Staking is now live on Mythos Chain, marking a significant milestone for the Web3 gaming ecosystem.
Built on Polkadot’s Delegated Proof of Stake (DPoS) system, the new staking mechanism offers early participants annual percentage yields (APY) of up to 300%. Notably, the Mythos Foundation has allocated 50 million MYTH tokens to be distributed over the next 12 months, with 25 million MYTH already staked.
High APY and Governance Participation
Gamers, developers, and token holders can now stake MYTH through Nova Wallet according to Mythos’ announcement . For context, the staking model not only provides financial incentives but also strengthens network security and governance.
By staking MYTH, participants contribute to the ecosystem while earning rewards. The high APY rates, currently exceeding 200%, have driven strong demand.
Deflationary Tokenomics
A key feature of Mythos Chain’s staking mechanism is its deflationary token model. All gas fees generated on the network are burned, reducing the total supply of MYTH over time. This mechanism aims to enhance the token’s long-term value by decreasing overall circulation.
How to Participate in the Mythos Chain Staking
Users interested in participating and earning staking rewards can sign up and connect to Nova Wallet. Staking can be done through the Nova Wallet app by selecting a collator, entering the desired stake amount, reviewing the details, and confirming the transaction.
A minimum of 500 MYTH is required to stake, though some collators may have higher requirements. The unstaking period takes approximately three days, and rewards accrue every 24 hours but must be manually claimed.
Collator APR is dynamic, with lower-staked collators offering higher APR that decreases as more users stake with them. To maximize rewards, users should regularly monitor their collator’s performance.
The Role of Mythos in Web3 Gaming
The Mythos ecosystem is designed to support a next-generation gaming economy. By integrating blockchain technology, Mythos provides true digital asset ownership, seamless interoperability, and player-driven marketplaces.
Notedly, the network powers several Web3 gaming projects, including NFL Rivals, Nitro Nation, and Blankos.
Staking on Mythos Chain aligns with the broader vision of decentralized gaming, where players and developers have greater control over in-game economies. Governance participation through the Mythos DAO allows token holders to vote on key proposals that shape the ecosystem.
