Introducing upMatic: Our First Polygon M.G.E.
Expansion into the Polygon ecosystem continues with upMATIC. This is the first Polygon MGE but upMatic will be joining upTether which migrated there earlier in the year.
upMatic will be launched with an MGE and it will utilize the ERC-31337 standard. upMatic will join Rootkits two other upTokens; upBNB and upUSDT. Rootkit strives to wrap as many popular tokens with ERC-31337 to allow all our users to maximize value in their portfolios. UpTokens go up against their parent and benefit from Rootkit BuyBacks that pump the price. Learn more about ERC-31337 here:
What is an M.G.E.?
An abbreviation for Market Generation Event, the MGE is the most fair way to start a new token and its market. When markets go live a common problem is bots quickly buying up the price before normal users can click the buy button. The MGE addresses this by using the same value that provided the liquidity to buy from the market. Contributors send value to the MGE contract and when the complete function is called all of the following things happen;
- The full supply of the new token is minted, no more minting is possible.
- the new token is paired with 100% of the value raised in the MGE.
- ERC31337 is used to “sweep the floor” (since there is no circulating supply we get all the value back).
- All the value is used to market buy from the pool we just created.
- All users split the tokens that were bought evenly based on their contribution.
Because all of this happens at the exact same time, users can be confident that they received maximum value from their contributions, without the need to worry about being fast enough to get a good price
There are various options and each MGE can work slightly differently. Features such as an adjustable vesting period, specific supply amounts, individual and total hard and soft caps. The rules for this MGE are;
- 77.77% of the value you contribute will be used to purchase upMATIC tokens for contributors from the market before bots can buy.
- 2% goes to referrals
- No vesting period
- No individual or total hard cap
- raise will last for 5 days
- A large tax on sells that declines over the first week will replace vesting.
Value distribution of the raised funds
- 100% locked in liquidity
- 77.77% buys from contributors
- 2% goes to referral system, split between both parties
- 20% to team
- 20% to vault
If your confused on the math and how we use 220% of the value that came in, please read over the ERC-31337 article for a better understanding
upMatic is a synthetic ERC-20 token which utilizes the ERC-31337 standard to reuse liquidity underneath the price floor to go up against MATIC. Learn more.
Who is it for?
Those who currently hold MATIC or want to speculate on the future value accrual of MATIC.