What Is xMDX coin? MDX Dao Voucher
Please keep your xMDX properly! If your xMDX coin are lost, you need to purchase the xMDX coin from the open market in order to unlock your MDX in the Boardroom after the maturity date.
What is MDX governance vouchers?
All users MDX holder who stake their MDX in boardroom for lock-up 30days,90ays,180days,365 days.
Users need to hold the same number of locked xMDX to extract the MDX that has reached the unlocking period
for example,
User need at least 6.475 xMDX when unlock 1 MDX from the boardroom
If you have 1098.41 MDX locking for 365 days
You will need at least 1098.41 x 6.475 x 365/365 = 7112.20475 xMDX when unlocking it
If you have 67.77 MDX locking 180 days lock MDX
67.77 x 6.475 x 180 / 365 = 216.3998 xMDX when unlocking it
The xMDX will be automatically destroyed after the redeemation of the unlocked MDX.
Vouchers are sellable and transferable.
If you don't have xMDX, your MDX will not be able to be redeemed.
How Much xMDX you will get if you currently staking your MDX in the boardroom?
Formula Amount Of xMDX airdrop into your boardroom
lock 365 days : 6.475 x 365 / 365
lock 180 days : 6.475 x 180 / 365
lock 90 days : 6.475 x 90 / 365
lock 30 days : 6.475 x 30 / 365
Example Calculation xMDX
365days lock MDX
1098.41 x 6.475 x 365/365 = 7112.20475 xMDX
180 days lock MDX
67.77 x 6.475 x 180 / 365 = 216.3998 xMDX
Total xMDX airdrop into your boardroom
7112.20475 + 216.3998
= 7,328.6045 xMDX
What are the application scenarios for xMDX governance vouchers?
xMDX can be used for DAO voting (Director election, Director voting, community proposal voting), getting revenue from DAO staking voting, participating in IMO, etc.
3. How can I redeem vouchers?
Users need to hold the same number of locked vouchers to extract the MDX that has reached the unlocking period (for example, to extract a 365d unlocked MDX, at least 6.475 credentials are required) when they redeem an unlocked MDX. The governance voucher will be automatically destroyed after the redeemation of the unlocked MDX.
II.DAO governance rights Procudure of DAO governance: director election -> community proposal -> proposal selection -> proposal voting -> proposal implementation
1. Director election rules
a. Director election threshold: director can be shortlisted from those who stake a certain number of MDX governance vouchers.
b. Total number of directors: 9
c. Election frequency: TBD
During the election of directors, they were sorted according to the average number of votes obtained, and the nine address owners with the highest number of votes became directors.
After a successful election, a director will automatically become a proposal director in the next election cycle and need to fulfil his obligations as a proposal director.
2. Community proposal rules
a. Proposals can be initiated by all users who hold governance vouchers
b. A certain number of vouchers must be staked before a proposal can be submitted.
3. Proposal selection rules
a. During one whole month of their executive period, the directors are required to select community proposals that meet the team short or long term strategies on a daily basis.
b. Proposals supported by at least 5 official directors will be submitted for a public vote before publishing.
4. Proposal Public Vote
a. Participants:all users with governance vouchers
b. All voucher holders can vote on proposals after the publishing of the proposal. Their vouchers will be locked by contract during the voting period. These vouchers can be withdrawn after the public voting.
5. Proposal execution The proposal with the highest number of votes will be approved and finally implemented by the MDEX development team.
III. Exit mechanism of director and user
1. The official director quota for the current month is based on the 30-day average vote ranking obtained in the previous month. Official directors cannot quit during their executive period (one month).
2. Users can redeem their governance vouchers that were staked for director voting or proposal voting at any time. However, there is a 3-day unlocking time after withdrawal.
IV. Director Dividend Rights The specific rules for director dividends will be decided by DAO voting.
The MDEX development team reserves the right to modify, change or cancel the terms of this document for any reason before the final launch of the DAO product.
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