funds at all times without sharing their personal data. Its innovative design gives it many advantages over other existing DEXes:
Very low transaction fees.
No price impact, even for large order sizes.
Protection against liquidation events: the sudden changes in price that can often occur in one exchange (“scam wicks”) are smoothed out by the pricing mechanism design relying on Chainlink price-feeds.

All-in-one platform: Spot and Leverage trading.

Tokenomics
MVX is the Metavault.Trade’s governance and utility token.
Token Information

MVX token address:
After staking MVX, you will receive staked MVX:
MVX staked token address:
Staking
Staked MVX generates three reward types:
MATIC
esMVX
Multiplier Points
30% of swap and leverage trading fees are converted to $MATIC and distributed to the accounts staking MVX.
Treasury Assets
The MVX-USDC LP liquidity is provided and owned by the Protocol (). 100% of the fees from this trading-pair are converted into USDC and deposited into the MVLP as Protocol-owned liquidity of the every friday.
Supply
The maximum supply of MVX is 10,000,000. Minting beyond this maximum supply is controlled by a 28 day timelock, an eventuality that will only be considered if the demands of the protocol necesitate an increase of the supply.
Circulating supply changes are dictated by the number of tokens that are distributed through other DEXs, vested, burnt and spent on marketing.
MVX allocations are:
1.2 million for marketing, partnerships and community development
6 million reserved for rewards (as esMVX which can be converted over time to MVX)
1 million for liquidity on Uniswap (reserve held in the )
300,000 for
1.5 million allocated to presale

Presale
MVX token price at launch: 1 USDC
GMX community sale = 200,000 MVX at 20% discount (0.8 USDC/MVX), 200 slots
Whitelisted public presale = 1,000,000 MVX at 10% discount (0.9 USDC/MVX), 500 slots
Metavault DAO community sale = 300,000 MVX at 20% discount (0.8 DAI/MVX), 300 slots
Total $ to be raised in presale: 1,060,000 USDC + Metavault DAO Treasury allocation from MVD -> MVX sale

-> 500,000 USDC paired with 500,000 MVX initial liquidity V3 Pool
-> 60,000 USDC as marketing budget
-> 500,000 USDC as initial MVLP liquidity (owned by the MVX Treasury)
Liquidity is owned by the Metavault protocol and is stored under the .
MVX vs MVLP Price
MVX’s price is entirely speculative. MVLP’s price depends on the prices of tokens that are indexed.
Rewards

Long-term holders receive rewards as Escrowed MVX (esMVX) and Multiplier Points, both with minimal supply inflation.

Both MVX holders who choose to stake on the platform and MVLP holders (i.e. liquidity providers) receive rewards. These rewards can be in the form of tokens — Escrowed MVX (esMVX) and MATIC — and Multiplier Points (MP). The full reward structure is available at the end of this chapter, but here is brief summary:

Staked MVX earns MATIC, esMVX and MPs.
Staked esMVX earns MATIC, esMVX and MPs.
MPs: earns MATIC when staked
MVLP held in wallet earns MATIC and esMVX.

Compound or Claim rewards
Users can claim rewards anytime by going to the “Earn” page and clicking on the “Claim” button in zone 1, the “Total Earning” box.

Claiming will transfer any pending esMVX and MATIC rewards to your wallet.

The platform also has a one-click way of compounding all rewards. This will be very helpful to users who want to maximise their earnings.

Clicking on the “Compound” button will send a batch transaction with only one confirmation needed. You will see a recap of all the transactions that will happen before confirming the transaction in your wallet:

Claiming and then staking unvested MVX and/or esMVX.
Staking MPs.
Claiming WMATIC rewards and converting them to MATIC.
Claiming WMATIC and compounding them into MVLP or MVX

Please note that compounded or manually staked esMVX can be unstaked for vesting at anytime.

Quick links and info
The earn page also has a “MVX” and a “MVLP” box. Each of these boxes shows the following information:

Token price.
User assets.
Rewards info (APR…)
Total and staked supply
Each box also shows direct links to all actions available to the users regarding the tokens.

MVX box:
Buy, stake, unstake MVX.
Stake, unstake, vest (available soon) esMVX
Transfer account to another wallet (see dedicated section)
MVLP box:
Add, withdraw liquidity.

Vesting
It is possible to convert esMVX to MVX through the vesting process, which involves reserving the average of MVX and MVLP that was used to earn the esMVX.

