This is an important update about a governance vote that will shape the future of StormX.
As part of our ongoing efforts to explore new opportunities and evolve as a platform, we have been working closely with EARN'M in a strategic alliance. We're preparing to take the next step - deciding whether to move forward with a complete merger between StormX and EARN'M. That is where you come in.
Unlike previous proposals, this community vote requires $STMX token holders to vote using a connected wallet.
Why the Vote Matters
The potential merger between StormX and EARN'M will create a more robust, integrated rewards ecosystem that will provide more value for all users.
The vote will give you the choice to decide whether we move forward with the merger or remain separate entities.
What You'll Be Voting On
The vote on 'Do you support the merger between StormX and EARN'M?' will present two clear options for the future of StormX:
- Approval of the Proposal: If approved, it will lead to a successful merger between StormX and EARN'M, combining both platforms into a robust rewards ecosystem.
- Rejection of the Proposal: If rejected, the StormX project will continue to operate as usual, but we will need to explore alternative options for a path forward.
How to Cast Your Vote
The community vote will go live on snapshot.org on 13th October 2024, and voting will remain open until 20th October.
This one will require your $STMX tokens in a connected wallet to vote, unlike previous community votes. One $STMX token equates to one vote.
What's Next?
This vote will determine whether we move forward with an exciting new chapter for StormX and EARN'M or if we need to explore alternative options. Either way, the decision is in your hands.
Watch your inbox and our social channels for more details on the community decision.
If the merger is approved, the new token will be EARN’M, following a similar approach to that of the Singularity/Ocean/Fetch merger. StormX token holders will merge their $STMX with the new EARN’M token.
Pre-Merge Valuation
Before the merger, the value of each platform will be assessed:
- $EARNM Pre-Merge Valuation: We will determine $EARNM's valuation based on the average fully diluted valuation (FDV) from the first trading month.
- $STMX Pre-Merge Valuation: We will calculate $STMX's valuation based on a specific date or by averaging the last 30 days before the merge.
- Post-Merge Valuation: The post-merge valuation will combine the pre-merge FDVs of both projects. This combined valuation will dictate the distribution ratio of new tokens to $STMX and $EARNM holders.
For example, if the pre-merge FDV of $STMX is $100 million and the pre-merge FDV of $EARNM is $200 million, the post-merge FDV will total $300 million. In this scenario, $STMX holders would receive 33.33% of the new token supply, and $EARNM holders would receive 66.66%.
The link to the Snapshot proposal will be announced and shared on October 13th.