Metanyx
Metanyx
May 7 · 4 min read

METX is the first token officially released on the IOST blockchain and its IOST balance just reached 500K IOST!!

METX was designed to provide Metanyx voters a share of our block production rewards. For every block Metanyx produces we share 50% of the Servi rewards with our voters by issuing our voters METX which can be redeemed for IOST.

METX Valuation

Unlike many tokens which have no or little utility and no code even to back up their value METX value is derived directly from the IOST balance held by Metanyx which was generated by block production. The value of IOST itself is speculative as any other cryptocurrency so if IOST value goes up so does METX, if the IOST balance of METX increases the value of METX also goes up.

To calculate METX value you can utilize the following calculation

Blocks x 3.3 x 0.50 / Circulating supply

Example 303030 x 3.3 x 0.5 / 35,000,000 ~= 0.014

1 METX ~= 0.014 IOST (as of May 7th 2019)

The distribution design of METX is to be reduced gradually on an annual basis at 10% of the remaining supply. The total supply of METX is 1 billion with a first year distribution of 100 million, in 2020 the distribution will be 90 million (10% of 900 million remaining supply), this will be reduced every year. METX has been designed as a deflationary token with every METX that is redeemed for IOST to be burned decreasing its circulation. Early voters of Metanyx will receive proportionally more than is possible in the future without holding more percentage of the vote.

Distribution Schedule for 2019 (total 100,000,000 METX)

Currently there is 35 million METX in circulation, this can be verified at https://api.iost.io/getTokenInfo/metx/true (8 decimal places). If we produce more blocks the value of METX will increase based on the decreasing distribution as less METX will be available while the IOST balance continues to grow. Metanyx has already produced 300,000 blocks and is on schedule to produce 1,000,000 blocks by the end of 2019.

Please visit https://www.iostabc.com/account/metanyx to see how many blocks we have produced so far.

Why vote for Metanyx

We expect more voters will realize the benefits of the METX design which will increase our votes which will in turn help us produce more blocks. The more blocks we produce the more IOST will be allocated to the METX balance. By voting for a node with less overall voters you will share proportionally more of the rewards they receive(specifically for contribution rewards), a node also needs a reasonable amount of votes to produce more blocks so it is a double edge sword where the right balance is. There is 210 million IOST allocated to both Servi rewards as well as Contribution rewards, Servi rewards are are not normally shared with Voters, METX is our way of sharing these with our voters.

Metanyx received Tier 1 rewards in Q1 from the IOST foundation. As a highly respected node on in the IOST ecosystem we continue to assist our fellow candidates as well as promote IOST. See the following IOST Contribution Reward System — Final Results for more details.

By voting for Metanyx you will receive METX as well as share in our Contribution rewards.

Distribution

In June 2019 we will be moving distribution of the METX token entirely on chain rather than the current method which requires us to manually process claims. We made the decision to process these manually in the short term while migration from the current voting portal to mainnet accounts was occuring to reward our early and current voters. By June 2019 we believe >90% of our voters will hold votes directly from their own mainnet accounts which will allow us to facilitate automatic distribution, initially we are planning on doing this on a weekly basis. From June there will be 56 million METX remaining to be distributed throughout 2019 with an average weekly distribution of 175K METX.

Redemption

In Q4 of 2019 we will offer a simple conversion to IOST by sending the METX to a given address, once the METX is received we will calculate the IOST value and burn the receive METX returning to the sender the IOST allocation.

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

For more information about Metanyx please see the following

Metanyx website

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