Following the approval of HIP-7 and our roadmap to rebrand and launch $[REDACTED], we have outlined the migration process to ensure a smooth transition for all stakeholders. This proposal details the migration timeline, steps, and addresses frequently asked questions to guide users through the transition.
Process Overview
The migration process has been discussed and approved under HIP-7. Here are the key details we would like to reiterate:
- The following tables show how each token within our tokenomics will be converted to $[REDACTED]:
| Token | New Token | Conversion Rate |
|---|---|---|
| HMX | $[REDACTED] | 1:100 |
| esHMX | $b[REDACTED] | 1:100 |
| DP | DP | 1:100 |
-
Eligibility: All $HMX, $esHMX, and DP holders are eligible for conversion. See HIP-7 for more details.
-
Liquidity Preparation: Liquidity from Protocol-Owned Liquidity (POL) will be reallocated to seed $[REDACTED] liquidity upon launch.
Timeline
27 December 2024:
- HIP-7 proposal approved.
31 January 2025:
- As per HIP-7, $esHMX emissions will be turned off.
- $esHMX emissions for trading, staking, and HMX Uniswap V2 LP incentives will be removed.
18 February 2025:
- Launch of the new rebranded product.
- Start of $[REDACTED] incentive campaign.
31 March 2025:
- The HMX-WETH liquidity held by POL will be removed in preparation for $[REDACTED] seeding in Q2 2025.
Q2 2025:
- $[REDACTED] Token Generation Event
- Migration of HMX, esHMX, and DP to the new tokenomics model, per HIP-7.
Frequently Asked Questions (FAQ)
1. Will staked $HMX and $esHMX earn yields before the $[REDACTED] token launch?
Yes. All staked $HMX and $esHMX will continue to earn yields from the HMX V1 Pool-based version and will be eligible for the $[REDACTED] token airdrop upon migration.
2. How will migration affect governance mechanisms?
Until the $[REDACTED] token launch, $HMX will remain the governance token. After migration, governance will transition to $[REDACTED].
3. When will the migration portal start?
The migration portal will launch in Q2 2025, alongside the $[REDACTED] token launch. Detailed instructions on how to use the portal will be provided closer to the launch date, along with announcements regarding the $[REDACTED] airdrop.
4. When is the official launch of $[REDACTED]?
The $[REDACTED] token launch is planned for Q2 2025.
5. Why does POL need to withdraw liquidity?
The liquidity withdrawal is necessary to redeploy the POL into $[REDACTED] liquidity. This action mitigates the risk of arbitrage and inorganic trading activities that could exploit the existing liquidity for short-term gains, potentially affecting the outcome of the HMX to $[REDACTED] migration. Additionally, withdrawing liquidity allows $[REDACTED] to enter a new price discovery phase without HMX’s valuation acting as a ceiling, enabling the market to determine its true value upon launch.
6. How can I get a $[REDACTED] token?
There are two ways to obtain $[REDACTED]:
- Buy $HMX: Holders of $HMX can migrate their tokens to $[REDACTED] at the 1:100 conversion ratio.
- Trade on the newly rebranded product: Participate in trading on the rebranded platform to qualify for $[REDACTED] airdrops. Campaign details and eligibility criteria will be announced alongside the product launch in February 2025.
