What do the Decentralized Exchange (DEX) and StarCrazy a Play-to-Earn (P2E) game have in common? They are both built on the IoTeX blockchain most likely because it has an enviable reputation for its security record and because transaction fees are extremely low.
Mimo is getting ready to launch in an updated version and StarCrazy will be a part of this journey. This week I caught up with both teams to learn what part each will soon be playing in their intertwined work.
We started with StarCrazy.
Talk about your decision to list StarCrazy on mimo? What tokens will you be listing? GFT, GFS, or both?
Both. Our game is built on a dual token model, and both tokens are very important to us. So we will list both our GFT and GFS tokens on mimo. We will provide incentives and support to provide both tokens with liquidity.
Will this be a good thing for the StarCrazy community? Why?
Yes, this will be a very good thing. It will strengthen the liquidity of GFT and GFS so players can move in and out of that token with confidence.
And it will let StarCrazy rapidly improve the game with new features. By retaining and hiring top developer talent we can give users an ever improving game experience, both in terms of earning as well and in pure gaming fun.
How will StarCrazy use the DAO structure to support StarCrazy’s health and long term sustainability?
As a voting member of the mimo DAO, we will use our governing voice to optimize the rewards for people who stake in StarCrazy’s liquidity pool. Week to week, we will look to find the best balance of staking rewards and financial responsibility to the long term stability of the game. If we offer rewards that are too great it is not good for our game but if those rewards are not sufficient to attract staking, this is also not healthy for the StarCrazy ecosystem.
It should be exciting to look at the other protocols listed on mimo to understand the ever shifting economy there. We expect there will be friendly competition and, at the same time, a desire for mutual support.
The mimo team was generous with their time in bringing me up to speed on their new tokenomics and the creation of their DAO. To get a deeper understanding of what this will mean and how it will be implemented, I suggest you spend a few minutes reading their recent blog posts.
What’s new with the new mimo that’s about to launch?
The main thing that’s different in the new version of mimo is we’ll be basing our tokenomics on a veToken model first introduced by Curve. And this DEX will be governed by a DAO.
What about the DAO model do you think will be an improvement over the current version of mimo?
The current model of most DEX’s is not conducive to long range thinking. DEXs have been offering reward rates that, frankly, are crazy. They’re completely unsustainable and cause investors to pull their investments after a short period of time to chase after the highest rates in the next DEX.
The DAO and veToken model, we believe, is a better fit for investors who want better long term performance.
And how do you accomplish this longer term mindset?
With the creation of a DAO, we are empowering the DAO members to play an active role in determining the management of mimo’s treasury. These members will have a say in mimo’s spending, borrowing, asset allocation and reporting.
How are rewards decided in this model?
The underlying assumption here is that investors who lock their tokens for longer durations should both receive attractive rewards and have great say in governance. The protocols that make up the DAO (after applying and being accepted!) vote on the percentage rewards being paid out. This is done on a regular basis.
And how does one become a member of the DAO?
After staking on mimo and earning PICO, they must stake their PICO. This generates vePICO rewards. vePICO holders are given the right to vote on proposals being considered by the DAO. Their voting power is determined by the amount of vePICO they hold.
Next week, we’re going to go into greater detail about the rewards we’ll be giving to people who stake with StarCrazy. We’re confident that you’re going to really appreciate how we’ll be rewarding our users.
Great news and nice tease, StarCrazy!
Thanks to both the StarCrazy team and to mimo’s team for giving us a peak at coming developments. Wishing both teams great success!
Steps to enter the game:
Step 1: Install the metamask: https://metamask.io/
Step 2: Add a custom RPC/NetworkIn the MetaMask browser extension, open the “Networks” drop-down menu at the top, and click the “Add Network”:
Step 3: Input the respective network values for IoTeX Mainnet:
Network Name: “IoTeX Mainnet”
RPC URL: See Babel API Endpoints » (Example: https://babel-api.mainnet.iotex.io)
Chain ID: 4689
Symbol: IOTX
Explorer URL: https://iotexscan.io
Step 4: Click the Save button and make sure IoTeX is selected as the active network
Step 5: Click the link to enter the game: https://d2jhbtit8chvf8.cloudfront.net/starcrazy/a3eae37/web-desktop/index.html?cid=D2