Midway

Token

The $MIDWAY token

A fixed supply of 1,000,000,000, all of it in the public launch on the same terms. Every fee the markets collect buys $MIDWAY on the market, and what it buys is burned.

Supply and launch#

Ticker$MIDWAY
Supply1,000,000,000, fixed
Launch100% public launch, on the same terms for everyone

The whole supply goes to the public launch. There is no presale, team allocation, investor allocation, airdrop, reserved supply or vesting.

Where the fees come from#

A fee is charged on both sides of every fill, on the fill's notional: the buyer pays it on top of the notional, and it comes out of the seller's proceeds. Both fees go to the market's fee balance, which the settlement program holds in the market's USDC vault. Each market sets its rate in basis points per side; Fills, fees and settlement shows the arithmetic.

Buyback and burn#

Filla fee on both sidesFee balancein the market's vaultBuy$MIDWAY on the marketBurnout of the supplyFilla fee on both sidesFee balancein the market's vaultBuy$MIDWAY on the marketBurnout of the supply

100% of the fees buy $MIDWAY:

  1. A fill settles, and the fees from both sides join the market's fee balance.
  2. The fee balance is withdrawn from the market's vault.
  3. All of it buys $MIDWAY on the market.
  4. The $MIDWAY bought is burned and leaves the supply.