BNB Chain Proposed Changes:

Morphex, MPX, and MLP:

• Deprecate Morphex on BNB Chain by ending all rewards and decreasing OI limits.
• Offer rage-quit conversion of the ~4.34mm esMPX to MPX at a 0.5 conversion ratio. Users would be required to convert their esMPX within one month.
• The option to vest across one year without rewards would remain.

Morphies:

• Morphies stakers will vote separately on proposed changes for Morphies (only Morphies stakers will be allowed to vote).

Fantom Proposed Changes:

• End all esMPX emissions.
• No rage-quit conversion on Fantom for esMPX to MPX.
• Change native protocol LP to wMLP-MPX.
• Protocol revenue would be distributed as follows:
  • Treasury: 0% (currently 10%)
  • Single Staking: 10% (currently 30%)
  • MLP: 60% (unchanged)
  • wMLP-MPX LP: 30% streamed directly to LP as wFTM (currently 0%)
• Treasury's wMLP-MPX LP position to use 100% of its Fantom LP-generated revenue to buy back MPX and burn it for 6 months.
• Treasury's liquidity on BNB chain has been pulled during the proposal process. Treasury will use the MPX-BNB liquidity to seed liquidity for wMLP-MPX should this proposal pass. Treasury's Fantom liquidity remains in place.
• Treasury to burn 8,000,000 MPX tokens from its allocation
• Treasury to buy out wMLP vault from SCREAM:
  • Reduce performance fee from 7.5% to 0.25%
  • Purchase the ~1.75mm esMPX within vault for ~875k MPX (50% ratio).
  • The 1.75mm esMPX would remain in the vault supporting wMLP's position within the staking pool.
  • SCREAM has agreed to use 875k MPX to provide liquidity for wMLP-MPX for a minimum of 45 days

Overview:

Pros:

• Consolidate operations to successful chain deployments while reducing operational expenses.
• Reduces MPX total supply and weekly inflation significantly:
• Eliminates MPX used as bribes on Thena
• Eliminates esMPX emissions on Fantom and BNB Chain (current total weekly emissions across both chains are 92.5k esMPX)
• Burns approximately 2,175,000 MPX from total supply at 100% esMPX to MPX conversion on BNB Chain
• Burns 8,000,000 MPX from total supply from Treasury
• Reduces total supply by ~21% bringing it to ~38.25mm
• Improves alignment of incentives for MLP, native liquidity providers, and token holders by directing up to 90% of protocol revenue to wMLP-MPX stakers.
• Incentivizes providing MLP liquidity to generate more revenue it has otherwise missed during moments when open interest (OI) has been maxed out (this has occurred frequently over the past three months).

Cons:

• Introduces approximately 3mm MPX tokens to circulating supply

Voting process:

• Proposal discussion and feedback: 5 days.
• Snapshot voting period: 5 days.