Mynth Hodl: Patience Meets RewardsCopied!

Mynth Hodl is a token holding game on Cardano, where patience isn't just a virtue—it’s highly rewarding! In this game, you’ll engage with MNTX, a synthetic token backed by MNT. Whether you’re a seasoned crypto enthusiast or just getting started, Mynth Hodl offers a fun experience where hodling on for dear life is the name of the game.

MNTX policy ID: 77cab21b1a0eb05886cb9fe8e3d297456e53c1d948dba42219a1b380

Token Tidbits

MNTX is the star synthetic token of Mynth Hodl, and it is fully backed by MNT. The tokenomics are simple. The max supply of MNTX is capped at 5 million, ensuring rarity and value retention. To mint these 5 million MNTX, an equal amount of 5 million MNT tokens were used as collateral, creating a strong foundation for the game’s economy.

The Redemption Riddle

In Mynth Hodl, you can swap your MNTX for MNT by burning your tokens. However, there’s a twist: every redemption comes with a 3% fee in MNT. This fee remains in the collateral pool, gradually increasing the value of the remaining MNTX tokens. This means the longer you hold onto your MNTX before redeeming, the more valuable your redemption becomes. Early redemptions contribute to the pool, making the game a rewarding challenge of patience and strategy.

Staking Spectacle

The underlying MNT tokens aren’t just sitting idle; they’re actively staked in Mynth. Every five days (an epoch), these staked MNT tokens earn additional rewards at the highest rate, which are added to the collateral pool. This staking mechanism further boosts the value of MNTX. Since the MNTX supply is fixed and can only decrease while the collateral pool grows with more MNT, holding onto your MNTX for a longer period becomes increasingly lucrative. It’s a win-win for those who can HODL the longest!

Community Cheers

900,243 MNTX was distributed to the community for free via Farmroll, a Cardano questing platform. During the campaign period, participants undertook quests that contributed to earning a share of the MNTX airdrop. This initiative aimed to foster an engaged community around Mynth Hodl.

Team Treasure

The Mynth team is also in on the fun, with MNTX allocated to them (including integration partners). This allocation serves as both compensation and a long-term incentive. By holding onto their MNTX, the team stands to gain more MNT, aligning their interests with the success of the project and the community. MNTX vests will replace the standard MNT vests, further emphasizing the long-term commitment of the team to Mynth.

Liquidity Pool and Trading Thrills

To facilitate smooth and efficient trading, a liquidity pools will be established for MNTX. These pools will allow users to swap MNTX for MNT and ADA seamlessly. Arbitrage opportunities will allow users to take advantage of price discrepancies and help stabilize the peg. If the market price of MNTX ever dips below the peg, MNTX can be bought and redeemed for underlying collateral to elevate the market price back to the peg. This mechanism ensures users can always extract the collateralized value of their tokens, providing a stable and reliable trading environment.

Game Design

Mynth Hodl is crafted to reward those who play the long game. The mix of redemption mechanics, staking rewards, and market forces ensures that the most patient players reap the greatest rewards. By holding onto MNTX and participating in the game’s ecosystem, players are incentivized to engage in long-term thinking and strategic planning. The game’s design celebrates the virtues of patience and strategic foresight.

Whether you're here for the thrill of the game or the potential rewards, a new strategy-packed adventure is here to onboard new users to both Cardano and Mynth. Ready to play? Let the HODLing begin!

Longer Term Vision: Earning Rewards, Your WayCopied!

MNTX is part of the first phase of Mynth’s longer term vision for creating more options for users. There are two ways to handle rewards:

1. Yield-distribution — where rewards are sent to you

2. Yield-accumulation — where rewards are automatically compounded

MNT gives you utility and flexibility — you can control the MNT in your own wallet, use it for participating in Mynth governance events, and stake it to earn rewards directly. MNTX on the other hand gives you ease — you can hold it for the long-term but it lacks the utility of MNT. It’s a choice between being active and earning regular yield, or being passive and earning capital gains.

This concept will later be applied to MyUSD. Currently, MyUSD is a yield-distributing asset, meaning rewards are sent directly to you. If MNTX proves to be successful, then a new synthetic variant of MyUSD can be introduced that’s yield-accumulating. Instead of being pegged exactly to $1, this synthetic alternative will rise above $1 slowly over time.