Entering the realm of Web3 gaming, where decentralization meets user empowerment and engagement, brings us to the Mythos Foundation and its groundbreaking project – the Mythos Chain. On March 19th, the Mythos Foundation announced the official launch of MYTH token staking on Mythos Chain, illustrating how technology is gradually transforming the gaming ecosystem.
Powering Web3 Gaming with Mythos Foundation’s MYTH Token
Mythos Chain, designed specifically for Web3 gaming, is a powerful, scalable infrastructure supported by Mythos Foundation and its Decentralized Autonomous Organization (DAO). The recent development in MYTH token staking encourages community members to sustain the decentralized node system. In turn, they get to enjoy token rewards, introducing a new way to engage gamers and investors alike.
Since its inception on March 10th, the initiative has witnessed over 30 million MYTH tokens staked. Participating stakeholders are set to share 50 million MYTH as rewards over the next year.
Funding for the staking rewards emanates from the Mythos Foundation treasury, not through the issuance of new tokens, thereby controlling inflation. Furthermore, with the system designed to burn gas fees on the Mythos Chain, network activity surges correspond with increased token burns.
Kasper Jørgensen, Mythical Games Chief Financial Officer (CFO), stated:
"It’s exhilarating to support the launch of MYTH staking by the Mythos Foundation. The community’s engagement level in the first 48 hours impressed us. This marks the beginning of an exciting journey for Mythos Chain in the upcoming year as Mythos pursues building a robust ecosystem to host the future of gaming for firms like Mythical."
MYTH Staking and Its Utility
Staking MYTH tokens can be executed using Subwallet or Nova Wallet. Once tokens are staked, rewards accumulate daily and can be claimed whenever. Unstaking, however, requires a three-day cooldown. The reward rates are contingent on the number of delegators per collator, currently estimated around 30%.
MYTH tokens have utility beyond just staking. They serve as a governance token, fuel gas transactions, and support in-game asset trading on the Mythical Marketplace, adding more layers of engagement and incentive for users.
The incorporation of advanced token systems like MYTH into Web3 gaming platforms exemplifies how blockchain technology is revolutionizing the gaming industry. As the era of traditional gaming evolves, embracing these decentralized, interactive platforms will be crucial to staying competitive in this rapidly evolving market.
FAQs
What is MYTH Token?
The MYTH Token is a crucial component of the Mythos Foundation’s Web3 Gaming platform, the Mythos Chain. In addition to allowing holders to stake tokens and receive rewards, MYTH also serves as a governance token, fuels gas transactions, and supports in-game asset trading on the Mythical Market.
How do you stake MYTH Tokens?
To stake MYTH Tokens, users require a Subwallet or Nova Wallet. Once tokens are staked, rewards are generated daily and can be claimed anytime. Unstaking process has a three-day cooldown.
What are the benefits of staking MYTH Tokens?
Staking MYTH Tokens helps support the network’s decentralized node system. In return, participants can enjoy token rewards that accrue daily. It not only creates a new way for gamers and investors to interact with the platform but also provides an opportunity to earn rewards.
