An initial supply of 88,000 MPH was minted at launch and distributed via our liquidity mining program on Uniswap.
MPH token address: 0x8888801af4d980682e47f1a9036e589479e835c5
When someone interacts with the protocol, a certain amount of MPH rewards are continuously vested to the user based on various dynamic system parameters. For example, earning fixed-rate yield or holding yield tokens allows you to earn some MPH rewards.
The MPH total supply depends on TVL's growth. Currently, 88mph incentivizes the lenders to deposit their funds in the fixed-interest rate pools by rewarding them with new MPH distributed according to an issuance rate. The governance will be in charge to monitor the protocol's parameters and decide from where the MPH rewards come from (new issuance and/or governance treasury). So it's up to the MPH holders to decide how to stimulate TVL growth, and by doing so, generate more revenues for MPH stakers, without diluting too many early adopters.
Therefore, you can conclude that there isn't a maximum supply but the total supply is in the hand of the MPH holders.
When a user deposits assets to earn a fixed yield rate via 88mph, they will receive newly-minted MPH tokens equal to
which will be continuously vested over the deposit duration. The vesting stream is represented using NFTs (ERC-721).
When a user buys yield tokens, they will receive newly-minted MPH tokens as the underlying deposit earns interest. The total MPH one receives is equal to
interestEarned is the amount of floating-rate interest the user has received from their yield tokens.
When a deposit is partially or fully withdrawn, the corresponding yield tokens will receive a refund for the lost future yield. Note that this does not give extra MPH to the yield token holders, since the
interestEarned value does not include refunds. However, the rate at which the yield token holders earn interest would be decreased, since the amount of principal they earn interest on has been decreased, meaning the rate at which they earn MPH is also decreased.
The issuance multiplier of each pool is configured by the governance multisig.
The fixed-rate yield pools and yield tokens generate revenues for the 88mph developer fund and governance treasury from the MPH minter contract fees (1O% of all MPH reward distributed to users).
Whenever MPH is minted by user activities, an additional 10% of the minted amount is minted and sent to the developer fund. These MPH tokens will be used to pay for future development & maintenance of the protocol.
Development funds controlled by 88mph SA: 0xfecBad5D60725EB6fd10f8936e02fa203fd27E4b
Whenever MPH is minted by user activities, an additional 10% of the minted amount is minted and sent to the governance treasury. These MPH tokens will be used according to the governance proposals approved by the community on the Snapshot page and the 88mph foundation (under creation).
Governance treasury controlled by the 88mph Foundation: 0x56f34826Cc63151f74FA8f701E4f73C5EAae52AD