EmpEx Relaunch

# EmpEx Relaunch ## Intro Welcome to Empyreal Exchange! We are happy to announce the next phase of EmpEx, which marks a major milestone in our journey. We have laid the Tomb-esque system to rest to usher in the upgraded singular governance and rewards token, $EMP. Sustainable yield and governance remains our focus, with an emphasis on real revenue generation. In this article, we will cover the migration process, our unique tokenomics, FLAV technology, and our roadmap. ## A Fresh User Interface After the migration is over, you will notice a slight change in our UI. This is a temporary solution while the website design is being completed. You will be able to zap-in and stake LP during this transition phase to earn a sustainable yield in the interim. The new site is being designed in a way that needs to complement and showcase the unique dApps and contracts that the "FLAVOR" systems introduce. We want to deliver a product that is of high quality and compatibility, so we are not rushing anything. That said, we are on track for the site to be released in late-April/early-May. ## Migration We are excited to introduce the migration specifics, which were tailored specifically to enable us to launch FLAV vaults with a quick turnaround. Our goal is to ensure a smooth transition with as little difference between the old and the new from a user perspective. The migration adheres to the guidelines we have shared in our previous Medium articles, considering the market value (at the time of Snapshot) for all staked LP tokens ($EMP/egARB & $FIRM/USDC), staked $FIRM, unstaked LP, single tokens, and unclaimed rewards. Those who took part in the bootstrapping phase by following the mutually beneficial systems of liquidity provision and mitigation of sell pressure will notice an additional bonus to the supply of their new $EMP tokens. The breakdown is as follows: • 15% bonus for all staked LP tokens ($EMP/egARB & $FIRM/USDC) • 5% bonus for staked $FIRM in Horizon The most important aspect of the migration is ensuring there is enough liquidity to transfer to the new token, and as such LP providers in the Farms are rewarded with the highest bonus. $FIRM stakers receive a bonus as well, even though it provides no benefit to liquidity bootstrapping, because they were partaking in the healthy mechanisms of this phase’s ecosystem. All liquidity has been pulled from the original tokens and shifted to the new $EMP. As such, going forward the majority of the liquidity is protocol owned, which will significantly improve price stability. ## Tokenomics Empyreal Exchange’s new $EMP token will have a much more straightforward set of tokenomics. Tokenomics refers to the economic framework of a cryptocurrency, including factors such as supply, distribution, and incentives. We have set the total supply to 1,000,000, and allocated it accordingly: • 50% to the Treasury. This will not be part of circulating supply, and will be used as incentives for future FLAV vaults and rewards systems. This supply will be directed to holders, over time. • 20% for migration. This is part of circulating supply, and will be the allocation to all who partook in the migration. • 20% to the team wallet. This will not be part of circulating supply, as it will be structured to have a 2-year vesting period with a 6 month cliff. We have a very long time horizon for Empyreal Exchange and plan to be here for a while. • 10% to liquidity. This is part of circulating supply. In summary, only 300,000 tokens will be in circulation to start, which aligns with our pre-migration market cap to give an estimated $1.25 launch price of the new $EMP token. The total supply is 1,000,000 and cannot be increased without a community vote via the upcoming voting system. Arbitrum Delegation At the core of our business is the drive to become a major delegate in the Arbitrum ecosystem. Every development we make will take into consideration the accumulation of the $ARB token to ensure this happens. Through the eventual voting system that will be enabled via the governance aspect of $ARB, our goal is to provide investors staking $EMP the ability to direct the future of Arbitrum as a whole. There are multiple benefits to this, but one of importance is the ability to offer a service where individuals or projects without the means to make proposals can work through us to get their thoughts heard. Delegate as a Service is a unique proposition that we think will benefit the Arbitrum network as a whole, and provide revenue to our investors. This is only one method, and we will be revealing more information at a later date. ## Roadmap At Empyreal Exchange, we are dedicated to building a cutting-edge platform that provides our users with the best possible experience. Our roadmap outlines our plans for the coming months and beyond: Q1 2023: • Launch Bootstrapping Mechanism to build Liquidity (March) • Begin development of EmpEx and FLAVOR Technology (March) • Hire Web Designer to build a new state-of-the-art Site & dApp (March) Q2 2023: • Migration to second phase • Launch Interim-Website to bridge between phases • Launch First FLAV Vault (April) • Launch Brand new EmpEx & FLAV Site/dApp (May) • Begin onboarding new projects to launch on the exchange with FLAVOR Vaults. • Introduce a suite of financial products for yield generation on Arbitrum And more to come. ## Conclusion Empyreal Exchange is focused on delivering a reliable, innovative, and user-friendly platform. We are excited about our future and hope that all of you will join us on this journey. Our team's experience and dedication will ensure that Empyreal Exchange will continue to grow and succeed. Stay tuned for more updates as we progress on our roadmap, and don't hesitate to reach out to us with any questions or feedback.