myBID Whitepaper
  • Introduction
    • Terms & Definitions
  • The Digital Identity Crisis
    • History of Identity Verification
  • myBID: Web3-Powered Digital ID
    • Blockchain 101
    • Self-Sovereign Identity (SSI)
  • How Nations Gain From Digital IDs
    • Digital ID Adoption Across Nations
  • How myBID Empowers Nations
  • myBID in Action (Use Cases)
  • Partnership & Collaborations
  • Regulation & Compliance
  • Tokenomics
    • Mission
    • $MBID Token Allocation
    • How $MBID Works
    • Supply & Demand
    • Staking $MBID Tokens
  • Roadmap & Future Plans
  • Team & Advisors
  • myBID Technology & Security
  • myBID's Purpose-Driven Impact
  • The myBID Foundation
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  1. Tokenomics

Staking $MBID Tokens

The myBID ecosystem introduces four distinct staking contracts, accessible to all token holders. As $MBID tokens are SPL tokens, they can be held in any compatible non-custodial or custodial wallets, including but not limited to the myBID wallet.

Long-term Ecosystem Support: These staking contracts are designed to incentivise early adopters, investors, and customers to retain $MBID and provide sustained support to the ecosystem.

📜 Details of Staking Contracts

  1. Reward-Focused Contracts:

Annual Percentage Rate = APR

Lock-up Period
APR
Formula

1 Year

30%

Number of Tokens Staked x 30% x (12/12) x URM

90 Days

6%

Number of Tokens Staked x 6% x (3/12) x URM

30 Days

1.5%

Number of Tokens Staked x 1.5% x (1/12) x URM

  1. Charitable Foundation Support Contract:

  • Staking for Charity: Allows token holders to stake tokens for the benefit of a charitable foundation.

  • Ownership and Rewards: Staked tokens remain under the ownership of the staker, but the rewards generated are allocated to the foundation.

🏭 Token Reward Mechanism

  • Newly Minted Tokens: Staking rewards are generated by minting new tokens.

  • Adherence to Maximum Supply: The use of the User Reward Multiplier (URM) ensures that the maximum supply of tokens is never exceeded, maintaining the integrity of the tokenomics.

  • Consistent Reward Provision: The RM mechanism ensures that staking consistently offers rewards, regardless of the contract chosen.

🤝 Governance and Community Engagement

  • Enhanced Participation: By engaging in staking, token holders actively contribute to the decision-making processes within the myBID ecosystem, especially those staking for the charitable foundation.

  • Transparency and Inclusivity: The staking process is designed to be transparent, ensuring that all participants have a clear understanding of the staking rewards, lock-up periods, and their impact on the ecosystem.

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Last updated 8 months ago