On $MIX token utility
Previously we announced that $MIX would have three main use cases: as a relayer stake in the protocol, as a governance token, and as a tool to earn rewards by staking. Currently, you can earn $MIX tokens by delegating your ADA to our ISPO stake pool [CMIX]. As our ISPO has passed the 20th epoch mark (and will continue for at least the next two months), it is time to dig a little bit deeper into those use-cases.
When users interact with the protocol, they send their requests to a randomly chosen relayer from the list of relay servers. Thus, for the protocol to function, we need to keep this list up to date. Our solution to this problem resembles the mechanism used to maintain the list of block-producing nodes (stake pools): a relayer will need to stake a $MIX token deposit and be constantly online to remain on the list. We plan to set this deposit at 100 000 $MIX initially. This number is one of the parameters eventually regulated through governance. The deposit can be unstaked at any time.
What is the benefit of running a relay server? Relayers charge a fee of 0.1–0.2% of the transaction value for their services, plus they contribute to everyone's privacy. If you are already running a stake pool, you could also run a CardMix relay server alongside it. The number of relay servers that are economically viable to run depends on the popularity of the protocol. Thus, the more our protocol is utilized, the higher demand we expect for the $MIX tokens.
The governance will gradually become available in the six months following the mainnet launch. Our idea is that the protocol will have a set of customizable parameters that a token holder voting can tune. However, only changes that are considered "safe" can be made this way. More drastic updates to the protocol will require everyone to switch to the new version (the old one will always remain available). More importantly, the token holders will vote on the distribution of treasury unlocks that will start six months after the launch.
Just a reminder: the treasury contains 25% of the token supply. These tokens will be unlocked at a 1% per month rate (original announcement). The treasury funds are intended to support the continuous development of the project post-launch (including various partnerships), increasing the project's visibility, and as additional incentives to our supporters.
And finally, a note on staking. $MIX token locked staking to earn additional rewards is something we have in mind, but this is not currently a priority as it is not critical for the protocol. We plan to implement this mechanism after finishing with governance and anonymity mining.
Have a good day, and stay tuned for more news from us!