Morphex Launch Proposal

This proposal is directly connected to the recently posted Medium article about the MPX distribution and PILLS migration. If passed, then Morpheus Swap will be officially relaunching into Morphex - utilizing the existing treasury to provide for initial liquidity and development costs, as well as rebranding and restructuring all social channels (Twitter, Discord, Telegram, Medium, and this Snapshot space). The current Morpheus Swap interface would be retired and replaced by a completely new one, and emissions would also fully end for Morpheus Swap. Development is near completion for Morphex and is expected to launch in February, with the migration and token launching sooner.

The rest of this proposal description will be essentially what was posted in the Medium article recently for ease of viewing (https://medium.com/@morpheusswap/mpx-distribution-and-pills-migration-a10831e58375). For other general protocol details, the original introduction article may be referred to for now (https://medium.com/@morpheusswap/introducing-morphex-c0d78fc9a751).

MPX distribution and PILLS migration

We propose a simple migration, where the exchange rate of PILLS to MPX would be 1:1. After swapping PILLS to MPX, 50% of the MPX would be immediately available, with the other 50% vesting linearly over a period of one year. Users would be able to claim their vested tokens however often they’d like, and they would be able to visit a simple interface to facilitate this. The migration would be live for a specific period of time — voted on by PILLS holders in this proposal.

For the token supply of MPX, the maximum supply will be 50 million tokens, with the following planned token distribution:

• 20% of MPX would be reserved for the PILLS migration, with half of it being immediately available upon launch, and the other half vesting linearly over a year. 1% of this would be used in an airdrop for early PILLS holders back in April 2022, as has been discussed with the community earlier.

• 25% to be used as protocol liquidity incentives in the form of an escrowed token reward (esMPX). Earned esMPX would have 2 utilities: vesting over a year to become MPX, or staked for protocol rewards just like MPX. We won’t be using an iron-clad emission rate as with Morpheus Swap, instead, the team will monitor and analyze the performance of incentives and balance accordingly, presenting all findings to the community.

• 45% to be allocated to the Morphex Treasury. This would be used for marketing incentives, partnerships, capital-raising rounds, to provide protocol-owned liquidity, and to compensate community contributors. Treasury expenses will be transparent and presented to the community.

• 10% to be allocated to the team, according to the same vesting schedule for PILLS holders — linearly over one year.

This token distribution should be able to secure a significant runway for the new protocol while providing adequate incentives. It’s paramount for Morphex to acquire sufficient capital to facilitate deep initial trading liquidity, pay for development costs, cover audits and bug bounties, and incentivize the future MPX-FTM LP on external platforms in ways that would further stimulate growth. We're extremely excited about what is to come!

By casting your vote for one of the first four options, you will be voting for a 1 / 2 / 3 / 6 month long migration period and in favor of the relaunch. By casting your vote for the fifth option, you would be voting against this relaunch.