MYTH Council

Unveiling the MYTH Councill

A New Age for GameFi Ecosystems

In the ever-evolving world of blockchain technology and decentralized finance, the GameFi sector stands at the forefront, merging gaming with incentives to create immersive and rewarding experiences.

Governance and Protocol Fee Distributions

Empowering MYTHX Stakers

• One of the core innovations in our GameFi ecosystem is the introduction of governance mechanisms for MYTHX token stakers. By staking MYTHX tokens, users earn rewards and gain a voice in the decision-making process of the platform.

Protocol Fee Distributions

• Governance Over Fee Allocation: Stakers have the authority to vote on how protocol fees are distributed within the ecosystem. This democratic approach ensures that the community has a say in the operations and sustainability of the platform.

• Incentives for Stakers: A portion of the protocol fees collected from various platform activities is distributed to MYTHX stakers. This creates a continuous incentive for users to hold and stake their tokens, aligning their interests with the long-term success of the ecosystem.

Decision Making Around Reward and Engagement Campaigns

Community-Driven Campaigns

• Voting on Campaign Proposals: MYTHX stakers can propose and vote on various reward and engagement campaigns. This includes decisions on the types of quests, the distribution of rewards, and new initiatives to drive user engagement.

• Transparent Execution: All campaign decisions and their outcomes are transparently recorded on the blockchain, ensuring accountability and trust within the community.

Enhancing User Experience

• Dynamic Rewards System: By involving the community in the decision-making process, we can create a more responsive and dynamic rewards system that adapts to the needs and preferences of users.

• Innovative Engagement Strategies: The collective input from MYTHX stakers leads to innovative strategies that enhance user experience and drive sustained engagement across the platform.

Understanding MYTH’s Revenue Streams

MYTH's DAO model generates revenue from a variety of transactional activities. This includes marketplace fees from the buying and selling of in-game assets, direct purchases of items within the game, and purchases of the platforms off-chain/platform and game currency, Essence. In summary, any financial activity within the MYTH ecosystem contributes to the revenue stream.

How Revenue is Distributed

Unlike traditional models where revenues go straight to the game developers or a centralized entity, MYTH has taken a more equitable approach. In this innovative model, 25% of each dollar spent within the MYTH ecosystem is distributed among the DAO stakeholders, also known as the MYTH Council members. This not only ensures a steady income stream for the council members but also incentivizes their active participation in the ecosystem.

Weight-Based Distribution

The distribution of this revenue among the MYTH Council members isn't arbitrary or equal across the board; instead, it follows a weight-based distribution system. This means that the share received by each council member is proportional to their stake or contribution towards the DAO.

For instance, if a council member owns 10% of the voting rights in the DAO, they would receive 10% of the 25% revenue share. This structure encourages active participation and investment in the DAO, as the more one contributes, the higher their potential earnings.

Utility Over Investment

The tokens used within the MYTH ecosystem primarily serve as utility tokens, not investment tokens. This means they are used to access services or assets within the game, like buying in-game items or paying for services, rather than being bought with the expectation of future profit. This is a critical distinction, as securities are typically associated with an investment of money with an expectation of profits from the efforts of others.

Decentralized Governance

MYTH operates as a DAO, meaning it's governed by its community of players and contributors, not a central authority. Council members have the power to make decisions about the platforms development and management. This level of decentralization help MYTH avoid being considered a security because the success of the Ecosystem (and therefore any potential profits) depends on the collective efforts of the council members, not a single promoter or third party.

No Promise of Profit

In MYTH's DAO model, there is no promise of profit to the council members. While they do receive a share of the game's transactional revenues, this is earned as a result of their active participation and contribution to the game's ecosystem, and not guaranteed.

In conclusion, the MYTH DAO model represents not only a new approach to revenue sharing in GameFi but also a careful navigation of the complex regulatory landscape surrounding blockchain and cryptocurrency. By focusing on utility, decentralization, and active participation, MYTH is paving the way for a new generation of compliant GameFi projects.