Tokens - IRIS and HRMS
What are they and what are they used for?
$IRIS - Governance and Rewards
The IRIS token was launched on September 12th, 2021 and is Hermes DeFi's first token. It has a total supply of 1,000,000 tokens and is fully emitted. It was originally farmable on Polygon, where Hermes DeFi began! Our contracts were audited by Paladin, and IRIS is now cross-chain (Available on both Polygon and Harmony)! IRIS allows for governance over Hermes DeFi through snapshot voting. This includes things such as pool opening/closings, modifications to emissions or fees, etc.
While IRIS acts as our governance token, it is also able to earn rewards through various mechanisms supported by The Hermes Protocol.
IRIS can be used in farming positions on our new DEX to earn HRMS. Specifically, IRIS holders will be able to farm IRIS / WONE as well as an exclusive single staking IRIS pool.
$HRMS - Utility and Ecosystem
Hermes (HRMS) is the main event, what we have all been waiting for! Similar to how SpookySwap has BOO and TraderJoe has JOE, we have HRMS. This token will be the cornerstone of all Hermes products for at least the next 2.5 years. To help users understand how this token can be used, we have compiled a brief description of its uses below:
What utility does/will the HRMS token have?
💚 - Inflationary (supply increase) mechanism for HRMS
💛 - Neutral mechanism for HRMS
❤️ - Deflationary (supply decrease) mechanism for HRMS
💚 A farming reward token. If you participate in farming, bonding, or other yield-generating mechanisms on The Hermes Protocol, you will earn HRMS for doing so.
💚 Earned in lending markets in addition to yields from users borrowing tokens.
💚 Trustless staking of ONE (using hONE, Hermes Staked ONE) and liqudity farming hONE / WONE that rewards HRMS.
💛 Ability to be used in borrowing/lending markets as collateral.
❤️ HRMS will be used for some (but by no means all) of our Hermes Farms. This means if you want to farm those positions, you will make a HRMS / X LP. This allows for easy one-step swaps between HRMS and any of the paired tokens on our DEX.
❤️ Single staking of HRMS (conversion to xHRMS) to earn non-native tokens sourced from partnerships.
❤️ Single staking of HRMS (conversion to sHRMS) to earn stablecoins purchased using revenue from trading fees.
❤️ Buyback of HRMS from limit order execution (0.22% swap fee vs 0.2%, subject to change).
❤️ Beta access to advanced dashboard and analytics features by holding/staking a threshold of HRMS.
❤️ *Used in liquidation-prevention in our money markets features.
❤️ *Buybacks from partnerships surrounding NFT staking.
❤️ *Impermanent loss LP protection mechanism.
*Some of these concepts are still in the design stage and are subject to change.
This does not represent an exhaustive list of the possibilities we are exploring. HRMS will be the foundational token of all Hermes ecosystem products during the 2.5 years it is being emitted. We have dedicated members of our community and team working on making HRMS have tangible uses which separates it from the typical 'farming reward' token.
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