Ethermon has always been driven by passionate community members since its genesis in 2017. In fact, the current team is led by the dedicated players who took over the project in early 2019. There is no question Ethermon is one of the true OG crypto gaming projects. It has survived the test of time and multiple bear markets, remaining at the cutting edge of both GameFi and the emerging blockchain-enabled metaverse space.
The Ethermon DAO
Our mission is to democratize gaming by not only tangibly rewarding active players but also revolutionizing the emerging Metaverse space.
To this end, the team has decided to begin transitioning Ethermon to a DAO structure. This will be a complex and gradual process. It will take time to balance the creative energy, player-centered concerns, and idea generation of our larger community with the technical and operational concerns and infrastructure costs borne by a core team and required to reach mass market adoption. However, this step is critical for the longer-term success of Ethermon.
New EMON Tokenomics
Since switching to selling Mons in EMON in early October 2021, the team has not sold a single EMON for revenue. The team genuinely believes in the long-term future value of EMON that much.
To ensure the sustainability of EMON, we are transitioning its purpose from a utility token to governance token. To pave the way for an effective Ethermon DAO, the purpose and use of EMON must fundamentally change. EMON needs to become a governance token that enables our community to directly influence Ethermon’s direction, rather than a token serving as a medium of exchange. Once sufficiently decentralized, the Ethermon team will transition all aspects of the game, its future direction, control, and distribution of income to the DAO.
Moving forward, only exclusive Ethermon NFTs and content will be available for sale in EMON, with the majority of future collections available for purchase in WETH.
To reward our community of crypto pioneers and early Metaverse adopters for supporting this vision, we are introducing massive staking rewards as we transition to a DAO.
Ethermon Staking
In the coming months, we will be releasing Ethermon’s next-generation staking platform. To stake for EMON rewards, participants will need:
- EMON tokens
- At least 1 (soon-to-be-released) Legend NFT
- At least 1 Mon NFT
There are a number of factors that affect how much each participant will receive of the total staking rewards available per period.
In short, the higher the amount of EMON locked, the longer the duration staked, and the rarer the Mon and/or PFP will result in higher staking rewards.
Note: The Legend staking requirement is subject to reaching a minimum 60% sale of the Legends supply. In the case it’s not reached, Legends would still yield a bonus APR.
Staking Lock
A staking lock is a combination of some portion of EMON, 1 Legend PFP and 1 Ethermon NFT. There is a finite number of Staking positions available capped at the total number of Legends in circulating supply.
EMON holdings
Initially, you will be able to invest up to 100,000 EMON in a single staking lock (with 1 Legend PFP + 1 Ethermon NFT in each). However, you can have multiple locks at the same time by staking more EMON and an additional Legend and Mon combination, giving you the opportunity to stake more than the 100,000 EMON limit and have multiple lock periods.
Important Note: EMON staked is locked for a fixed duration defined at the start of the lock. The amount can be increased at any time. If increased, the lock will be extended for a new duration selected by the player, with a later expiration date.
Locking of EMON vs Legend and Mon
Participants must stake one of Ethermon’s soon-to-be-released Legend PFPs and 1 Ethermon Mon NFT per lock, ensuring they are in the same wallet. Neither the staked Mon nor Legend will be locked — you can remove them from the lock or sell them at any time. However, EMON rewards will stop on the date that either is removed and the EMON staked will remain locked for the duration you initially agreed upon.
Staked Mon NFT & Rarity
Any Mon can be staked for rewards, with higher rarity Mons yielding a higher APR (i.e., Mythic would yield the highest possible bonus APR and Gasons will yield the lowest bonus APR). To further gamify staking, we may introduce DAO proposals to vote on whether to include your Mon’s onchain experience levels.
There are currently over 334 different species of Mons in existence, each with a finite number of Mons per species. For Mythics, the rarest Mons, only 10 will ever exist. For staking, the rarer the Mon, the higher the staking rewards. You will be able to gauge a real-time estimate of APY as you select your Legend and Mon to stake .Please note that starter Mons — Mons previously given out for free — will gain no staking bonus.
See below for rarities listed lowest to highest:
- Gason
- Common
- Uncommon
- Rare
- Legendary
- Mythic
Badge Mon Advantage
Each time a new species of Mon is released, the first 3 mints of that species are known as “badge Mons” (i.e., “badge 1” is the first Mint of a Species, and so on). These badge Mons hold special significance in the community and are highly prized. Building on their collectibility, staking a badge Mon will also give you a bonus APR, adding to your EMON rewards.
Lock Duration
The fundamental reason behind the staking rewards is to attract long-term passionate supporters of the Ethermon community as the project transitions toward a full DAO (Decentralized Autonomous Organization). Hence, the longer the staking periods, the higher the staking rewards due. EMON will not be able to be withdrawn during the agreed lock period managed by a smart contract. The contract is written so that only the funder is able to withdraw funds they committed to the contract. If participants lose access to the wallet they funded with, the Ethermon team has no way of withdrawing funds on their behalf (i.e. locked on the contract forever) so please be warned.
Calculation of the Monthly Staking
Each month a fixed amount of EMON will be awarded to the pooled Staking pool to be distributed to the stakers. The total EMON rewards is calculated as follows:
EMON Staking Reward = Team Power / sum power all teams * Period EMON amount
Team Power = Team Bonus x Mon Rarity x Badge Bonus x Duration.
An intuitive user interface is already in development, giving you real-time insights into your expected ROI as you select your staking assets.
Rewards payments
EMON rewards for staking will accrue for the duration of each staking lock period, provided that you maintain a valid team (at least 1 Mon and 1 PFP in the same wallet originally staked). If either the Mon or PFP is removed during the lock period, then your rewards will cease to accrue.
All staking rewards are maintained and rewarded via the Staking Smart contract and can be withdrawn at the end of the lock period.
Security of EMON staked in the Contract
Only the original staker can withdraw the principal EMON staked. The contract does not permit Ethermon to withdraw EMON on the staker’s behalf, so please keep your private keys secure. The Ethermon team will never ask or need you to disclose your private key or seed phrase under any circumstances.
Please be aware that if you lose access to your staking wallet, Ethermon will not be able to assist with the removal of EMON from the contract, and funds will remain locked in the contract.
Adjustment of the EMON staking Rewards Pools
The amount of EMON rewards will be managed and distributed to the community to scale with adoption, until EMON is fully distributed.
