🪙$MINT token
Learn more about the $MINT token
Last updated
Learn more about the $MINT token
Last updated
Our application ensures that even if our users don't win the main prize, they still win every single time the play and are additionally rewarded by other users minting. That's where the $MINT token comes into play.
The $MINT token is a rebase token. The mechanics are fuelled by the organic economic activity of the protocol and users that are holding the $MINT token are rewarded by receiving $MINT distributions from other users' mints.
Every minter will be receiving $MINT tokens on every mint, depending on the rarity of the tier they land on.
$MINT tokens are minted whenever a user mints via Perpetual Mints and doesn’t win the main prize. On every mint, some ETH set aside from the minting fees to back the $MINT token. The $MINT token is non-tradable and can be only utilized within the Perpetual Mint ecosystem while it accrues benefits for $MINT holders.
$MINT tokens have a stable exchange rate of 1,000,000 $MINT to 1 ETH, that is used to determine how much $MINT to distribute, and also influences other various $MINT use cases such as redeeming $MINT for ETH.
Below we describe the existing functionality of $MINT. More functionality will be added to the token in the very near future.
Just holding the $MINT tokens will reward users as the Perpetual Mint product grows. Holders will benefit in two ways:
as other people mint, 10% of all the $MINT tokens issued are distributed to existing $MINT holders proportionally to their share of the total supply of $MINT tokens
any time someone burns their $MINT to redeem ETH a haircut is applied and an ETH surplus is being accrued for the remaining $MINT holders - this surplus will be periodically dispersed to the $MINT holders
That means you will be getting more $MINT tokens and their ETH value will be appreciating, always - just by you hodling!
Instead of spending ETH to attempt a Perpetual Mint, you can use your $MINT tokens. Minting is the primary utility of the $MINT token and each mint results in the $MINT tokens being burned.
Alternatively users can burn their $MINT to redeem ETH. Users will have to pay a 5% premium in terms of $MINT relative to the exchange rate mentioned above. This means that more ETH is left for the remaining $MINT holders for distribution.
The number of $MINT tokens minted is varied based on their tier and probabilistically determined using Chainlink VRF. It is also depends on the minting price in ETH for that asset - the higher the price, the more $MINT is rewarded. Currently there are five distinct tiers:
Common: Default tier, and represents the smallest $MINT amount rewarded. The chance to receive a Common tier is 50%.
Uncommon: Second most common $MINT tier. The tier chance is 33% and it rewards 1.75x as much as the Common tier.
Rare: Third most common $MINT tier. The tier chance is 12.5% and it rewards 4.75x as much as the Common tier.
Epic: Second rarest $MINT tier. The tier chance is 4% and it rewards 8.75x as much as the Common tier.
Legendary: Rarest $MINT tier. The tier chance is 0.5% and it rewards 50x as much as the Common tier.
