Public Mint is taking another step towards the decentralized governance of EARN, a community-led investment platform soon to be launched by the company on top of their existing fiat-native blockchain. In the run-up to the release of the platform, the company is introducing the MINT Rewards Program to incentivize MINT liquidity to move from Ethereum into the Public Mint network.
The rewards program launched on August 16, and will remain in place for at least four months. The first 24 hours saw an inflow of over seven million MINT tokens, worth over $1 million USD at the time of writing, into the Public Mint blockchain.
The MINT staking and governance aspect is a crucial development for Public Mint. As the first MINT Rewards Program is now live on its blockchain, users can move their tokens to the Public Mint chain through the Ethereum-Public Mint bridge. All migrated MINT tokens accumulate compounding daily rewards until the bridge evolves into a two-way system. That upgrade will occur on January 17, 2022, as it is part of Public Mint’s roadmap.
The choice for migrating MINT serves two other purposes:
- It will remove the risk of impermanent loss from staking MINT with another [volatile] asset.
- It is a reward scheme for early adopters and investors who play a role in the ongoing evolution of Public Mint’s EARN program.
This migration procedure will bring more MINT liquidity to the Public Mint blockchain, allowing the network to achieve a critical mass of tokens and enabling a fair and decentralized governance mechanism.
Through the new MINT rewards on the public MINT blockchain, users will earn 20% APY from August 16 until October 11. Afterward, the APY will decrease to 15% until December 6 and remain at 10% from that point forward. All rewards compound automatically and are paid out daily on the first block after 00:00 UTC every day.
Migrating one’s tokens is a simple process. It does not require sending MINT from an Ethereum address to the Public Mint address, as these are different networks. Instead, users need to follow the guidelines outlined by the team and complete the transaction via the one-way bridge through the Public Mint Wallet interface. There is a gas fee to pay on the Ethereum network, thus keeping some ETH in one’s Web3 wallet is required.
In the first 24 hours since opening the migration process, 40 users have transferred nearly $1 million USDT worth of MINT tokens from Ethereum to the Public Mint blockchain. That equates to over 7 million MINT tokens, confirming a growing interest in the new rewards program.