Dear community users:
The referendum on the FMex Sustainable Mining 2.0 has been successfully concluded. According to the results of the referendum, the option for the FMex Sustainable Mining 2.0 proposal was approved by 98.62% (1,155,262 votes). The implementation plan for Sustainable Mining 2.0 is now announced as follows:
I. Transition phase
Since the adjustment for this referendum involves some functional adjustments, and the R&D and testing will take time to complete. Therefore, there will be a transition stage from 0:00 on November 9, 2019 (GMT+8, the same as below) to 0:00 on November 14, 2019. All mining quotas will be halved from the end of the trial run operation to the transition phase of the implementation of the Sustainable Mining 2.0 Policy. The FMEX mining lockup rules and destruction rules during the trial run and transition phases will remain unchanged.
BTCUSD_P Perpetual Contract
Trading as Mining: 125,000 FMEX / day
Sorting Mining: 100,000 FMEX / day
Limit-order Mining: 50,000 FMEX / day
All the FMEX returned by the above minings are locked for 1 year, and automatically unlocked after one year. All the FMEX returned from mining will not participate in the dividend during the lockup period. Dividends generated by all unreturned FMEXs are used for regular repurchase to FMEX destruction.
II. Implementation of the Sustainable Mining 2.0
The repurchase will be executed on the day of dividend receipt from 0:00 on Nov. 12, 2019, and the repurchase data, destruction data and the amount used for mining rewards on the following day will be published on the following day. The announced mining quota is used to the mining award for the next day. That is, half of the repurchase FMEX on the 12th will be as the mining rewards on the 14th.
1. All unreleased FMEX (currently slightly less than 350 million FMEX) for sustainable mining will be converted to FMEX funds. And the FMEX held by the FMEX Fund is permanently locked.
2. The dividends obtained by the FMEX Fund are all used to repurchase FMEX daily, and half of the repurchased FMEX is used for mining rewards, and the other half is directly destroyed.
3. The dividends obtained by FMEX Fund will be used for the repurchase on the day of receipt, and the repurchase, the destruction data and the amount used for mining awards will be announced on the following day. The announced mining reward quota is used for the mining reward of the next day. That is to say, the FMEX obtained on the first day of repurchase is used for the mining rewards of the third day.
4. Due to the non-fixation of the reward amount, the configuration of the fixed mining quota for all mining types is all changed to a fixed percentage configuration.
1. Since the mining return amount is less than the repurchase amount, after the implementation of this program, all FMEX returned from mining will no longer to be locked;
2. Since the mining return amount of this plan is all from the repurchase and continues to be destroyed, the total amount and circulation of FMEX will enter the continuous deflation stage after the implementation of this plan.
The FMex platform will strictly implement the results of the referendum on behalf of the FMex community members. Since the referendum has strict community binding, if the above content needs to be adjusted in the future, it still needs to be approved by the FMex community in the form of a referendum.
November 08, 2019