Spain, Nov. 24, 2021 — Myobu, a growing GameFi and metaverse project on the Ethereum and Binance blockchains, announced that Myobu holders can now stake their tokens using the project’s own staking decentralized application. Staking allows Myobu holders to earn passive rewards paid in Ether (ETH). It is one of the first staking options of its kind in the explosive GameFi space.
This unique contract is considerably different compared to traditional staking protocols. Myobu rewards its stakers in ETH, not in its native Myobu token. Such an innovative approach, with another cryptocurrency used for rewarding holders, is a specific feature of this blockchain-based project.
Other tokens usually have staking rewards paid in the native token itself; however; this leads to downward pressure on price through the sale of these rewards. “We wanted to make the most rewarding, anti-inflation DeFi product in the GameFi space, so we’re rewarding holders directly in ETH. It’s unique and lays a strong foundation for our metaverse,” emphasized San Morales, chief operating officer of Myobu.
How Myobu staking works
Currently, the Myobu staking contract allows holders to stake according to their risk tolerance in two ways briefly summarized below.
Locked Single Asset Staking allows holders to lock Myobu tokens into the staking pool for a set amount of time and earn rewards in ETH. The minimum time lock is one week, while staking Myobu for a maximum of 52 weeks will earn three times the rewards.
LP Staking (Liquidity Provider staking) is the second option. It is Myobu’s LP staking pool that allows community members to earn rewards by staking Myobu and a chosen paired token — e.g., Wrapped Ether (wETH) and USD Coin (USDC). While engaging in LP staking carries additional risks, such as impermanent loss, a larger annual percentage yield (APY) of rewards can offset this on a risk-adjusted basis.
The rewards in ETH are funded by tax income from buy and sell transactions of the token. The more trading volume Myobu has, the higher the APY for the staking contract. Considering the marketing plans, upcoming games, centralized exchange listings and cross-chain bridges scheduled by Myobu, the team is expecting APYs to remain attractive.
What’s more, Myobu is committed to providing new ways to earn, such as increasing the number of possible LP pairs, while also adding new features and utility where possible — e.g., staking nonfungible tokens (NFT) for bonus APY. One of the future functionalities the team has been exploring is a way for a certain staking amount to earn exclusive access to new NFTs or in-game features.
How staking helps Myobu
Staking will provide Myobu with the price stability and liquidity needed to build its GameFi ecosystem. The team believes that price stability and liquidity will allow the community to hold Myobu tokens with confidence as the Myobu metaverse continues to be developed while also helping to attract the top talent in game development: artists, developers and more.
“As we ramp towards the launch of Project Hikari, our trading card game, and continue to develop Project Yume, our MMO, we’re confident that not only will volume and APY increase, but that our innovative staking smart contract will help us attract more world-class artists and developers by cementing Myobu as one of the leading projects in the space,” declared Morales.
A few words about Myobu
Myobu is a GameFi project on the Ethereum blockchain. With an experienced team and a thriving community, Myobu is developing a metaverse that includes play-and-earn games, a massively multiplayer online role-playing game (MMORPG), tradeable NFTs and more.
The project’s team was inspired by Japanese culture, where the Myobu is a celestial fox spirit that is both the bringer of happiness and luck, as well as the messenger of the deity of harvest.
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