Token Distribution to Early Supporters
Today we announce that a total of 10 000 000 $MIX tokens will be airdropped to delegators of our very own stake pool with the ticker symbol [CMIX]. It is the first blog post in a series where we reveal the details of our public token distribution.
Initial stake pool offering (ISPO) is a novel method to distribute a protocol’s utility tokens to the community using the Cardano blockchain. It ensures a high degree of decentralization of the token ownership and simultaneously supports the project’s development.
To participate in the token distribution, users delegate their $ADA to our stake pool [CMIX]. The $MIX rewards are calculated for every epoch individually. Users may decide to participate for any number of epochs. Our ISPO starts on epoch 319, which means that the interested users may redelegate now to be eligible for the first round of rewards.
As you probably know, you can delegate your $ADA to a stake pool in your Cardano wallet app (like Daedalus or Yoroi). It is completely safe, as your funds never leave your wallet. Enter CMIX in the pool search textbox inside your wallet app to find our stake pool. To be sure you are delegating to the right pool, check the pool ID.
Our pool ID: pool1pmeetaqhlsdc5yj8snp8j46hprs9mzghxcl63vch95trz3xwpln
In hexadecimal format: 0ef395f417fc1b8a124784c279575708e05d8917363fa8b3172d1631
Below we give a complete rewards breakdown and answer some common questions.
The Airdrop Formula
We use the following formula to calculate the $MIX airdrop amount:
A(d) is the amount of $MIX tokens to be received by the user in one epoch;
N = 500 000 is the maximal amount of $MIX tokens allocated for each epoch;
d is the amount of $ADA delegated by the user;
D is the total amount of $ADA delegated;
L=0.1 is the part of tokens that goes to the lottery (10% of the tokens);
P is the pool saturation level (a number between 0 and 1);
Pmin=0.2 guarantees the minimal level of rewards regardless of the saturation.
The lottery prize pool is
To participate in the lottery, delegate at least 1000 ADA. Every participant has an equal chance to win, and the lottery prize pool is distributed evenly between the winners. The number of winners depends on the saturation: 3 winners when 0 < P < 0.2, 4 winners when 0.2 ≤ P < 0.4, 5 winners when 0.4 ≤ P < 0.6, 6 winners when 0.6 ≤ P < 0.8, and 7 winners otherwise.
What is the purpose of the $MIX tokens anyway?
$MIX is a utility token of our protocol. The token has three main use-cases:
1) It gives voting power to the holders;
2) It is used as collateral by relay nodes that process withdrawal transactions;
3) It can be staked to receive a part of the protocol fees.
How long will the ISPO last?
The ISPO will continue until we distribute all 10 000 000 $MIX tokens, which is 10% of the total token supply. If the campaign is a success, we will likely increase the rewards as we allocated 15% for the early supporters in total.
What are the parameters of your stake pool?
The stake pool will have a 100% variable fee until the campaign is over. Once we distribute all the tokens, the stake pool will be converted to a normal one with a 2% variable fee, of which 1% will be directed to yet be chosen charity.
When will I get my tokens?
The airdrops themselves will happen just before the official mainnet launch when the tokens are minted.
When is the project going to launch? How are things going with the development?
At the moment, we are deep into development. The core protocol functions are complete, but building and testing tools for the decentralized infrastructure will take some more time. The additional resources from the stake pool will be of great help as the team is trying to expand and deliver the highest quality product.