Announcements on ClubRare Utility Token (MPWR) Mining, Burning, and Roadmap
1. Guide for Community Mining
2. Policies for Burning and Distribution Volume
3. 2022 Roadmap1. Announcement on MPWR Liquidity Mining for AGOV-KLAY
We start the second community mining for the holders of AGOV, a governance token for ClubRare.
Additional MPWR will be mined by maintaining and adding deposits within KLAYswap’s AGOV-KLAY pool.
MPWR is a utility token for ClubRare Metaverse platform as well as a project that creates the Metaverse platform together with the community.
Various token holders, including AGOV holders, are going to build a strong community in the MPWR ecosystem through community mining, and as the community strengthens, the MPWR ecosystem is designed to grow as well.
Guide for AGOV-KLAY Liquidity Mining: https://bit.ly/3e4fQ8M
2. Announcement on ClubRare Utility Token (MPWR) Burning
In order to adjust the amount of MPWR issuance, 99% of MPWR tokens were burned.
MPWR, a utility token for ClubRare, has been launched on KLAYswap through a community mining process.
As the token received a lot of positive responses in the first MPWR-KLAY community mining process, we recognized the necessity of further adjusting the amount of MPWR issuance.
To this end, we decided to burn 99% of the issuance, from the current 10 billion tokens to 100 million tokens. Therefore, 9.9 billion MPWR tokens, equivalent to 99% of the issuance, have been burned immediately.
MPWR Contract Address: 0xad27ace6f0f6cef2c192a3c8f0f3fa2611154eb3
2–1. MPWR Burning
After the MPWR burning of 99%, the remaining 100 million MPWR tokens will continue to be burned according to the milestones phases as follows:
Liquidity standards: Based on KLAYswap’s dashboard, additional guidelines will be announced in case of additional listings
1) Liquidity $3M achieved — 5 million tokens to be burned (5% of the amount issued)
2) Liquidity $5M achieved — 5 million tokens to be burned (5% of the amount issued)
3) Liquidity $7M achieved — 10 million tokens to be burned (10% of the amount issued)
4) Liquidity $10M achieved — 10 million tokens to be burned (10% of the amount issued)
5) Liquidity $15M achieved — 10 million tokens to be burned (10% of the amount issued)
6) Liquidity $20M achieved — 10 million tokens to be burned (10% of the amount issued)
- Token burning will be initiated by collecting the same ratio in all allocations.
- Token burning will be initiated if the number exceeding each liquidity target is maintained for 5 days in a row and will be carried out after the milestone achievement is announced (Liquidity inspection time will be announced in advance).
- Community mining will be carried out based on many types of DEXs to secure more communities and liquidity pools, starting with KLAYswap.
- We plan to issue Ethereum-based MPWR within Q1 2022 and build a KLAYTN-ETH based cross-chain ecosystem using ClubRare Defi’s Bridge function. ClubRare is a cross-chain project that will continue to expand to various blockchain platforms in the future.
- Once the full version of the ClubRare Metaverse platform is launched in the future, the smart contract will automatically issue additional MPWR to operate the activity reward system (There will be no additional issuance of DEV FUND or Community Mining Allocations). In addition, MPWR should be purchased to engage in diverse activities and purchase various digital goods and activities. In doing so, the smart contract will automatically burn the equivalent MPWR owned by the user to prevent inflation.
2–2. Announcement on MPWR Distribution Volume after Burning
1) 35 million tokens — Community Mining — 5-Year Vesting
2) 15 million tokens — DEV FUND — 3-Year Vesting
3) 50 million tokens — Reward fund for early users to be distributed with the launch of ClubRare Metaverse platform (distribution starts after the launch of the platform)
Starting with the closed testing version in 2022, we will launch ClubRare Metaverse’s public beta version in 2023 after the development stage between 2022 and 2023. This allocation will be temporarily locked up until the platform is launched.
Once the platform is released, users can purchase digital goods to decorate their own metaverse space with MPWR tokens.
3. 2022 Roadmap
1) December 2021: The 1st MPWR Community Mining started (for MPWR liquidity providers)
2) January 2022: The 1st MPWR Burning (100 million issuances) & The 2nd MPWR Community Mining starts (for MPWR liquidity providers)
3) Q1 2022: The 3rd MPWR Community Mining starts (for staking users) & MPWR Mainnet (2nd Blockchain) and DEX expansion & Secret Event
4) Q2 2022: Secret Partnership (to be announced) & ClubRare Metaverse platform’s development status announcement
5) Q3 2022: MPWR Mainnet (3rd Blockchain) and DEX expansion
6) Q4 2022: ClubRare Metaverse platform — Closed Alpha Test