MAP Rewarder: New M Token Launched and Airdropped on Hive
Welcome to the first post about M.
M is the token and fund managed on Hive equivalent to MAPR on Steem-Engine.
M has been possible due to the HIVE airdrop plus the winding down of our MAPX and MAPXV tokens on Steem.
This post is specifically aimed at existing MAPR token-holders and delegators, so I shall skip a full introduction until the next post in a few days.
MAPR token-holders will see they have now received an airdrop of M tokens in their Hive-Engine wallet.
However, the M fund is not as yet fully funded. I mentioned in MAPR posts at the start of this whole process that, although we received a large portion of our assets in HIVE, we were also likely to lose some value from some of our other token holdings within Steem-Engine. The good news is that more HIVE will be arriving; the not so good news is that we shall have to wait for a few more power-downs and token transfers.
Now, one option is to sit and wait this out, which is likely frustrating for token-holders and delegators, or to start now and adjust the market price to reflect our current assets. I hope everyone is happy with the extra tokens - and the current price of HIVE - but I have no intention of inflating the token price just in case something were to happen that would interfere with those asset transfers.
So, I shall do the same thing I have done with the new MPATH token, which is to pitch our buy-back price at about the current asset-backed value (ABV), and with a modest amount of tokens, and let the market do its job during these next short weeks.
As the assets increase, so will the market price. At some point, I shall announce that M is fully funded and the market buy/sell spread will narrow and we can finally go back to managing M in the way MAPR has operated for over 2 years. I make no apologies for this slightly lengthy process, but I am managing two tokens closing down and two new tokens opening and it is beyond my powers to speed up the powering-down protocol.
On the positive side, you all have extra money.
The other positive thing is that delegators will start to receive their weekly token distributions! I thank those delegators who have held firm during this period - the income generated has remained within the fund so will be reflected in the M token price. I did consider starting them today but the airdrop has only recently been done and many are as yet unaware it has even taken place.
I am taking today as our benchmark value and will start the distributions next week. The token buy-back price will be included in our weekly accounts and will be higher than normal due to the asset transfers mentioned above. The token distributions will, however, be based on income.
So, the M token will start today at a sale price of 0.90 HIVE and a buy-back price of 0.80 HIVE. I have left an intentionally wide spread so that members may decide what they wish to do without draining our assets before we even get them! The two prices will move up in tandem until all assets have been received and the M program can begin a fresh new life on its own two feet.
And finally, as I said at the top, the creation of an M program that is almost a fully-funded copy of the original MAPR is due both to the good fortune of the HIVE airdrop and the good planning of holding a modest amount of other tokens outside the MAP FinTech family. All those in-house tokens have been both stable and rising and it is those we await to power down and transfer.
Enjoy the new M program!
Building Hive's Fintech
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