Marshall Inu Tax reduction, Staking Update & Marshall Mansion News!
Dear Marshalls; recently we heard your calls for changes to be made to our buy/sell tax structure — and as always we have listened and decided to take action. We are fully committed to reducing tax to 0% in time as our exciting agreements with ReFi & Expo Finance combined with or nascent OTC counter and future sportsbook mature!
However, in the intern period we want to follow true on our pledge to gradually reduce tax from 15%, so for now tax will be reduced to 14% — with 5% on buys and 9% on sells. Users who do not wish to contribute to our fighters fund will be able to sell with 0% tax through MEXC and through the soon-to-be-launched OTC counter.
The tax breakdown is as follows:
Buy Side = 2% liquidity wallet, 2% marketing wallet 1% dev wallet
Sell Side = 1% liquidity 7% marketing 1% dev wallet
We didn’t want to have to add a buy tax but after speaking with the creator of the OG contract we have found it’s necessary for the health of the LP. We feel the new tax structure is perfect for MRI’s current state to make the LP grow as well as our treasury for marketing & fighters. The roundtrip was lowered by 1% but expect this to be lowered again shortly!
In the past week a couple of loyal MRI holders and stakers have reported some inconsistency with LP staking rewards and since then staff and core team members have carried out a diligent forensic audit to determine the cause of those issues; which were causing some loss to staked LP pairs.
The issue has now been identified and remedied; MRI was forked from Cliff early this year and there was a function in the original contract which burned MRI from the liquidity pool directly. This served a couple of purposes,it reduced the total supply of MRI in circulation but also had the effect of increasing price impact from buys and sells.
This plays a major role early in a tokens life when the price is increasing dramatically. It also inadvertently had the effect when LP staking was launched of slowly draining LP from the pool. This resulted in LP share of the pool becoming smaller and caused some loss to stakers, as well as contributing to increasing overall $MRI burn 20%.
Upon being made aware of this we sought support from the creator of the Cliff contract and tracked down the root issue allowing it to be rectified. If you are presently LP staking MRI we would advise you to remain staked in order to recoup any loss to your initial through LP APY, which at time of writing stands at 86%.
TL;DR -While previously the auto burn was slowly draining the liquidity pool, with it now turned off we are utilizing the new tax structure to bolster the liquidity pool at a faster rate, building it back up to where it was and beyond, as buys will now increase liquidity twice in any one transaction, from the buyers Eth but also via the tax from the buy that is turned into LP tokens.
This past weekend $MRI holders and #UFC fighters and Influencers arrived at the Marshall Mansion to spend an EPIC weekend partying in the lap of luxury while taking in UFC Texas. Ten of these earned their spots there through holding an MRI:FC NFT! They are the first of many who will earn passive income, win UFC tickets, Mansion stays, lossless lottery entries and much more from these utility packed NFT’s!