It’s finally here, the moment we’ve all been waiting for…
A quick recap for those of you who haven’t read the previous articles:
MP3 Finance launched last week after a highly successful presale which sold out in less than 90 mins. MP3 is built by Blockchain Music Entertainment, or BME Group, which is a collective of developers from around the world contributing to the decentralization of the entertainment industry & empowering those who create. BME Group is deploying a DFO (Decentralized Flexible Organization); a DFO is a creation by the guys from ‘Etherean OS’, and is essentially a DAO that is on heavy steroids — because the entire development of a dAPP, from start to finish, can be built in a democratic & decentralized manner all inside of the platform. It also includes fun features such as LP farming, which we will get to later. BME is the governance token that will run the DFO, which is facilitating the development of all future dAPPs built by BME Group; including MP3 and MP4 which are the first two contributions from the collective.
The initial circulating supply of BME will be distributed to MP3 holders on a 1:1000 scale. The total supply of MP3 is 27,000,00, and the initial circulating supply of BME will be 27,000 — all of which will be equally distributed to MP3 holders (1 BME = 1,000 MP3); with the remainder of the total supply (270,000 BME fixed total supply) being locked in the DFO for future LP and development rewards. Those locked funds will serve a crucial role in the ecosystem, being the method for paying independent developers who submit development update proposals for the MP3 & MP4 dAPPs. The DFO is also the hub where the community of token holders can vote on anything and everything to do with the project. BME token holders will serve as the “Board of Directors” to the entire ecosystem, allowing anyone from the community to play a part in the decentralizing of the entertainment industry.
Snapshot & Airdrop
For those of you who may be new and asking “what the hell is a snapshot & airdrop?”, allow me to provide a brief description as well;
Snapshot — The ability to record the state of a blockchain ledger at a specific point in time: We will be taking a snapshot of the MP3 token holders at a random time this weekend (2/13-2/14) for the purpose of identifying each holder’s address and exactly how many MP3 they are holding. This will give us the information we need to accurately distribute BME governance tokens to each MP3 holder.
Airdrop — An airdrop is an event where a blockchain project freely distributes their coins or tokens to the public: After the snapshot is taken, we will distribute all 27,000 of the initial circulating supply of BME to MP3 holders on the scale of 27m to 270k (1:1000). Simply put, for every 1000 MP3 you hold, you will receive 1 BME token. (example: wallet x holds 65,000 MP3, wallet x receives 65 BME in the airdrop)
*Exact date and time for the airdrop TBD
You’ll be able to stake your free BME and earn up to 150% per month for the first round of LP farming!
Almost 90% of the total supply of BME will be locked in the DFO for the decentralized organization to use in the future; these may be used for rewarding independent developers who contribute to the building of dAPPs, as rewards for providing liquidity, or literally anything else that the community votes and decides to use the capital for. To encourage investors to get involved and kick things off for the ecosystem, an initial round of LP farming will begin as soon as the BME tokens are distributed to MP3 holders. Once the staking contract is live, they will immediately be able to stake them with ETH in the DFO and earn up to a 150% monthly return on their stake! This means that if you stake 20 BME, you will receive 30 BME in rewards over the course of the first month. Rewards will be paid out weekly, meaning you can redeem 1/4 of your monthly rewards each week. There will be limited space for each round, and there will only be 9,000 BME in rewards for the first round on a first first stake, first serve basis. After the first round fills up, a vote will be held to decide on the parameters for the subsequent rounds of LP farming.
*Please remember to remove your MP3 from centralized exchanges like Bilaxy if you want to be eligible for the BME airdrop — BME won’t be able to be airdropped to an exchange wallet.
*MP3 token holders have a huge advantage by receiving their BME for free, while everyone else will have to purchase BME to be able to participate in the governance and LP farming.