Morpheus Labs | An Update On Token Movement
By: Morpheus Labs Team
Tags: Developer, Cryptocurrency, Technology, Blockchain

Since late September 2020, the Morpheus Labs team has committed to publishing a bi-monthly token movement update to our token holders and community members. In order to facilitate transparency and progress of the project, we will also be making use of this opportunity to address queries on the existing and upcoming developments with regard to Morpheus Labs and our flagship product — Morpheus Labs SEED (BPaaS Version 2.0).

Welcome to our December 2020 Token Movement Update.

Overview

Morpheus Labs takes a very long term view with respect to the success of our ecosystem and our role in supporting it. Since our last Token Movement Update, we have made rapid progress in the background with developments that not only strengthen our product, but have also ensured that our Education campaign for the broader community is on track to realization.

Importantly, our immediate goals with our stake are to help ensure the liveness, utility and security of MITx. Our secondary goal is to promote the growth of new applications and use cases on the platform.

Company Token Wallet Updates

Earlier in September, we published our Tokenomics update to provide an insight to the token distribution and our committed token burn schedule until 4th October 2022.

Key Metrics

MITx (ERC-20 )Contract Address: 0x4a527d8fc13c5203ab24ba0944f4cb14658d1db6

Circulating Supply (1st Dec 2020): 391,903,057 MITx

Total Token Supply (1st Dec 2020): 746,999,995 MITx

Total Token Supply (4th Oct 2022): 700,000,000 MITx

Total Token Burn (4th Oct 2022): 300,000,000 MITx

*Burnt tokens split into Burn Address I (Pre-2019) and Burn Address II (Post-2019)

Company-held wallets (and Balance as of 1st Dec 2020)

Reserve I and Reserve II (7.9% — 79,000,000 MITx)

Team (10% — 100,000,000 MITx)

Foundation (10% — 100,000,000 MITx)

Platform/Treasury (1.28% — 12,818,575 MITx)

Listing (3.4% — 33,999,995.7642 MITx)

Back in October 2020, we initiated the process of splitting our Listing Wallet into 2 wallet addresses. The primary reason for splitting them into 2 separate cold wallet storage, is to ensure the security of the company-held holdings, as well as facilitation of upcoming usages, as in the case of the Listing wallet.

Today, the original Listing I (3.4% — 33,999,995.7642 MITx) and new Listing II (1.7% — 16,686,218.33 MITx) wallets are allocated, with the former being the wallet preserved for tokens that are meant for upcoming token burn.

With our Token Burn Schedule well under way, 33,999,995.000 MITx of the remaining tokens meant for token burn has also been moved into the Listing I wallet.

Since September 2020, the company has withdrawn 25,410,722.87 MITx from the Listing wallet allocation for marketing and development expenditures. This amount includes 13,000,000.00 MITx tokens which were sent to the eater address for our 30th September 2020 token burn.

Going forward, we are accelerating the push for the adoption of MITx as well as Morpheus Labs SEED. Tokens from the Foundation and Listing wallets will be used to execute our upcoming platform development, campaign and promotions.

We will use tokens:

To participate in consensus and assist in securing the network, though our tokens will never represent more than 49% of the circulating supply. Tokens are routinely redistributed among nodes to maintain voting at the appropriate level;

To provide incentives to contributors and application developers through token grants, competitions, and investments;

To assist in the development of the financial ecosystem by encouraging growth and liquidity through the support of partner solutions including market-making.

In addition:

We will re-balance our accounts from time to time, creating new addresses or removing old addresses, and update this page as needed.

We anticipate selling some MITX from time to time through third party run, structured selling plans to fund development initiatives. Details on any sales will be published in future transparency statements.

These points are important as you may see tokens move and our total stake fluctuate as we provide support to the community. We will publish a periodic summary of token movement in addition to wallet updates to ensure transparency.

Community, Partnerships & Exchange Listings

In an effort to add further customization capabilities for our SEED users, we are excited to work closely with our strategic partners to make it increasingly easier for users and enterprises to build easily and effectively. We are also in our final stages of discussion with prospective partners, enterprises and organisations. We are grateful that as the blockchain ecosystem continues to see huge transformation in 2020, more entities have recognised and are looking to deploy blockchain-based applications for their respective businesses.

Finally, we have completed our marketing planning, assessment and research with a strong focus on our community growth and product awareness for Q4 of 2020 and beyond. We are also in our final stages of shortlisting the next exchange to list MITx for our existing and the broader community. More information will be provided soon.

That sums up our Bi-monthly update of December 2020. We are eager to hear feedback and suggestions from our community. Please email info@morpheuslabs.io for general inquiries/comments, or engage with us in our official Telegram group (https://t.me/morpheuslabs)