While vested, a small amount of esMVX gets converted into MVX every second.

This MVX is claimable immediately.

If the account misses the MVX or MVLP required to vest, the user has to purchase these tokens again.

Tokens may get deposited into a user’s vault at any point during vesting.

Distribution Rate
Distribution rates change on a monthly basis.

June 2022: 50,000 esMVX for MVLP provider & 50,000 esMVX for MVX staker

July 2022: 60,000 esMVX for MVLP provider & 60,000 esMVX for MVX staker

August 2022: 50,000 esMVX for MVLP provider & 50,000 esVMX for MVX staker

September 2022: 50,000 esMVX for MVLP provider & 50,000 esVMX for MVX staker

Detailed Rewards Mechanics
MVX holders are strongly incentivised to stake their tokens on the platform because this gives them three different types of rewards. They get:

A share of the platform fees — paid in MATIC.
A new token: esMVX, which generates its own rewards.
Multiplier Points (MPs) that are yet another way to boost your MATIC earnings even more.

Let’s examine each one of these rewards and how they add up in detail.

MATIC rewards from platform fees

This is the simplest form of reward and the easiest to understand: MVX stakers will get 30% of the fees collected from across the platform in the form of MATIC.

In case of blockchains other than Polygon network, the rewards are paid in the native token of the blockchain, e.g. NEAR in the case of Near Protocol.

Metavault.Trade generates revenues by charging traders small fees when they use the platform for the following:

Swaps — fees vary according to the levels of the swapped assets in the pool.
Opening and closing trades — fee of 0.1% of the position size.
Borrowing to leverage trade or short an asset — fee of 0.01% * (assets borrowed) / (total assets in pool), deducted at the start of every hour.

The other situations earning fees for the platform are when:

Traders with leveraged positions are being liquidated — fee of 10% of position.
The liquidity providers mint or redeem MVLP — this is called the “rebalancing fee”, it depends on the state of the pool.
The chart below summarizes the platform fees and how they flow back to MVX and MVLP stakers after being converted to MATIC.

Escrowed MVX rewards
MVX stakers get rewarded with a new token: escrowed MVX (esMVX). It is non-transferrable and there is only two ways to use it:

esMVX can be vested to be converted and distributed as MVX. If you choose that path, then your esMVX unlocks linearly over one year and MVX is sent to your wallet at each unlocking.
But there is an additional requirement to fulfill to vest your esMVX: you need to lock the average MVX (or MVLP) with which you earned your esMVX in a vault. Your MVX/MVLP cannot be sold while it is locked but it still accrues rewards. The locked tokens can be withdrawn anytime from the vault with no redemption period, but this will prevent any further vesting of esMVX.

esMVX can be staked and will then earn the same rewards as staked MVX: MATIC rewards from platform fees, more esMVX, and multiplier points.
This second option is probably the most interesting one as it compounds rewards and generates higher APR and earnings.

Multiplier points rewards
The third reward MVX stakers get is not a token but comes under the form of multiplier points (MPs). Like in a game, those points give you access to rewards, but you can also lose them if you undertake certain actions.

Let’s look at the rewards first:

MPs are awarded at 100% APR.
Each MP can be staked to earn the same amount of MATIC as a MVX token.
In this regard MPs are similar to staked esMVX: they allow you to increase your MATIC payout.

But in order to keep your points, you have to keep your MVX and your esMVX staked. Unstaking MVX or esMVX will incur a burning of multiplier points proportional to the amount of tokens being unstaked.

For example, if you staked 1000 MVX and accrued 200 MP so far, then unstaking 500 MVX — 50% of your staked amount — will burn 100 MPs.

This gamified system rewards you points for staying staked for longer as the only way to acquire multiplier points is through staying staked for the long haul.

Rewards recap
In the previous section we gave a detailed review of each reward type. The following drawing gives a visual recap. If you focus on the wallet section where the rewards accumulate, you will see an increase in the amount of either MVX or esMVX + MATIC + MP, depending on what you choose to do with MVX and esMVX.

The richness of the reward structure allows you to design many strategies depending on your time horizon. But for those who want the greatest share of the platform fees, staking all esMVX is probably the best option because it gives access to a compounding effect. Indeed, since staked esMVX acts basically as staked MVX as far as reward goes, this strategy will accumulate the most MATIC through MVX, esMVX and MP boost.

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