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messier.app

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TokenRewards M87 stakers through a DAO funded by a multitude of dApps
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83

Jun'22

Founded

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Very detailed info on messier.gitbook.io. No OA, contract renounced "immutable". Liquidity locked with TrustSwap. KYCed team by SolidProof. Use case questionable.

Emojimeter

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About messier.app

M87 is the Messier governance token that investors are able to trade in the open market or stake in the upcoming Virgo DAO to earn passive income. The various products & services created by Messier will collect fees from a wide range of consumers, which will then send these fees to the treasury of Virgo. Depending on the quantity of tokens staked, a person will either be able to create proposals or vote on the proposals that are created. When a proposal has passed, a smart contract will purchase the token that was successfully voted on, distribute a percentage of these tokens to M87 token stakers directly and deposit a percentage of these into the treasury for the duration of a cycle (a cycle consists of 87 successfully passed proposals). A staker will be able to claim the tokens that were distributed to them directly from the user interface of the DAO; these tokens are held in an immutable smart contract and cannot be accessed by anyone other than the staker or NFT holder. When 87 proposals have successfully passed, any wallet that was staked throughout all 87 proposals (and/or NFT holders) will be given additional rewards. The rewards that are distributed will consist of the multitude of tokens that were stored in the treasury from the previously passed proposals; the remainder of these tokens will be market sold into ETH. A percentage of the newly acquired ETH will be distributed to these same wallets (and/or NFT holders) and the remainder of the newly acquired ETH will be deposited into the treasury. After this process has completed, the current cycle will end and a new cycle will begin. When the newly acquired ETH is deposited into the treasury, it will greatly surpass the maximum capacity of 87 ETH the treasury can contain. This will trigger a smart contract that takes the excessive ETH and uses it to buy & burn the M87 token. This will provide an abundance of liquidity to the M87/WETH pool and remove a sizable sum of the M87 token in circulation.

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