Earn & Vault

MC

MC is the utility and governance token of MemeChain.
By staking MC, you will earn
  • Protocol fees in stablecoins ($MCUSD)
  • veMC
  • Fee Boosters
Protocol fees are collected from our strategy vaults, consisting of Management Fee (2% of TVL yearly) and Performance Fee (20% of APR). 50% of the fees is allocated to cover operational expenses and 50% is distributed as fee rewards to token stakers.

veMC

veMC is distributed to MC token stakers and strategy vault participants.
veMC is non-liquid, non-transferrable MC that can be used in two ways:
  1. 1.
    Staked to receive the same rewards as a regular MC token (fees, veMC, Fee Boosters)
  2. 2.
    Vested for 12 months to become actual MC tokens

Staking

veMC has the effect of giving higher returns to long-term stakers, who can be seen as MemeChain's committed users qualified to make major decisions regarding the protocol's future. The longer and the more you stake, the larger share of governance power and fees you take. The value of veMC comes from these accumulating rewards over time. This aligns the interests of MemeChain and our token holders for long-term growth.

Vesting

veMC that have not been staked can be vested to be redeemed as MC. When you initiate vesting, your veMC will be linearly converted into MC every second and will fully vest at the end of 12 months.
Vesting requires "reserving", or locking, into the vesting vault the staked MC, the average amount of MC or vault tokens with which you acquired the veMC. MC, veC and Fee Boosters can be used interchangeably for the required amount.
For example, if you staked 1000 MC and earned 100 veMC tokens, then to vest 100 veMC tokens, 1000 MC tokens will be reserved. To vest 50 veMC, 500 MC tokens will be reserved. Note that this is an example and the actual ratio depends on the average staked amount and rewards earned for your account.
Staked tokens that are reserved in the vesting vault will continue to earn rewards. Note that you will not be able to unstake the tokens while they are reserved. Using the "Withdraw" button will unreserve tokens and pause vesting.
Note that partial withdrawals of vesting veMC are not supported. Upon withdrawal, all tokens will be unreserved and vesting will be paused.

Fee Boosters

Fee Boosters give an extra boost to your stablecoin fee earnings. By staking MC or veMC, you will earn Fee Boosters every second at 100% APR. So, by the end of 1 year, you will have Fee Boosters at an equal amount as your staked tokens.
Each Fee Booster will earn stablecoin rewards at the same APR as a regular MC token, with total boost being determined by the ratio of Fee Boosters to your total amount of staked MC. Hence, your rewards from Fee Boosters can be calculated as (Staked Fee Boosters) / (Staked MC + Staked veMC) * MCUSDT APR.
When you unstake your MC or veMC, generated Fee Boosters will be burned proportional to the share of tokens you unstake. In other words, (Unstaked MC + Unstaked veMC) / (Staked MC + Staked veMC) * Generated Fee Boosters will be burnt.
Below is a summary of each feature:
Token
Features
Rewards
MC
Can be staked for governance power and share of revenue
  • Stablecoin rewards
  • veMC
  • Fee Boosters
veMC
Can be staked for more rewards or vested for 1 year
  • Stablecoin rewards
  • veMC
  • Fee Boosters
Fee Booster
Can be staked to boost fee rewards
  • Stablecoin rewards
*Unstaking MC/veMC/Vault Token will pause veMC vesting and burn a proportional amount of Fee Boosters.

Distribution Rate

veMC emissions will have an annual maximum cap of 2% of the total $MC supply. Emissions will be constantly monitored and may be subject to change.