What is MYX Network?
MYX Network is a DeFi project built on the Ethereum blockchain. The token is hyper-deflationary, meaning the supply is burned (destroyed) on every Ethereum wallet to wallet transfer. Token holders also have the ability to stake their MYX tokens to earn staking rewards. The rewards are distributed proportionately to every stake based on the amount of tokens they have staked. The rewards are withdraw-able at anytime without any burn tax (not including gas to process the transaction).
Is MYX Network affiliated with Liquidity Dividends Protocol?
Yes. MYX Network is the first official partner of Liquidity Dividends Protocol (LID) to utilize LID’s certified presale smart contract technology.
LID made the official announcement on Twitter here: https://twitter.com/LID_Protocol/status/1291809284968390659
What is the burn rate of MYX Token?
MYX Network Token burns at a rate of 5% on every wallet-to-wallet transaction. These tokens are gone forever and are not re-minted. However, when users are staking, 2.5% of that 5% is distributed to the staking pool. This is how users receive rewards autonomously.
Do all of the MYX Network Tokens burn to zero?
No. The project will have further use case outside of the deflation and staking mechanisms.
MYX Network is not just another run of the mill deflationary/staking project. The goal is to have MYX used as a digital asset that will be accepted as a form of cryptocurrency payment. Deflation and staking both end once 90% of the MAX supply is burned. This means that 100 Million MYX Network Tokens will be left.
How does staking work?
A minimum of 100 MYX Network Tokens are required to begin staking and that amount must be maintained in order to receive staking rewards. When a user stakes their tokens, it is “suspended” by the token smart contract. They do not leave your possession and you have access to them at any time.
Users can unstake their tokens at anytime however a 5% tax is incurred which is then distributed to the remaining staked tokens. When a user unstakes, they also receive one last batch of staking rewards upon their unstaking, afterwards no more rewards are earned unless the user restakes at least the minimum amount of 100 MYX.
Here’s a screenshot of the staking portal:
What qualifies MYX Network to be considered “DeFi”?
DeFi, which is a shorten version for decentralized finance, means that traditional financial mechanisms are recreated in a decentralized format. These decentralized structures are out of the grasp of companies and governments.
MYX uses a combination of deflation and staking as its primary DeFi functionality. Deflation is a decrease in the general price level and circulation of the token. Staking represents the compounding and interest gained from taking tokens out of circulation and storing them to gain a percentage rate.
What is the purpose of MYX DAO?
The DAO makes MYX Network a decentralized organization. It gives ALL members of the DAO voting rights and incentives to utilize those voting rights. These votes are used to unlock funds, determine the direction of the project or suggest changes to the current structure.
The investor aspect of the DAO allows users to determine which projects the organization would invest in and how much of those funds should be invested.
Users will receive rewards from the staked DAO which will be distributed to all stakers.
More about the Investor DAO will be explained in the coming Litepaper.
What else is planned for MYX Network?
We will make further announcements as the project progresses as well as release more information in our Litepaper.
Please stay tuned for more information about the project.
Connect with MYX:
Discord: https://discord.gg/UqaEt3X
Telegram: https://t.me/myxnetwork
Twitter: https://twitter.com/myxnetwork
Reddit: https://reddit.com/r/myxnetwork
Love the project idea, definitely going to be one of the first investors this week.