Staking is now live on Mythos Chain, giving MYTH token holders a chance to earn rewards just by locking up their tokens.
The Mythos Foundation launched the program on March 10, and it’s already getting a lot of attention. More than 30 million MYTH tokens have been staked in just the first two days. The rewards are big with up to 300% APY, making it an exciting opportunity for MYTH holders. A total of 50 million MYTH tokens will be handed out as rewards over the next year.
The Mythos Foundation, along with Mythical Games, is running the staking program. It’s all part of a bigger plan to make Mythos Chain the go-to blockchain for Web3 gaming. Staking helps the network stay strong while giving users a way to earn more MYTH.
“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,” said Mythical Games CFO Kasper Jørgensen.
One big thing about MYTH staking is that it doesn’t add new tokens into circulation. The rewards come straight from the Mythos Foundation treasury, so it doesn’t inflate the supply. Even better, Mythos Chain burns all gas fees, which means MYTH is now a deflationary token. The more people use the network, the fewer MYTH tokens there will be, making them more valuable over time.
Anyone interested in staking MYTH can stake it via Subwallet or Nova Wallet. Rewards start accruing immediately after tokens are staked and can be withdrawn daily.
In case a user decides to unstake, they will have to wait for three days to withdraw the tokens. The rewards, however, depend on the number of people staking and the collator they choose to delegate to, but early estimates put the average return at around 30%.
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