HERMES officially launched on the 12th of March 2022. The main purposes of the Hermes token is to incentivise liquidity providers on the Hermes Protocol platform as well as getting as many users involved as possible in the governance of the protocol.
The initial veHERMES supply of 20M is distributed as such:
- 70% to Community Reserve Currency Maia DAO to use for the Voting Power Mining Event
- 30% to airdopped to Hermes LPs and Maia stakers (Maia DAO will use this 30% during the Voting Power Mining Event)
Hermes available supply will be 0 and the initial release rate will be around 2M HERMES per day, decreasing every week until tail emissions start.
The rate of inflation is there to help put the DAO's control in the hands of liquidity providers on Hermes Protocol.
We give protocols 1% veHERMES NFT from initial supply, initially 0.2M HERMES (locked for 4 years and undiluted). Then Maia will vote for the protocol's pair(s) until:
- The protocol's pair(s) receive 5% of veHERMES initial distribution (1M HERMES)
- Until 50% of HERMES initial Total Supply has been distributed (50M HERMES)
Additionally! If you are bringing decentralized stable coins to Metis Andromeda, Maia will open bonds of your stable sAMM pair with m.USDC with $200K capacity! We are doing this to increase the variety of decentralized stable coins in Metis!
To become a partner you have to become a Metis partner and deploy liquidity in Hermes Protocol.
Circulating Supply = HERMES Total Supply - veHERMES Total Supply
2 - Emission calculation is 98% of available supply to mint adjusted by circulating / total supply
Calculate Emission = 98% * Last Weekly Emissions * Circulating Supply / HERMES Total Supply
3 - Calculate tail end (infinity) emissions as 2% of total supply
Circulating Emission = 2% * Circulating Supply
3 - Weekly emission takes the max of calculated (aka target) emission versus circulating tail end emission
Weekly Emissions = Maximum of Calculate Emission or Circulating Emission
Calculate inflation and adjust ve balances accordingly.
veHERMES balance growth = veHERMES Total Supply * Weekly Emissions / HERMES Total Supply