The Mythos Foundation (MYTH), the Web3 gaming platform, has officially launched MYTH token staking on the Mythos Chain, according to the reports shared with Finbold on Wednesday, March 19.
The staking initiative, which began on March 10, has already seen more than 30 million MYTH tokens staked, and participants will share 50 million MYTH in rewards over the next year.
Democratizing Web3 gaming
Designed for Web3 gaming, Mythos Chain offers a scalable infrastructure powered by the Mythos Foundation and its decentralized autonomous organization (DAO).
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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.
Mythical Games Chief Financial Officer (CFO), Kasper Jørgensen, commented on the growing engagement with the platform in the light of new staking features:
“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.
