mUSDG Vault
mUSDG & sMORX tranches
mUSDG is the senior tranche. Staked $MORX is the junior tranche that guards the tail and is paid for that watch.
Status
Pre-launch — Moorix is not live yet. Parameters are illustrative and tunable at launch.
Two tranches
| mUSDG | sMORX | |
|---|---|---|
| What it is | Vault LP token, deposited in USDG | Staked $MORX |
| Position | Senior | Junior |
| Role | Provides the vault's liquidity | Guards the vault's tail |
| Earns | Fees, risk premium, funding | A premium for that watch |
In the whitepaper's words: mUSDG sleeps soundly as the senior tranche; sMORX stands the night shift and earns for it.
How losses are allocated between the tranches, and the size of the sMORX premium, are not published yet.
Vault capacity staking
1 staked $MORX opens 10 USDG of mUSDG deposit capacity. As the vault grows, more $MORX is locked away.
Vault capacity by rank:
| Rank | Vault capacity |
|---|---|
| Deckhand | 10K USDG |
| Navigator | 100K USDG |
| Captain | 1M USDG |
| Admiral | 10M USDG |
Illustrative and tunable at launch.
More on staking
Staking also lowers the risk premium on your own open positions and earns half of the daily buyback. See Staking & sMORX.