Main St is excited to launch “Gamma,” our new points-based incentive program designed to drive msUSD adoption, reward early participants, and distribute $MS (Main St’s governance token) to those who help bootstrap the protocol.
Season 1 kicks off on June 23, 2025 and will run for up to 90 days—or until msUSD supply reaches $1 billion, whichever comes first. During this period, 5 percent of the total 15 billion $MS supply (750 million $MS) will be allocated to the Gamma season 1 programme.
What Are Gammas?
Gammas are points for Main St.
Each Gamma represents a fraction of $MS. At the end of Season 1, all accumulated Gammas will convert pro-rata into $MS.
Since Season 1’s total Gamma pool is capped at 750 million $MS (5 percent of 15 billion total supply), your share of $MS depends on how many Gammas you’ve earned relative to the total Gammas issued.
Season 1 Overview
Duration: June 23, 2025 → up to September 21, 2025 (90 days), or until msUSD TVL hits $1 billion (whichever is sooner).
Total $MS Allocated: 750 million $MS (5% of total supply).
Claim Delay & Window:
There is a 1-day delay after Season 1 ends before Gamma claims open.
Once Season 1 concludes, the Gamma Claim Window runs for 30 days. Any unclaimed $MS after those 30 days will be redistributed to Season 2 participants.
How to Earn Gammas
Season 1’s base earning rate is simple:
1 Gamma per day for each $1 worth of smsUSD you hold in your wallet.
In addition, other actions—like holding msUSD directly, providing liquidity in approved pools—will also earn Gammas at higher daily rates. Because market conditions and protocol incentives can shift, these additional Gamma rates may be adjusted by the Main St team at our discretion. Whenever changes occur, they will be announced on our website and updated live on the Gamma dashboard. Below is a summary of the initial structure:
Hold smsUSD (“Staked msUSD”)
Earning Rate: 1 Gamma/day per $1 smsUSD
Why: smsUSD is our staked, yield-bearing version of msUSD. This baseline rate rewards users who commit msUSD to Main St’s yield engine.
Hold msUSD (no lock, no stake)
Earning Rate: 5 Gamma/day per $1 msUSD
Why: Encourages broad adoption and distribution of msUSD in users’ wallets. Rate subject to change—check the dashboard for live updates.
Provide Liquidity (LP) with msUSD in Approved Pools
Earning Rate: 20 Gamma/day per $1 msUSD/USDC LP
Why: Liquidity providers help secure on-chain trading of msUSD and earn swap fees. By providing liquidity, users earn additional Gamma rewards.
Important: All non-smsUSD Gamma rates are subject to adjustment at Main St’s discretion. When any rate is updated, it will be reflected immediately on the Gamma dashboard, and a protocol announcement will be published. Always verify the current earning rates in the app before taking action.
*Snapshots for Gammas are taken once per day at a random time to prevent gaming of the system.
Final Gamma Conversion & Claim
Snapshot Day: When Season 1 concludes (time or TVL), the protocol takes a blockchain snapshot of all Gamma balances.
Conversion: Total Gammas earned across all wallets are summed. Each wallet’s $MS share =
(Users Gammas / total Gammas) X 750 million $MS
Claim Window: Opens 1 days after Season 1 ends and lasts 30 days.
Vesting: We may implement vesting for certain top-earners in later seasons (as Ethena did), but Season 1 of Gamma has no vesting—all claimed $MS will be fully unlocked at TGE.
Why Join Gamma Season 1?
Get rewarded for being early: Your participation in the bootstrapping of the protocol deepens liquidity, strengthens peg stability, and sets it up for success. And you get rewarded for it.
Early Governance Ownership: Through Gammas, you’ll acquire $MS at an early stage—giving you a voice in Main St’s future proposals.
Transparent, Time-Limited Campaign: With a hard 90-day or $1 billion cap, Season 1 is designed to reward genuine early supporters.
Important Dates:
June 23, 2025 (12:00 UTC): Season 1 Launch
September 21, 2025 (23:59 UTC): Season 1 ends at 90 days if $1 billion msUSD TVL is not reached earlier.
Earlier End: If msUSD supply hits $1 billion at any time before September 21, 2025, Season 1 concludes immediately.
September 28, 2025: Gamma Claim Window Opens (1 day after Season 1 end)
October 28, 2025: Gamma Claim Window Closes
How to Get Started:
Acquire msUSD
Swap into or mint msUSD with USDC
Participate in available campaigns
Find the latest Gamma reward rates and activities at mainstreet.finance/campaigns
Track Your Gammas
Visit mainstreet.finance/dashboard to watch your daily Gamma accrual, check current earning rates, and monitor any updates.
FAQs (Season 1 Highlights)
Q: Do I have to stake or lock msUSD to earn Gammas?
A: No. Simply holding msUSD in your wallet also earns Gammas
Q: Will Gamma earning rates change mid-season?
A: Yes. While the smsUSD rate (1 Gamma/day per $1) is fixed for Season 1, other rates (holding msUSD, LP, etc) are subject to change at any time. Any updates will be reflected live on the dashboard.
Q: What if msUSD never hits $1 billion TVL?
A: Season 1 will automatically end at the 90 day mark (September 21, 2025), regardless of TVL.
Q: How is the 5 percent $MS pool determined?
A: Out of a fixed 15 billion $MS supply, 750 million $MS (5 percent) are reserved for Gammas in Season 1. No more than 750 million $MS can be claimed across all participants.
Q: When will $MS go live?
A: $MS is expected to list on exchanges the week following Season 1’s end (i.e., early October 2025). Once live, $MS’s market price will determine the real dollar value of Gammas earned.
Gamma rewards begin June 23 at app.main-st.finance/season1. Stake or hold to earn.
Disclaimers & Rights Reserved
Gammas & Rates Subject to Change: Main St reserves the right to modify Gamma earning rates, Season 1 terms, or any protocol parameters at any time and without prior notice.
Abuse & Disqualification: Any behavior deemed abusive or exploitative of the Gamma system (e.g., instant mint/unstake aimed at racing the $1 billion TVL cap) may result in partial or full disqualification of Gammas at Main St’s sole discretion.
Protocol Rights: Main St may, at its discretion, introduce further rules (e.g., vesting, adjusted timelocks) in future seasons or emergency scenarios. Participation in Gamma implies acceptance of these terms.