System Overview

The micro ecosystem is compromised of two ERC20 tokens, a collateralized micro token and key token. This provides a mechanism for arbitrage against ETH and a risk-free opportunity to earn yield.

Main System Utilities

Minting

Deposit ETH to mint 1000 to 1 ETHMI and 1000 to 1 ETHkey. Example 1 ETH = 1000 ETHMI and 1000 ETHkey. There is no minimum and no maximum amount that can be minted.

Unlocking ETH

You must send equal amounts of ETHMI and ETHkey to unlock and redeem ETH from the treasury smart contract. Example: Sendong 1000 ETHMI and 1000 ETHkey will burn the tokens and send you back 1 ETH, plus any ETHMI locked in the ETHkey.

ETHMi Total Supply

The total supply of ETHMI is 1000 times the ETH deposited in the contract. This ensures that ETH Micro is always collateralized and redeemable for ETH. It also prevents the bank-run issues that leveraged platforms must contend with.

ETHkey Total Supply

The initial total supply of ETHkey is 100,000,000. This initial excess supply is intended to provide an early-adopter incentive with increased payouts and ensure there is adequate ETHKey liquidity for redemptions. In addition, the additional ETHKey supply will be 1000x the ETH deposited.

ETHMI Transfer Fee

Every transaction of ETHMI has a fee of %0.625 which is deducted from the amount sent so sending 100 ETHMI would result in 99.375 ETHMI being delivered. 60% of this fee is sent to all ETHMI holders at an equal rate per ETHMI. 40% of the this fee is sent to all ETHKey holders at an equal rate per ETHKEY.

Minting Fee

There is a 2% fee to create ETHkey when minting ETHMI. This 2% fee is distributed to all ETHKEY holders rewards balances at an equal rate per ETHKey.
Example: Send 1 ETH to mint 1000 ETHMI and 1000 ETHkey. Sending address receives 980 ETHMI (1000 - 2%( 20 ETHmi) = 980 ETHmi) and 1000 ETkey.

ETHMI Balance Growth

The balance of an address holding ETHMI automatically grows from receiving a portion of the transaction fees in the network. 60% of the 0.625% transfer fee gets reflectively distributed to all address balances based on the percentage of total supply the address represents.

ETHkey Pool Rewards

40% of the 0.625% ETHMI transfer fee is sent to the ETHkey reward pool. Each held ETHkey accumulates a redeemable portion of new ETHMI in the ETHkey rewards pool. The amount assigned to each ETHkey is based on the percentage of total supply each ETHkey represents at the time in the network. An address holding ETHkey can check the underlying balance of ETHMI by connecting to the ETHMI app. ETHMI that is assigned to ETHkey can be redeemed by unlocking ETH from the ETHMI smart contract.

ETHKEY Transfer Impact on Rewards

Transferring ETHKEY will cause the rewards associated with the transferred tokens to be distributed among all other ETHKEY holders at the time. This is to reward holders of ETHKEY and ensure liquidity pools do not accumulate significant ETHKEY rewards.