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What is Locked MEX (LKMEX)?

You can earn double APR on MEX farms if you choose to lock your rewards. When doing so, you will earn LKMEX token rewards.

LKMEX tokens always have the same value as MEX, but a different utility.

Utility:

  • Staking LKMEX in the MEX Staking Farm for rewards
  • Add liquidity to MEX pools*

*The deposited LKMEX are locked in a special smart contract that deposits the equivalent amount of unlocked MEX on the user’s behalf. The unlocked MEX comes from a dedicated MEX Liquidity Reserve.

Each month (every 30 epochs) a new Locked MEX (LKMEX) is created that will start to be unlocked after 1 year (365 epochs) - the first 17% are unlocked after 365 epochs, 17% unlocked every 30 epochs after that except for the last two of the 30 epochs when 16% will be unlocked.

This means there are multiple Locked MEX tokens, each with different unlock schedules. There can be Locked MEX #10 which unlocks in October 2022, and Locked MEX 11 which unlocks in November 2022. Locked MEX #10 and Locked MEX #11 will always have the same value as the spot value of MEX, but they will be gradually unlocked according to a different schedule.

To keep things simple, these tokens are periodically merged, without affecting the unlock schedule or amounts.