Mythos Foundation, an innovative Web3 gaming foundation, has launched MYTH staking on the Mythos Chain, enabling holders of the Mythos (MYTH) token to stake their MYTH and earn rewards.
MYTH staking launches on Mythos Chain
Mythos Chain, a novel gaming-optimized blockchain, welcomes the launch of MYTH token staking. The launch of MYTH staking enables the Mythical Games community to support the network’s decentralized node infrastructure while earning token rewards.
Staking rewards have been allocated from the Mythos Foundation treasury, ensuring that the MYTH token remains noninflationary, in keeping with its original design. Because gas fees on Mythos Chain are burned, MYTH will actually be deflationary, with gas fee usage and the resulting token burn set to increase as network activity ramps up.
Mythical Games CFO Kasper Jørgensen is excited by the role of the new opportunity in his product's development:
We’re excited to support the launch of MYTH staking by the Mythos Foundation and frankly, have been impressed by the level of engagement in the first 48 hours. This is only the beginning of what’s in store for Mythos Chain in the year ahead as Mythos continues building an ecosystem that will host the future of gaming for companies like Mythical.
Since the program opened on March 10, more than 30 million MYTH tokens have been staked already by early adopters, who will earn a share of 50 million MYTH tokens over the course of the year.
Estimated rewards reach 30% in APY
Users are recommended to use either Subwallet or Nova Wallet to participate in MYTH staking on Mythos Chain. Staked tokens will accrue rewards linearly and can be claimed each day.
After unstaking, there is a three-day cooldown before MYTH tokens can be claimed, with rewards dependent on the number of delegators of a given collator, but estimated to be around 30%.
As an interoperable utility token, MYTH plays a number of key roles within the Mythos ecosystem. In addition to supporting staking and governance, MYTH is used for gas fees on the Mythos Chain and to support transactions on the Mythical Marketplace, where in-game assets can be traded.
The Mythical Marketplace, the first in-game blockchain marketplace on iOS and Android, provides gamers with ownership and control over the purchase and sale of digital assets, while the Mythical Platform protects gamers that may be new to blockchain through a custodial wallet for their digital items.
Vladislav Sopov
Dan Burgin