Metanyx launches METX token to share IOST Servi rewards

Why Vote for Metanyx?

Metanyx will provide 50% of its Servi reward back to its voters in the way of a newly issued token. Metanyx have created the first ever token on the IOST blockchain, the token identifier is METX. The token will allow users to receive a portion of the Servi only reward. Users can accumulate tokens by voting for Metanxy as an IOST Servi Node. Beginning March 10th to celebrate the IOST mainnet launch we will Air Drop 10,000 METX tokens to anyone who joins our Telegram group.

Metanyx is a leader in the IOST community respected by the IOST development team and fellow candidates. Metanyx strives to improve the IOST ecosystem by continuous contribution, Metanyx have helped a number of other candidates with their Servi node deployments and developers get up and running. 25% of the annual reward is now based on contribution to the IOST ecosystem, Metanyx will continue supporting the community from all angles which will provide our voters better return when contribution rewards are distributed.

Currently users can vote for Metanyx via Biss.com, in the future you will be able to vote on other exchanges and directly from a wallet.

IOST Rewards model

The first year reward pool is 840 Million IOST which is broken down into the following 3 categories.

  • Election Reward = 420 Million IOST — 50% shared with voters proportionally
  • Contribution Rewards = 210 Million IOST — 50% shared with voters proportionally
  • Servi Rewards = 210 Million IOST — 0% shared with voters

Based on the current model voters do not share the Servi Rewards, the proposed METX token will allow voters to share in this reward.

For more information on the IOST reward system please see the IOST Partner node contribution reward system

Economic Model

The METX token will be used to reward voters by using it as arbitrage against 50% of the Servi node reward that the Metanyx node receives. Every week 50% of the rewards received by Metanyx will be stored to back the value of the METX token. Each allocation of rewards will be used to increase the vote against the Metanyx producer to increase Servi reward potential.

The following is an example of Servi Reward accumulation that will be used to back the value of the METX token.

The projected IOST rewards are based on increased IOST votes received by Metanyx on a monthly basis. The maximum reward a Servi node can receive is approximately 1,020,327 IOST a month (2 blocks a second x 86,400 seconds a day / 17 Servi nodes x 3.3 IOST block reward x 365 days / 12 months) assuming they are in every single round and do not miss a block, it is unlikely this will ever occur due to the design of PoB. A realistic maximum is 800k IOST.

METX Token Distribution

The METX token has a 1,000,000,000 total supply , 10% of the remaining supply will be released every year on a weekly basis.

This will continue indefinitely decreasing annually based on the calendar year

The model will ensure a gradual release of the token into circulation, it is expected that the IOST balance will rise proportionally faster than the METX token is released which will increase the value of METX token over time. Every year fewer METX tokens will be released increasing the scarcity of the token against a growing IOST balance.

Initial Token distribution

To celebrate the IOST mainnet launch Metanyx will be distributing 10 million tokens from March 10th 2019 until March 31st 2019. The first 1000 users will receive 10,000 METX tokens each, users will need to join the Metanyx Telegram channel providing their public address on the IOST mainnet. If any of the 10 million Air Drop tokens are not claimed by the 31st of March 2019 these will be distributed to voters by the end of 2019 to voters of Metanyx.

Mainet registration will be available after March 10th 2019.

In April and beyond once end users are able to vote directly for Metanyx either from a wallet or via an Exchange wallet Metanyx will distribute the remaining 90 million and any left over Air Drop tokens by the end of 2019. This process will be fully automated as soon as technically possible.

Once you are able to create an account on the IOST mainnet full instructions will be provided how you can claim your METX tokens,

Redemption

All METX tokens will be redeemable by Metanyx for IOST, when a METX token is redeemed for IOST it will be destroyed by Metanyx to create a deflationary supply of METX. All METX tokens will be frozen for 6 months from their initial issuance. To redeem METX for IOST a user will send the METX to Metanyx public address which will burn the METX token in exchange for IOST. The IOST will be released after 7 days after unvoting occurs. Metanyx will not sell the METX token.

Decentralized Exchange

METX will be tradeable by its holders on DDEX or similar Decentralized Exchanges allowing users to trade it for other tokens as they wish. The value of METX token on a decentralized exchange may vary as it does with any other token traded OTC or using a DEX.

About Metanyx

Metanyx at its core is a network of passionate IOST enthusiasts that collaborate and share their collective skills and knowledge to mature the IOST ecoystems. Metanyx are a community focused Servi Node who have been actively involved in the IOST ecosystem from the very beginning. In addition to supporting the IOST community Metanyx are in the midst of developing Dapps for the IOST network which they will announce in the future. Metanyx run a high available Servi Node on the IOST network.

For more information about Metanyx please see the following

https://metanyx.com

Join the Metanyx Telegram channel

Follow on Twitter

Vote for Metanyx at Biss.com