๐Ÿ‘€Flat Money Points (FMP)

Flat Money Points (FMP) will be distributed to people who participate in the Flat Money ecosystem.

Unlike many other points programs offered throughout DeFi, Flat Money Points will be ERC-20 tokens that are fully onchain. FMP distribution will begin after the Flat Money launch on Base mainnet in early March 2024.

Earning FMP

To earn FMP, you can:

  • Deposit USDC into the Flat Money Toros Early Depositors Vault. People who deposit USDC into the Toros Early Depositors Vault will earn FMP ahead of the Flat Money mainnet launch on Base. Learn more about the Toros Early Depositors Vault below.

  • Participate in the Flat Money testnet competitions. People who actively participate in Flat Moneyโ€™s testnet competition and provide feedback on the Flat Money product, user experience, and user interface can earn FMP. Help shape the future of Flat Money, learn how the protocol works, and earn points for your contributions.

  • Participate as a Leverage Trader in Flat Moneyโ€™s Perpetual Futures Market after the Base mainnet launch. After launch, people who participate as Leverage Traders can earn FMP by opening long rETH positions in the Perpetual Futures Market.

  • Hold DHT. Because Flat Money is part of the dHEDGE family, a portion of FMP will be allocated for DHT holders. More details on the FMP allocation for DHT holders will be shared when Flat Money launches on Base mainnet.

  • Be an early member of the Flat Money Discord server. People who join the Flat Money Discord server ahead of our mainnet launch can earn FMP for staying engaged and up-to-date on the latest Flat Money developments.

FMP Vesting

FMP earned through early participation in the Flat Money ecosystem will be subject to a one-year vesting period. The Flat Money team has chosen a vesting schedule to reward long-term aligned Flat Money users with a greater portion of FMP and prevent short-term airdrop farmers who are looking to simply claim and sell their tokens immediately.

If FMP is claimed before the one-year vesting period is complete, then a user will forfeit a percentage of their total claimable FMP. Again, this is designed to penalize short-term farmers and reward long-term aligned community members. If someone claims their FMP early and forfeits a percentage of their FMP, that amount of FMP will be allocated to the dHEDGE treasury, which can be used for Protocol Owned Liquidity (POL), community grants, or future incentives for long-term aligned Flat Money users.

Example: If you earn 100 FMP in March 2024 and unlock your FMP 6 months later, you will receive 50 unlocked FMP and 50 FMP will be forfeited to the treasury. If instead you unlocked your FMP after the full one-year vesting period has passed, you will unlock the full 100 FMP and will not forfeit any points.

The Future Purpose of FMP

In the future, people will be able to convert FMP into Flat Moneyโ€™s native token, which people can stake. The staked token will be eligible to earn a percentage of trading fees, but a certain percentage of the circulating supply will need to be staked before the fee switch mechanism is activated. There will be more information about Flat Moneyโ€™s native token in the future.

Flat Money Toros Early Depositors Vault

If youโ€™re interested in depositing USDC into the Toros Early Depositors vault, you can earn FMP as outlined in the document embedded below. The USDC in this vault can be withdrawn at any time ahead of the Flat Money mainnet launch, if desired. For those Early Depositors who keep their USDC in the vault, the USDC will be converted to rETH, deposited into Flat Money at launch, and used to mint UNIT, which will earn Early Depositors yield on top of the FMP allocation.

For more information, see the embedded document below. You can review the Flat Money Toros Early Depositors Vault through the following user interface.

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