MAP Protocol: How to Participate in MAP Protocol and share the Future of MAP Protocol — AMA Recap
At 4 o’clock in the afternoon on February 25th, a telegram AMA “How to participate in MAP Protocol and share the future of MAP Protocol” was held on the official global Telegram community of the Map Protocol project.
The following was recorded of the guest sharing:
Qn: What is MAP protocol？
Ans: MAP Protocol is a truly decentralized cross-chain interoperable protocol. Since its launch in 2019, MAP protocol team has been working hard to manage cross-chain contract assets through the MAP mainnet.
MAP Protocol is now in strategic cooperation with Microsoft Azure, and lab cooperation with the Illinois Institute of Technology in the US. Also, our team was invited to the Technical Board of the most prominent technology organization in the world to cooperate with developing international standards. MAP Protocol is also funded by Softbank Singapore, one of the largest institutions in the world.
Qn: MAP protocol true decentralization is ultimately needed, but how can it be achieved?
Ans: The technology solution adopted by MAP Protocol is by using PoS mechanism. Each cross-chain pool fund is managed by PoS mechanism of the main chain. With relayer to deliver the cross-chain transaction, the security of the contract will therefore rely on the security of the main chain. MAP Protocol adopted PoS mechanism similar to many of the PoS mechanism projects such as Ethereum 2.0, Cosmo, Terra and etc, with actual operation experience have also prove the safety of PoS.
Qn: Heard that the MAP mainnet will be released soon. Could you share more news about it?
Ans: Gladly. Our MAP mainnet will be released soon. This will be an improvement and new innovation from POC-2.
The cross-chain between the mainnet browser and ETH-Makalu has been completed.
MAP testnet has been running stably for more than 2 months, and the total number of addresses has recently exceeded 25k!
Also, we notice very high frequency on the usage of MAP Bridge ETH-Makalu by users.
And soon you will see more products coming out:
1) Cross-chain bridge — First to implement the cross-chain of BSC，Polygon, ETH and MAP
2) PoS: To realize the consensus mechanism of PoS.
Qn: Could you tell us more share about the release of new Token Economics?
Ans: Sure. I believe all of you aware from the recent announcement that MAP Protocol has determined to attribute all future revenue and nearly 50% of tokens to Community and DAO for transparent governance.
“No DAO, no ethos of Web 3”. This is why MAP Protocol is fully embraced web3 and incorporate DAO governance that is run by the community. The new economic model has made a drastic cut in the percentage allocated to the Team and Foundation, and nearly 50% tokens will be attributed to Mining and DAO.
From the chart above, you will notice that MAP insider ownership is significantly lower than other projects, and at least 50% of token supply is go to public community users.
Qn: Recently the community has been keep promoting Relayer activity and there seems high profitable to participate as Relayers Node.
Could you tell us what is a relayer? why do users want to participate in relayer, and what can users get benefits from it?
Ans: Relayer is Light clients of connected blockchains on MAP chain and light clients of MAP chain on connected blockchains needs to keep up with the growth of the corresponding blockchains. This is where the relayer cuts in.
Besides submitting block headers to various chains, relayers are also responsible for helping users to deliver cross-chain messages, such as cross-chain transfer. As submitting transactions to blockchains would consumes gas, all relayers are rewarded according to the useful work they have accomplished, e.g., the number of effective block headers submitted, the volume of cross-chain transfer.
Users who become relayers will get high benefits from:
1) Obtain a portion of incentives from 3 billion mainnet mining rewards. Sending cross-chain and light node submission information on each chain back to the MAP Chain. Rewards will be distributed in each epoch based on the relay’s performance.
2) Rewards on cross-chain fees. 30% of the fee for cross-chain transactions will be rewarded to relayer users.
Qn: As a MAP user, how can I participate in MAP to gain value and benefits?
Ans: There are various ways you can join and earn with MAP Protocol:
1. Vault provider — The TVL of vault pool deployed on each public chain is very crucial for cross-chain infrastructure. If a user wants to cross-chain USDC from ETH to BSC, someone must provide USDC with BSC version on BSC. Otherwise, the user cannot get the USDC of the BSC version. In this context, cross-chain fees and MAP incentives will be shared.
2. Validator — When MAP mainnet goes live, it can be used as a validator to participate in node staking and get MAP incentives.
3. Relayers — Relayers are responsible for helping users to deliver cross-chain messages, such as cross-chain transfer to get benefits. The Relayers also provides gas fees for cross-chain demanders. This role will share cross-chain fees with vault provider.
4. DeFi Yield Farming (HiveSwap & UniSwap) — Users can be the liquidity provider to MAP, participate in LP farming with the pair of MAP-USDC and MAP-ETH.
Qn: If users interested but not sure how to participate in yield farming. What can they do?
Ans: Just follow the following links, it will guide you step-by-step on “how to provide liquidity on Uniswap”, and earn high APY.
How to Add Liquidity on Uniswap V2 with an initial APY of 580% on ETH-MAP and USDC-MAP Pools: A…
MAP Protocol as a decentralized cross-chain project, aims to provide users with decentralized cross-chain transaction…
Aside from Uniswap, if you are holding $MAP in MAP Makalu network, you can also farm at Hiveswap. The current yield on both MAP-ETH and MAP-USDC pool are still very high.
It’s not too late. Come quickly.
Qn: Please share some future plans of MAP Protocol?
Ans: This year will be the MAP Protocol’s ecological year! In conjunction with the MAP mainnet launch, MAP Bridge and Vault also go on live.
With MAP Bridge, assets on various chains such as BSC, ETH, Polygon can be realized soon and swap safely in decentralized cross-chain manner.
Aside from this, Metaverse, NFTs, GameFi have always been our key focus markets. In the future development of NFT and Gamefi, cross-chain is an indispensable part that cannot be ignored.
Although there were many participants, only 5 of them made it as winners on the AMA and were rewarded with 2K MAP tokens each. The details of the winners are below;
About MAP Protocol
MAP Protocol is the omnichain layer for Web3 with fully secure cross-chain communication built on Light-client and zk-SNARK technology. MAP provides the cross-chain infrastructure to public chains and dApps by connecting both EVM with non-EVM chains. Developers can access a full suite of SDKs so their dApps can easily become omnichain applications.