Introducing $MOBI — The Governance Token for the MobiusDAO
Tags: Decentralized Exchange, Defi, Celo

$MOBI is a governance token that has voting rights in the MobiusDAO. This article covers how the token will be minted, distributed, and put to work across the Celo ecosystem.

Community-driven Fair Launch

We decided to skip the VCs and allocate a larger portion to the community and the greater Celo ecosystem as a whole. This means greater yield, decentralization, and control for Mobius users. To thank our early liquidity providers (LPs), we have decided to do a small airdrop of 5M tokens to those who deposited more than $10.

Yield Farming

Starting on September 17th, 2021 the initial issuance of 75M tokens will be sent to the set liquidity mining pools. These funds will be used to kick-start our liquidity mining program on the following pools:

At a high level, this equals 80% for tokens bridged via Optics and 20% those bridged via Moss Earth.

Token Distribution

Looking to emulate the success of some most active communities in DeFi, Mobius is adopting a standard token distribution.

The MobiusDAO will deploy the MOBI token contract on September 17, 2021 with a max supply of 1,000,000,000 MOBI and the following distribution characteristics.

Liquidity Mining

To kickstart yield farming on Mobius and entice deep liquidity, 8% of the token supply will be initially released to incentivize current and new pools over the liquidity mining period. This equates to 500,000 MOBI per week.

Mining Reserve

Making sure that Mobius pools are properly liquid so users are getting the most efficient low slippage trades will be critical to Mobius’s success. Therefore we are allocating the largest share of the tokens to ensure that liquidity providers are thoroughly incentivized. Thereby the solvency of the various pools.

Partnerships and Ecosystem

As the first AMM optimized for similarly priced assets on Celo, we feel that Mobius can be a foundational building block to the ever expanding DeFi ecosystem on Celo. Even to the same degree that others have for their respective ecosystems. That is why it is critical that MobiusDAO does everything it can to help support and kickstart projects on top of Mobius. Aligning incentives with proper funding will be a key part of that!

Being built on a mission driven smart contract platform, we will propose to the community that the MobiusDAO allocate a portion of the partnership and ecosystem tokens to ImpactMarket. Since its launch last year, the protocol has been responsible for over $1M in UBI grants to some of the most impoverished communities and families around the world.

The ecosystem allocation will also fund more audits for the Mobius protocol, projects looking to build on top of Mobius, and emergency situations.

The Celo Reserve

Like many other Celo projects, Mobius will follow suit by allocating a portion of the tokens to the Celo reserve. The reserve is aimed to be an over-collateralized basket of crypto assets that maintain the peg of Celo’s assortment of decentralized stablecoins. Allocating to the reserve will achieve two purposes; (1) ensuring there is always worth of the tokens, (2) being vested in Celo’s stability mechanism.

Team & Advisors

In an effort to reward the initial team with building the beginnings of Mobius and oversee its continued development and growth, a portion of the tokens will be allocated to the current Mobius team, future employees, and our fantastic advisors vested over one year.

Staking and the veMOBI token

veMOBI will be similar to veCRV in that it acts as a voting escrow token that token holders receive in return for staking their MOBI tokens over a fixed period. This is done by design to encourage participation in governance. Unlike MOBI, veMOBI earns token holders 3x the rewards from the inflation schedule and if the community sees fit, could potentially earn from trading fees.

Locking period = 1–4 years

Inflation and the Gauge system

In an effort to decentralize the weighting of the pool rewards and incentivize users for providing liquidity, Mobius has adopted a gauge system. Traditionally inflation goes directly to LPs which is then measured by a gauge. For veMOBI holders, the additional rewards they receive are calculated by the amount of liquidity the user is providing in the pool gauge relative to the total amount of liquidity provided and their veMOBI voting power.

(Current pool gauge liquidity / Total amount of liquidity provided) + The fraction of voting power that the veMOBI constitutes out of the total.

As an added benefit, holders of veMOBI can also vote on the rewards allocation to the pools of their choice.

Release Schedule

MOBI tokens will be minted following an exponential decay release schedule. This means rewards will start high and slowly decrease over time.

MOBI Matrix

Outlined below is a matrix diagram showing the benefits of different LP + veMOBI staking positions.

Getting Started

To get started, head on over to our website and become an LP! If you have any questions you can reach us at the following socials:

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Stay tuned for an upcoming article on our bridge aggregator!