MAPX Token Weekly Statement & News - 3 May 2020 [MAP Steem FinTech]
Welcome to this week's review.
A reminder that every MAPX members must read this announcement, and must get in contact about their preferred option.
As has been extensively announced, MAPX is winding down and remaining members now have just 2 weeks to make a choice whether to convert their MAPX into MAXUV tokens or into STEEM. The news below is the same as last week's but with updated finances.
Our deadline of the 25th April has been and gone. I am very pleased to see that out of 10,000 MAPX tokens there are less than 400 still in possession of members. The problem is that most of those are still staked. They now have 2 more weeks to divest themselves.
The offer now is that 1 MAPX token can be exchanged for either 1.1 STEEM or 1.2 MAXUV tokens.
The "double exchange" on both Steem and Hive has now passed as I now need to focus on the slow process of equilibrating all the funds that continue to run.
The next deadline is Saturday 9 May.
After that, my original plan was to automatically convert those remaining MAPX tokens into MAXUV tokens at a rate of 1:1 and then the MAPX market will be closed and any remaining tokens worth zero. However, given the continuing lack of responses, I am also considering just paying those holders at the equivalent STEEM price. Will be the same value, just in a liquid form and they can decide what to do next.
One other thing, with so few active tokens we have now switched off the MAPX voter on both chains.
I feel that I have sent out enough posts and comments; anybody not paying attention is either genuinely away from the two blockchains or does not value their holdings. Either way, I am happy that the vast majority of MAPX holders have been alert and most tokens have either already been processed or are in the queue.
Powering down is a slow process and we still have 8 weeks left. Looking at the numbers, I estimate 4 more weeks to process member holdings followed by 4 weeks of distributing funds to the remaining MAXUV and MPATH programs.
There is a long queue for cashing out and power-downs are slow. It is therefore important to get in touch and express your decision as to what you wish to do with your tokens. You may either leave a comment below or contact us at the MAP FinTech Discord channel.
I will post again on Monday or Tuesday with amended numbers.
Have a fine week!
What is MAPX?
MAPX was our first "vote bond" in the MAP FinTech family of programs. It is designed to deliver a 0.1% upvote per token held, with a maximum holding of 1000 tokens. The fund has a total of just 10,000 tokens available. MAPX token holders also benefit from profits being compounded into SP so that the token price should slowly rise.
MAPX is thus designed like a bond in that "interest" is earnt as upvotes, plus each token is backed by STEEM so that the capital value slowly increases in line with our fund. MAPX is managed by the same team as MAPR, which has been distributing profits to Steemians for 22 months.
As MAPX tokens are winding down, we would encourage new members to consider the open-ended token @MAXUV.
Please note that I always qualify any forward predictions as they are subject to technical issues such as the proper functioning of the blockchain and our own algorithms.
These abbreviated accounts are to keep members informed of the winding-down process. Some parameters have been removed because they are no longer relevant, but they are also highly volatile as many tokens are in the process of being unstaked or in the cahing-out queue. The aim now is to see the active MAPX tokens converge towards zero.
The headline figures are:
MAPX tokens active = 431 (361 staked)
SP in @MAP10K = 6,698
Mining SP = none
Other STEEM = 464
Total STEEM = 7,162
MAPX = 1.1 STEEM or 1.2 MAXUV
Note that "Other STEEM" is the sum of all holdings not powered up as SP: liquid STEEM and SBD plus holdings within Steem Engine to maintain market liquidity plus some investments. Also note that values are volatile, especially any holdings priced in US$, so the above numbers are a snapshot and may have changed when you look at the @MAP10K account.
Full details of how the MAPX token operates can be found at New MAPX Token for Upvotes and Value Growth.
Any questions, please ask in the comments below.
ONECENT: The First Strategic Token Investment Game (STIG)