Tokenomics
Last updated
Last updated
Meridian Staking Token (MST) is the secondary token issued by the Meridian protocol. It captures the fee revenue that is generated by the system and incentivises early adopters. All of the processes and functionality for the creation and distribution of MST are preprogrammed and as such ownership of the token does not represent any claim on the development team.
The fee revenue generated by the Meridian protocol is distributed to $MST holders who stake their tokens in the Staking Pool or hold $MST. These mechanisms are designed to increase value over time through consistent buybacks and strategic partnerships. USDM and ETH fees are earned in a direct ratio to the number of tokens staked by an individual user relative to the total staked by all users at the time the fee was earned.
MST has a fixed total supply of 10,000,000 tokens, minted at deployment for specific utility purposes. After recent adjustments, almost all $MST tokens are now fully released, with the supply breakdown as follows:
Circulating or Staked: 8,000,000 tokens are in public hands, either staked or available for trading.
Protocol Treasury: 1,000,000 tokens are vesting into the Meridian treasury wallet, designated for funding campaigns, initiatives, OTC sales, or community-approved proposals via governance voting.
Team & Advisors: 1,000,000 tokens were allocated during the TGE event to developers and advisors for salaries and to incentivize the Meridian Ventures team.
Prior to launching Meridian the development team created the OmniDex ecosystem of products on the Telos blockchain. OmniDex was founded in January 2022 and had established a loyal and committed community. Unfortunately during the second quarter of 2023 the Telos blockchain suffered a significant setback caused by the failure of the Multichain cross-chain provider and the OmniDex developers decided to pivot to a new blockchain with the launch of Meridian. However in doing so we wanted to reward the loyalty and commitment of the long time OmniDex community and it is this community that received the airdrop.
A snapshot of OmniDex CHARM holders was taken on 31 July 2023 and all wallets with more than 1000 CHARM were sent a share of the MST airdrop in proportion to their CHARM holding. The final airdrop was distributed across a total of 509 separate wallet addresses, which airdropped a total of 3,000,000 MST tokens.
The circulating supply of MST at the launch of Meridian represented 45% of the maximum supply with the remaining tokens being distributed over time as incentives for early adoption.
MST has a fixed total supply of 10,000,000 tokens which were minted on deployment to specific utility operations. After latest ramifications, currently all $MST tokens are circulating, and the total minted supply is as shown below.
Community airdrop - 3,000,000 tokens distributed to OmniDex community members to encourage adoption of the Base Network and support of the Meridian protocol.
Stability Pool rewards - 3,000,000 tokens were minted to the protocol issuance distribution contract which manages the allocation over time of these tokens to users that support the Stability Pool.
Liquidity rewards - 2,500,000 tokens have been sent to the MLP Trading rewards contract and will be automatically distributed over time to users that provide liquidity via MLP.
Seed LP Funding - 500,000 tokens were used to provide the initial liquidity for the ETH-MST liquidity pool.
Team & Advisors - 1,000,000 tokens have been distributed to the developers and advisors of Meridian in TGE event.
