MODA rewards for EMT holders
The Emanate team has been a driving force behind MODA DAO’s 2021 launch preparation. With funding completed, MODA looks at community building and the launch of its Music3 governance plan, a move that is set to rise the tide for all Web3 music projects; including Emanate!
Buy and stake $EMT now to start collecting MODA rewards from December 15th onward.
Rewards secured
From the MODA supply that is dedicated towards community growth, Emanate has secured a pool of $MODA Music3 governance tokens to be earned by the long-standing and hardworking Emanate music community. This will help cross-pollinate both communities and build towards the exciting new multichain NFT aggregator that is on the way.
Rewards built into the existing ‘GROW’ contract
We’ve reworked the rewards mechanism so that tokens only need to be staked into the GROW table. This is the same contract that is used for staking Pro-Connect and Music-Lover subscriptions on the platform. It’s accessible via the Emanate platform and bloks.io. This means community members who already staked EMT don’t need to do anything other than bind an ERC-20 wallet. Read on.
Opt-in and activate your ERC-20 Wallet
To opt-in to the program and bind an ERC-20 wallet to your EMT / EOS account, all you need to do is send 0.0001 EMT to the emanate2moda account and include your ERC-20 address in the memo:
How many rewards?
The MODA farming activity is planned to run for 6 months, with 10,000 MODA tokens delivered, pro-rata, per month, shared relatively between the EMT stakers. This is to say that the more you stake, the more you make. The minimum per account is 5,000 EMT, the max per account is 10 million EMT.
Note: minimum stake has been changed to 5000 and maximum to 10 million to reflect community participation.
All accounts are eligible but the emanatedevop treasury account and each of the founding team accounts will not participate.
Recap
- Stake your EMT as usual via ‘My Account’ on Emanate.live or using the GROW function on bloks.io
- Bind an ERC-20 wallet to your Emanate EOSIO account, by sending 0.0001 EMT to ‘emanate2moda’ with your ERC-20 in the memo
- Keep tokens staked or add more during the month to increase your average % of the pool
- Watch your MODA allocation build at the end of each month
- Claim MODA when you are ready and when gas prices are ok for you
You can stake $EMT and bind the address NOW but rewards will start from December 15th.
Watch outs:
- This is not via the old STAKE contract, only via the newer GROW contract. If you have never moved your EMT since the first token sale it may still be stuck in the STAKE table. Get help in discord if this is a concern for you
- Make it worthwhile! Claiming your MODA over on the ethereum side will use gas, there might be a $40+ fee each time you want to claim!
- In order to avoid manipulation of the scheme, the number of tokens staked will be scanned every day and the daily balance will be averaged out over the month. This amount is what will earn a share of the MODA rewards pool. This also means that EMT holders and buy, sell, trade, stake, and use EMT as they normally do, provided tokens are staked in between transactions.
- You might need some CPU first! https://eospowerup.io/free
- Get MetaMask if you need an new ERC-20 address https://metamask.io/
