The HyperVue Foundation announces that the Miles Points Program will map directly to the Element DAO token network, with plans for a new token and an upcoming Token Generation Event (TGE).

The HyperVue Foundation has successfully implemented the Miles Points Program to aid and incentivize the usage of the Hyperdrive Protocol. As it continues to add different sets of incentivized actions to the protocol, HyperVue would like to clarify what the end of the initial Points Season brings to users and market participants.

As the custodians of the Miles points program (proposed and passed in EGP-35) the HyperVue Foundation intends to propose a direct mapping of Miles to Element DAO tokens.

Additionally, a future proposal will outline the migration of the current Element DAO token, ELFI, to a new token with improved token economics and an official TGE. The mapping will be 5% of the token supply to Miles earned, depending on the total amount of Miles earned by all users at the commencement of the First Season of the Miles program (tentatively completing at the end of April).

HyperVue is committed to growing the network and further decentralizing protocol ownership towards its loyal users. HyperVue believes that users of the Hyperdrive protocol should be rewarded with ownership of the corresponding governance token to properly distribute community-allocated tokens (DAO treasury) to stakeholders who directly benefit from the protocol itself.

Following the upcoming TGE, HyperVue will explore additional protocol incentives.