Mythos Foundation (MYTH) Launches MYTH Token Staking on Mythos Chain

The Mythos Foundation (MYTH), the Web3 gaming platform, has officially launched MYTH token staking on the Mythos Chain, according to the reports

The Mythos Foundation (MYTH), the Web3 gaming platform, has officially launched MYTH token staking on the Mythos Chain, the company shared with Finbold.

The initiative, which commenced on March 10, has already seen more than 30 million MYTH tokens get staked, and participants will share 50 million MYTH in rewards over the next year.

Have you staked your MYTH yet?

We've allocated 50M MYTH from our treasury as rewards to be distributed over the next 12 months.

You can stake right now on https://t.co/fJgiEMpmYa and accumulate rewards with a current APY of over 200%! pic.twitter.com/ruh2BRqfPY

— Mythos Chain (@MythosChain) March 12, 2024

The staking initiative is part of the Mythos Foundation's broader efforts to decentralize the Mythos Chain ecosystem.

The chain, which is powered by a decentralized autonomous organization (DAO) and the Mythos Foundation, provides scalable infrastructure for Web3 gaming.

Thanks to the MYTH staking update, the community can now actively support the network’s decentralized node system while benefiting from token incentives.

To keep inflation down, staking rewards come from the Mythos Foundation treasury itself, not new token issuance.

Moreover, given that gas fees on Mythos Chain are burned, any increase in network activity will also lead to an increase in token burns.

As such, the engagement with the platform is crucial, and Mythical Games Chief Financial Officer (CFO), Kasper Jørgensen, highlighted this importance in his statement:

“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.”

MYTH staking and utility

To participate in MYTH staking, users can use Subwallet or Nova Wallet.

Staked tokens accrue rewards daily and can be claimed at any time, while unstaking has a three-day cooldown.

Reward rates depend on the number of delegators per collator (currently estimated at ~30%).

In addition to staking, MYTH also acts as a governance token, fuels gas transactions, and facilitates in-game asset trading on the Mythical Marketplace.