The Initiation is live. Starting June 18, Pumex's pre-TGE campaign is running on InjectiveEVM — and 40% of total PMX supply is reserved for participants who earn it before any public market opens.
There's no whitelist, no private allocation, no VC round. The only variable is how much you participate.
What the Initiation is
The Initiation is Pumex's liquidity-incentive campaign and the mechanism by which the protocol selects and rewards its earliest, most committed participants. Everything resolves to a single metric: Initiation Points (IP). At TGE, your total IP determines your proportional share of the 40% PMX allocation, converting directly into governance weight in the protocol.
IP = LP Points + Crest Points. Two earning paths, both counting toward the same total.
How to earn: LP Points
Provide liquidity in eligible Pumex pools and earn LP Points continuously while your position stays active and in range. The rate is steady — you stop accruing when you remove your position or it drifts out of range.
Four factors set your rate:
- Position size — more capital, more points per unit of time
- Time deployed — points accrue continuously; longer-running positions accumulate more
- Range — a tight, in-range position earns faster than a wide passive one
- Per-pool multiplier — each pool carries its own weight in the campaign
Eligible pools:
- WINJ / USDC
- WINJ / USDT
- USDT / WETH
- USDC / WETH
- WINJ / yINJ
- USDC / USDT
How to earn: Crests
Crests are NFT badges you collect on-chain, each granting a one-time IP reward (Crest Points). There are six categories:
- Initiation Rank — awarded as you climb the rank ladder (see below)
- LP Progression — from your first position (Outpost) up through Shogunate-level deployment
- Trading — based on cumulative swap volume on Pumex
- Testnet — for early participants who engaged during testnet
- Community & Growth — social and ecosystem participation milestones
- Clan Allies — partner-protocol milestones
Many Crests are mint-capped — higher-tier badges are scarcer. As a concrete example, the six Trading Crests (Initiate through Grandmaster) unlock at cumulative swap volumes of $100, $500, $2,500, $10,000, $100,000, and $1,000,000. Crests release progressively over the course of the campaign.
Initiation Ranks
Your total IP places you on the rank ladder. Ranks are themed to the campaign's samurai-era aesthetic and mark your standing in the ecosystem:
| Rank | IP Required |
|---|---|
| Ashigaru | Entry |
| Bushi | 5,000 |
| Ronin | 25,000 |
| Samurai | 100,000 |
| Kensei | 500,000 |
| Daimyo | 2,000,000 |
Rank Crests are tied to these thresholds — climbing the ladder earns IP and unlocks additional Crest rewards.
Structure and timing
The campaign runs for six weekly epochs, each running Thursday to Thursday (snapshot at Thursday 00:00 UTC), beginning June 18, 2026. The weekly LP Points budget scales up as participation grows, which means getting in at the start means earning across every epoch — including the larger later weeks. Crests release progressively throughout.
After TGE, a claim window opens for participants to convert their Initiation Points into PMX governance weight. The campaign continues briefly past TGE to allow final accrual before the window opens.
One clarification worth noting: The Initiation (this on-chain campaign) is separate from The Dojo, Pumex's Discord reputation system, though both share the same samurai-era framing.
What's next
The Initiation is the protocol's foundation layer — the cohort that forms here is the one that governs Pumex from launch. 40% of PMX supply, zero allocations, no back-room rounds. Earned only.
- Read the full campaign details in the Initiation docs
- Learn how Crests and Initiation Points work
- Start earning at pumex.fi
- Follow updates on X and join the Discord
— The Pumex team