xMETIS: Patience is Rewarded
Today, the Hercules Team is excited to introduce something you’ve never seen before: xMETIS.
xMETIS is a new, escrowed version of METIS, the native token of the Metis network. xMETIS, rather than METIS, will be loaded into our Alpha and Genesis Pools at launch as rewards for liquidity providers to quickly bootstrap the Hercules protocol’s initial liquidity. These rewards are made possible thanks to the generous support of the Metis Foundation’s Ecosystem Development Grant of $1 million to Hercules.
Escrowing METIS as xMETIS aligns liquidity providers with the goals of Hercules and Metis: building a native sustainable liquidity infrastructure for the entire Metis ecosystem.
Converting xMETIS → METIS
This is important.
Like xTORCH, xMETIS is convertible into METIS and follows the same conversion mechanic, which is described below. At present, METIS is not convertible into xMETIS. (Need a refresher on TORCH and xTORCH? Read our earlier post in that regard, and feel free to pause to admire the AI art.)
When converting xMETIS to METIS there is a variable period of vesting, the duration of which is selected by the user. The conversion ratio increases proportionally with the vesting duration, as follows:
- The minimum vesting duration of 15 days will provide a 1 : 0.5 ratio; i.e., 1 xMETIS vested over 15 days will yield 0.5 METIS.
- The maximum vesting duration of 6 months will provide a 1 : 1 ratio; i.e., 1 xMETIS vested over 6 months will yield 1 METIS.
If the selected vesting duration is lower than the maximum (ratio < 1 : 1), the unclaimed excess METIS is returned to theHercules treasury.
Building with xMETIS
If you’re a buildoor, you might already have some ideas about how to use xMETIS. Hercules is designed for builders looking for sustainable incentivization of their projects with gamification. We welcome your ideas; please reach out on Telegram or Discord with a proposal or idea.
We’re all building Metis together 🤝
About Hercules
With a composable, efficient liquidity protocol featuring seamless swaps, staking, real yield, and a launchpad, Hercules aims to become the native liquidity layer for the Metis Andromeda network. Its flexible features are tailored to protocol-owned liquidity, allowing dynamic fees and customizable incentives packaged in a user-friendly interface.
Hercules endeavors to become the native liquidity layer for the Metis Andromeda network. With a composable, efficient liquidity protocol featuring seamless swaps, staking, real yield, and a launchpad, its flexible features are tailored to protocol-owned liquidity, allowing dynamic fees and customizable incentives packaged in a user-friendly interface.
