All about MGPT & veMGPT
This article delves into the intricate details of MGPT token and veMGPT, including its utility, and the transformative impact of this new fundraising model.
About MGPT
To begin with, MGPT is a governance token of MoveGPT, which can be locked in exchange for veMGPT that is transferable, mergeable, and splittable. With MGPT, users can stake tokens to receive voting power and juicy APR:
Pool 1: Stake for 90 days to receive a 9% APR.
Pool 2: Stake for 180 days to receive a 18% APR.
Notes:
Each month, we will open 2 new staking pools for user.
For example, if you stake 1000 MGPT into the 90 or 180 days, you’ll gain 1000 voting power and correponding upcoming IDO allocation
Read more on how to stake MGPT: https://movegpt.substack.com/i/144578393/stake-mgpt
About veMGPT
MoveGPT is the first launchpad platform to use vote-escrowed tokens. Each veMGPT contains voting power proportionally to the locked MGPT amount and the corresponding lock-up duration.
veMGPT can be acquired by locking MGPT for a specific duration. veMGPT comes with voting power depending on the MGPT locked amount and lock-up time.
The duration of the lock will differ (2 weeks, 1 month, 6 months, 1 year, or 2 years). The maximum period of lock-up is 2 years.
veMGPT Use Cases
veMGPT holders obtain significant influence within the MoveGPT ecosystem. Here are the multifaceted utilities of veMGPT:
Exclusive Access: veMGPT holders enjoy privileged access to participate in the Whitelist Round of the MoveGPT Launchpad, granting early entry to high-potential projects and investment opportunities within the thriving Aptos ecosystem.
DAO Governance: Holders of veMGPT can actively participate in the governance of the MoveGPT ecosystem by voting on improvement proposals and sharing in the platform's revenue streams.
Yield Generation: veMGPT holders are entitled to earn yields and rewards through various mechanisms such as staking, liquidity provision, and yield farming programs.
Advanced Insights: veMGPT holders enjoy premium access to advanced analytic tools and in-depth project research, providing valuable insights for making informed investment decisions and maximising returns.
About Voting Power
As previously mentioned, veMGPT serves as a key way for engaging in MoveGPT launchpad's IDO. The more voting power you have, the more IDO allocation you will get. Here's how to acquire veMGPT and get more voting power:
1. Participate in the MGPT IDO
Participants who joined the MGPT IDO on April 11th stand to receive veMGPT and MGPT tokens. To be specific, you will receive 25% MGPT & 75% MGPT in the form of 3 veMGPT (3 veNFTs) at TGE:
veMGPT 1: 25% MGPT, unlock after 3 months
veMGPT 2: 25% MGPT, unlock after 6 months
veMGPT 3: 25% MGPT, unlock after 9 months
Staking MGPT token
Staking MGPT token on the MoveGPT platform grants users direct 100% voting power corresponding with the MGPT locked amount for participating in MoveGPT's IDOs.
Ex: If you stake 1000 MGPT in the 90 or 180 days staking pool, you’ll receive 1000 voting power.
Notes:
During staking, users won't receive veMGPT, but they will accrue Voting Power and APR.
This voting power cannot be transferred to other users.
Create veMGPT
Inspired by Cellana Finance, users are able to create veMGPT by locking MGPT token for specific date (2 weeks, 1 month, 6 months, 1 year, or 2 years) with correponding voting power. Here is a sample table to follow:
veMGPT will have 4 main functions as below:
Manage
Split
Extend
Merge
Notes:
veMGPT infor: MGPT Locked, Voting Power, Unlock Date
User won’t receive APR when locking MGPT token
veMGPT can be transferable and tradable between users and secondary markets
Over time, users' voting power gradually diminishes until it reaches zero upon the completion of the lock-up period, here is an illustrated table
Read more on how to create veMGPT: https://movegpt.substack.com/i/144578393/create-vemgpt
About MoveGPT
MoveGPT - The First Al Launchpad built on the Aptos Chain, powering the Move Web3 Economy. We strive to empower crypto projects with the ability to raise liquidity on the safest and most scalable Layer 1 blockchain - Aptos.
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