The developer of the decentralized cryptocurrency DeFi platform MonolithosDAO announced that on Monday, 3 August, the second stage of the token sale of the Monolithos network management coin, the MDT token, started.
At this stage, the listing of the decentralizedliquid MDT / ETH pair is added to the Uniswap exchange. Monolithos is allocating 500,000 MDT for sale on Uniswap and providing them with airtime. The initial token price was $ 0.42 and continues to grow. The exchange has already started and the first 100 transactions have been successfully completed.
MonolithosDAO - independent standalonea self-governing decentralized organization whose economy is based on the MCR stablecoin used in a number of DeFi applications embedded in the unified ecosystem. The stablecoin rate is softly pegged to the Russian ruble at a 1: 1 ratio - the MCR is essentially the first working crypto-ruble on the Ethereum blockchain.
MDT is the Monolithos platform management token. The goal of a DAO-based project is to maintain stability in a decentralized system. MDT is designed to provide this stability. The token gives the owner the ability to manage the community together with other participants, participating in votes on a number of critical issues for the system and thus regulating the operation of the protocol.
Besides governance, the MDT token is also intendedto recapitalize the system. This token function is triggered when the Monolithos protocol runs in deficit and the system debt exceeds the maximum threshold. During a surplus, part of the MDT is destroyed to bring the system into balance. The ability to create and destroy MDT encourages token holders to manage the system intelligently.
What financial benefits do MDT owners get?
- By owning MDT, you can buy cryptoassets atMonolithos platform is 5-10% below market value. This opportunity is carried out within the framework of the credit system, where participants take loans secured in cryptocurrencies. When the value of the collateral decreases, the system signals the need to replenish the storage. If the user does not respond, then upon reaching a predetermined threshold, the collateralized assets are sold at auction for MCR at a cost below market value. Also, upon liquidation, a 7% penalty is applied to the vault. All this leads to a stablecoin surplus in the system. In this situation, redundant auctions are triggered, where MCRs are purchased for MDT also at a below market price.
- When MDT is destroyed, the number of coins in the systemdecreases, and their price increases. MDT tokens contributed as payment for assets or votes on the platform are subject to burning, and since the total number of tokens in the system is initially limited to 1 million, as they are destroyed, the value of the remaining coins increases. The MDT value is divisible to 18 decimal places, so as long as at least one token exists, the system allows trading 1 quadrillion rubles without the need for additional emission.
- Selling profitably on Uniswap. Trading on Uniswap is designed in such a way that with each purchase of an asset, the value of the remaining coins increases. Therefore, if you buy MDT at the minimum price at the presale or the initial stage of sales on Uniswap, you can get a doubling or more of the initially invested amount.
Recall that over the next seven days, the sale of the first and second stages of the token sale will go on simultaneously - the first stage of the sale of tokens at a fixed price on the project's website runs until August 10.
Links to exchange MDT / ETH and ETH / MDT on Uniswap.
Resources where you can read more about the project: Github, Medium, Telegram.</p>