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MEMORANDUM
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Launchpad

MEMORANDUM

An AMM decentralized exchange is one of the core applications on a blockchain. Step Protocol is expanding rapidly, with corporations with millions of users actively deploying FitFi apps on it.
The ecosystem’s native token and the many app tokens that are launching on it need access to a native DEX. StepEx will champion this need.
The core DEX of any blockchain is typically very successful. The tragedy, though, is that DEX tokens end up mostly in the hands of VCs at massive discounts, with actual users being pushed to the end.
Step App has championed a community-first approach, constantly skipping VCs. This approach will apply to StepEx, in the most powerful DEX fair launch to date.

The Fair
Lockdrop

There is no VC round for StepEx. Instead, the genesis will be allocated to liquidity lockers. Unlike a typical liquidity mining campaign, StepEx will reward up to a year’s worth of yield upfront.
The StepEx token ticker is SPEX. The total supply is 3,000,000,000 SPEX tokens.
To be a part of the lockdrop, a participant must commit liquidity for a minimum of 3 months, via a lock. In total, 7% of total StepEx token supply will be available in the lockdrop, and the lockdrop will be divided into 5 parts.
Lockdrop Parts
Phase 1: Primary Assets

Part 1: Stable
Assets

20,000,000 SPEX tokens
Lock liquidity on USDC/USDT and USDC/DAI pair.
Phase 1: Primary Assets

Part 2: Core
Assets

85,000,000 SPEX tokens
Lock liquidity of ETH, wBTC and FITFI on USDC or USDT.
Phase 2: Partner Assets

Part 3: Partner
Assets

10,000,000 SPEX tokens
Lock liquidity of selected partner assets.
Phase 2: Partner Assets

Part 4: Open
Market Assets

5,000,000 SPEX tokens
Lock liquidity of any asset.
Phase 3: SPEX Liquidity

Part 5: SPEX
Liquidity

90,000,000 SPEX tokens
Add liquidity on SPEX tokens to claim them for free after the lock!
Slide
Slide
Lockdrop Weights
The lockdrop is a combination of liquidity “locks” and “airdrops.”That’s what the name combines: liquidity airdrop.
StepEx is going to be community-centric to the max. It’s important to select community recipients who are genuinely interested in being a part of StepEx. Hence, the genesis release is airdropped but with a selection basis.
If you’re adding USDC/USDT liquidity, liquidity of major assets, or even liquidity of some minor assets… bring them to StepEx and get a portion of circulation instantly.
Once the lock period ends, you can withdraw your liquidity if you want. Alternately, you can keep it in StepEx and earn trading fees forever. Nice passive fee income.
To make the system more welcoming to all kinds of participants, there will be different options for liquidity lock times. You can lock for longer periods and earn more SPEX tokens.
Option A: 3-month lock
Lock liquidity for 3 months for a 1x multiplier on SPEX tokens
Option B: 5-month lock
Lock liquidity for 5 months for a 2x multiplier on SPEX tokens
Option C: 10-month lock
Lock liquidity for 10 months for a 4.5x multiplier on SPEX tokens
Option D: 14-month lock
Lock liquidity for 14 months for a 7x multiplier on SPEX tokens
Option E: 24-month lock
Lock liquidity for 24 months for a 15x multiplier on SPEX tokens
If you stake for 10 months versus 3 months, you’re committing for 3.3x longer time. So naturally your token reward should be higher. To motivate those with a longer-term belief in the ecosystem, there’s a premium attached. 
While the time difference between 10 and 3 months is 3.3x, the reward benefit is 4.5x. This time-based premium gets bigger if you stake even longer.
What’s In It For Everyone
As a liquidity provider, you earn trading fees like any other DEX. Whether you’re adding liquidity to Trader Joe, Uniswap, or PancakeSwap, moving to StepEx retains your fee benefits!
What matters on top is that you get instant ownership of the success of the underlying DEX.
This is also very meaningful for Step ecosystem users. The DEX will be an essential, permanent part of the ecosystem. Step ecosystem users can become a part of the DEX genesis liquidity by participating in the Lockdrop and seal their stake in StepEx’s success.

No VCs and Safe From Mercenaries

There are no VCs receiving this early stake at steep discounts, as seen with other DEX like Uniswap and Trader Joe. The success of Uniswap and Trader Joe significantly and disproportionately benefits VCs, not their users.
StepEx is defining what community-owned DeFi is.

Safe From Alameda

The Lockdrop also makes sure that the fair launch model is protected from mercenary yield farmers like Alameda. Such farmers deposit liquidity, farm tokens, and instantly remove it.
Such participants add little to no support to the ecosystem. Large similar participants are also usually VCs. Instead, the lock-up mechanism protects the community from institutions like Alameda who are not expect to participate in anything that will place a small lock on liquidity.
Still, if there are VCs who feel they are value-additive and genuinely care about fundamentals - and not about getting cheap tokens to sell to public - then they can participate in the Lockdrop just like anyone else.
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