Introducing MOO, the Moola Market Governance Token
Moola’s mission is to democratize access to credit and yield. A properly incentivized governance system is required to achieve our mission. MOO is a cERC20 token minted on the Celo blockchain, whose purpose is to coordinate governance decision making and incentivize behavior that benefits the Moola ecosystem.
- MOO yield farming is intended to begin on Thursday July 22, 2021 at app.ubeswap.org/farm
- MOO token address is 0x17700282592D6917F6A73D0bF8AcCf4D578c131e
- Early supporters of Moola, Ubeswap, and Valora are expected to be able to claim free MOO tokens at app.moola.market
- MOO owners are expected to ultimately control Moola’s community treasury and make protocol governance decisions including; which assets to add, loan-to-value ratios, liquidation thresholds, and fee amounts.
Token Distribution
Moola intends on following a path of progressive decentralization. We believe that distributing MOO to active participants of the Celo ecosystem and then transferring control of the Moola protocol to MOO owners are the next steps in that process.
Moola intends to give away MOO tokens to the early users of the following Celo ecosystem projects:
Starting on Thursday July 22, 2021, we anticipate that MOO will also be able to be acquired by providing liquidity to incentivized Ubeswap pools. The initial liquidity mining allocation will be 100,000 MOO tokens per week.
Quantities, pool allocations, and the general design of the liquidity mining program may be adjusted from week-to-week.
Incentivized Ubeswap Pools
- mcUSD<>mcEUR
- Fifty percent (50%) of the weekly allocation
- Yields MOO & UBE
- MOO<>mCELO
- Fifty percent (50%) of the weekly allocation
- Yields MOO & UBE
How we Intend to Reward Early Supporters
1,872,141 MOO tokens have been earmarked and are intended for distribution to early supporters of Moola, Ubeswap, and Valora, subject to the following terms:
- We define early supporters of Moola as the 1,692 wallet addresses that held mcUSD, mcEUR, or mCELO, prior to June 29, 2021.
- We define Moola liquidators as the 9 wallet addresses that liquidated an under collateralized loan prior to June 29, 2021
- We define early supporters of Ubeswap as the 1,507 wallet addresses that made a swap via Ubeswap prior to June 29,2021.
- We define early supporters of Valora as the 275,613 Valora wallet addresses that have verified their phone number as of June 29, 2021.
- Early supporters are expected to be able to claim their MOO tokens at app.moola.market until December 31, 2021, after which time any unclaimed MOO is expected be deposited into the Moola treasury.
Quantities for Early Supporters
- Moola early supporters are expected to be able to claim 295 MOO tokens.
- Moola liquidators are expected to be able to claim 1,000 MOO tokens.
- Ubeswap early supporters are expected to be able to claim 265 MOO tokens.
- Valora early supporters are expected to be able to claim 3.5 MOO tokens.
Celo Reserve
Five percent (5%) of the initial MOO supply (5,000,000) is anticipated to be deposited into the Celo Reserve. These MOO tokens are intended to contribute to the stability of current and future Celo stablecoins, including cUSD and cEUR.
We will hold these tokens in the Moola community treasury until a Reserve Gift Policy has been formalized.
Community Treasury
Fifty-one point zero four percent (51.04%) of the initial MOO supply (51,037,859.5) is anticipated to be deposited into the Moola community treasury. Each week in which the liquidity mining token incentive persists, the community treasury will be debited MOO tokens. Those tokens will be credited to the liquidity mining distribution contracts.
Additionally, assets held in the community treasury could be used to fund initiatives that support growth of the Moola ecosystem. Such initiatives might include; bounty programs, dapp integration incentives, marketing efforts, and/or developer grants.
Ongoing Funding
Moola markets currently generate revenue, which is deposited into the community treasury. Sources of revenue include loan origination fees (25 basis points) and flash loan fees (35 basis points). Revenue is currently collected in the assets that are borrowed, which are cUSD, cEUR, and CELO, and deposited into the community treasury.
Transferring Control
As MOO becomes more widely distributed, control of the community treasury and governance decision making is anticipated to be transferred to the community of MOO owners. At that time, MOO owners will be able to decide, via governance vote, how to utilize Moola’s community treasury funds. We intend to provide MOO owners with control over adjusting Moola market parameters including but not limited to; which assets to add, loan-to-value ratios, liquidation thresholds, fee amounts, and where to allocate collected fees.
Building the tool set to fully decentralize Moola governance is currently a work in progress. Additional information related to the timeline of transferring control of the Moola protocol to MOO owners will be provided as it becomes available on Moola’s blog, via Twitter (@Moola_Market) and Discord.
About MOO
Supply = 100,000,000 (supply can only be increased via Moola governance)
To Moola Community Treasury = 51,037,859.5
To Early Supporters = 1,872,141
To Celo Reserve = 5,000,000
To Pre-sales = 23,570,000 (12 month linear vesting schedule)
To Founders = 10,000,000 (12 month linear vesting schedule)
To Future Employees = 5,000,000
To Contractors/Advisors = 3,520,000
Contract Address = 0x17700282592D6917F6A73D0bF8AcCf4D578c131e
Moola Market Stats
YTD Transaction Volume = $192,000,000
Supported Markets = cUSD, cEUR, and CELO
ATH Total Value Locked = $12,500,000
ATH Total Loans Outstanding = $3,500,000
% of cEUR supply deposited in Moola = 10%
% of cUSD supply deposited in Moola = 14%
