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Earlier this year, we began our mission to transform Mysterium’s tokenomics, introducing a new strategy to maximize benefits for our token holders, node runners and users.
We launched the BETA version of MYST Delegation Pool, to create new opportunities for all MYST token holders. By depositing MYST into the pool, token holders are able to earn passive income without the need for upfront collateral.
With this Pool, we hoped to spread the value of Mysterium’s ecosystem growth among our wider community.
During the BETA stage of Tokenomics 2.0, a total of 1.7 Million MYST tokens have already been staked in the Delegation Pool.
To support participants of the MEXC Trade Mining event and offer more benefits to our token holder community, we are launching a Delegation Pool bonus rewards campaign for the month of December.
Participants in this MYST token campaign can earn a share of 50,000 MYST rewards. This is in addition to the APY already being earned by all stakers.
To participate, you just need to deposit (or already have staked) MYST tokens into our Delegation Pool by midnight on 4th December and hold them for one month. It’s that simple!
Note that the Pool will only accept Polygon MYST deposits - if you need to switch your MYST from Ethereum or Binance Smart Chain, follow our guides.
Campaign timeline
Start Date: Monday, December 4th, 2022, midnight.
End Date: Sunday, January 1st, 2023, midnight.
Participants will receive their rewards within four weeks of the campaign ending.
How can you join?
1. Deposit MYST into the Delegation Pool before December 4th 2022 and hold it until January 1st 2023 (4 weeks total). This includes anyone who has already staked in the pool (no need to un-stake and re-stake).
2. You will receive the rewards in your wallet used to deposit MYST into the Delegation Pool within four weeks after the campaign ends.
Be sure to follow these rules
ONE. If you withdraw all your tokens before the end of the campaign, you will not be eligible to receive any rewards.
Example: You have deposited 1,000 MYST into the Delegation Pool on November 30th, 2022. Then you withdraw all your tokens (1,000 MYST) on Dec 28th, 2022. You will be excluded from the participant list and you won’t receive any rewards.
TWO. If you withdraw part of the deposited tokens before the end of the campaign, you will receive the rewards only for the amount held during the entire campaign period.
Example: You deposited 1,000 MYST into a Delegation Pool on Nov 30th, 2022. You withdrew 500 MYST from the pool on Dec 10th You will receive rewards for 500 MYST held in the pool until Jan 1st, 2023.
THREE. If you deposit more tokens after the campaign has started, this amount will not be counted. Only the amount deposited before December 4th will be used to calculate the user’s rewards.
Example: You have deposited 1,000 MYST into the Delegation Pool on Nov 30th, 2022, &nand then added another 1,000 MYST on Dec 10th, 2022. You will receive rewards only for 1,000 MYST deposited on Nov 30, 2022.
How are rewards calculated?
1) We take a snapshot of all staked wallets on December 4th 2022 at midnight, and another snapshot on January 1st, 2023.
2) We calculate the total number of MYST tokens deposited in the pool on January 1st, 2023.
3) We calculate your share of the pool and allocate you a corresponding percentage share of the rewards.
**Example**
Imagine that you have deposited 10,000 MYST into the Delegation Pool. The total size of the Delegation Pool is 100,000 MYST, so your share is 10% of the pool.
This means that you will be allocated 10% of the rewards pool:
50,000 MYST * 10% = 5,000 MYST
What is the purpose of the MYST Delegation Pool?
This introduction of the Mysterium Delegation Pool creates new opportunities for all MYST token holders. By depositing MYST into the pool, token holders will be able to earn passive income similarly to other DeFi protocols, such as Compound or Aave.
Thanks to the IQ Protocol, it also removes the requirement of upfront collateral, mitigating the typical risks associated with DeFi participation.
Delegation Pool rewards are currently generated from Mysterium’s collected network fees (Hermes smart contract fees), and redistributed to those who stake in the Pool.
This tokenomics model aims to increase the shared value of the wider network, spreading the value of ecosystem growth among our community of token holders and nodes.
About IQ Protocol
IQ Labs - the original team behind PARSIQ - designed the engine behind our new tokenomics model.
IQ Protocol brings the power of DeFi to non-DeFi projects. The Protocol is a money market for digital assets that allows users to rent wrapped expirable versions of digital assets without collateral for their utility.
The Delegation Pool is the first of its kind, offering token holders a chance to get a taste of Mysterium’s revamped Tokenomics 2.0 model.
The IQ Protocol went live in BETA in June, and Mysterium was the first project to take advantage of its “collateral-less, risk-free asset renting and staking possibilities.”
(IQ Protocol is designed to be non-inflationary, as yields are generated from real-world usage, and thus not influenced by market downturns or volatility.)
