| description |
|---|
An overview of how the HERMES (HRMS) token will be distributed. |
The distribution of the HERMES (HRMS) token has been designed to return high yields to liquidity providers, support further development of Hermes Defi, and incentivize various community programs. Forty percent (all non-farming rewards) of HRMS will be minted at launch and stored in appropriately secured mutli-sig wallets under the control of KYC’d members of Hermes DeFi core leadership. The definitions of each category are as follows:
- Farming Rewards (60%, 18,000,000 HRMS). Farming rewards are the majority of token emissions and represent rewards for participating in Farms, Pools, Vaults, or other DeFi applications that reward HERMES. The farming-emissions-schedule.md will run for two and a half years.
- Bonds (8%, 2,400,000 HRMS). To grow protocol owned-liquidity steadily over time, we are allocating 8% of HRMS (following a linear 2.5 year emission schedule) dedicated to support our bonding products.
- Dual-Farms (6%, 1,800,000 HRMS). Partnerships and supporting the growth of the Harmony ecosystem is core to Hermes’ mission. As such, we are reserving an allocation of HERMES to participate in partnership dual farms.
- Developer Fund (6%, 1,800,000 HRMS). The developer fund supports the growth of the Hermes development, management, and business expenses. Our developer allocations match the timeline of our farming emissions to ensure that we act in the best interest of the protocol at all times. As part of this distribution, the developer fund will be vested over the lifetime of emissions as follows:
- 20% (360K HRMS) Unlocked (not necessarily distributed) on launch
- 20% At 6 months
- 20% At 12 months
- 20% At 18 months
- 20% At 24 months
- PLTS to HERMES Swap (6%, 1,800,000 HRMS). All finally circulating supply (about 2,350,000 PLTS) will be migrated to 1,800,000 HRMS, however the swap ratio will be different between Bank-locked and circulating / public PLTS. This transition is necessary due to the 3% transaction tax on the PLTS token.
- Private Pre-Launch Sales (4.1%, 1,250,000 HRMS). To help fund our team, initial liquidity, and operating expenses, 5% of HRMS will be sold to private investors before launch. These HRMS tokens will be vested over 1 year, with 16.6% available on launch and 16.6% unlocking every 2 months after launch.
- Private Future Sales (4.6%, 1,350,000 HRMS). In the event that HERMES identifies an opportune fundraising partnership, we are reserving a portion of the HERMES supply for a fund-raising private sale. Until such a condition is met, these tokens will be held as part of the Hermes Treasury. These funds would be used for major expansions (ie. CEX listing, Venture Capital Investment, Mergers and Acquisitions). These HRMS tokens will be vested over 1 year.
- IRIS DAO (2%, 600,000 HRMS). The IRIS DAO represents ownership of the Hermes platform and will receive multiple types of incentives. Part of this includes governance voting of investment strategies (AlgoFi) to help bring stable returns to our investors from outside the Hermes platform.
- Initial Liquidity (1.3%, 400,000 HRMS). To help build the liquidity of our platform and minimize volatility during the PLTS to HRMS transition, we will deploy 2% of total HERMES tokens as initial liquidity in a HRMS/ONE pair. At our modeled launch price of $0.46, this would require $150,000 in ONE tokens.
- Community Fund (1%, 300,000 HRMS). To help build initiatives on DeFi education and the Hermes & Harmony community. This includes support for under-represented minor group outreach, DAO partnership and funding opportunities, and more.
- The Hermes Foundation (1%, 300,000 HRMS). As part of our commitment to giving back to the communities our communities live in, we are dedicating these funds to the management of our foundation. These funds may be donated directly or utilized to provide a sustainable revenue stream.