What is Mythic X?
Mythic X is a next-generation GameFi protocol that is inspired by the best elements of major DeFi protocols that came before it. Key features include:
- Elements of Prior DeFi: The team have combined the best of Tomb, some of the largest node projects, and innovative GameFi protocols such as DeFi Kingdoms to offer something new
- Core Goal: Mythic X will build a Matic pegged token ($FORTUNE) that can be utilized by treasuries in the Matic ecosystem and used for various DeFi use cases (similar to $MIM on $AVAX)
- GameFi: Mythic X incentivizes our community to reach the pegged token through “Staking Quests” to print $Fortune token that will also have negative modifiers that Stakers are able to “heal” through paying fees to the protocol. Negative modifiers impact your ability to finish quests and decreases your questing APR
- Land Holders: Become a landholder through purchasing our very limited lands (Tavern, Blacksmith, Temple). The limited lands available to holders will have a fixed APR, as well as receive airdrops of part of the fees paid by adventurers
- Burn Mechanics / Tokenomics: Novel burn mechanics, including (i) the burning of the majority of fees and (ii) an “interest rate” type mechanism that allows the protocol to limit printing of tokens
In each of the subsequent mediums, we will go deeper into each of these various points, starting with Elements of Prior DeFi today.
Elements of Prior Defi:
The team looked at all the different type so DeFi protocols to get to where we are now.
- Tomb Finance: Tomb seignorage was an innovation that we utilize in our protocol. Whenever our pegged token $FORTUNE goes below the peg, $BFORTUNE gets activated and can be purchased via $FORTUNE. This will push the token above the $MATIC peg. When $FORTUNE goes back above the peg, $BFORTUNE may be utilized to increase the value of the peg
- Nodes: Historical node projects have had one fundamental weakness, which was that they printed too many tokens in too little time. At Mythic, we have created limited nodes that are self-sustainable in the form of Land NFTs (very limited in the few hundreds total). Each land NFT has a fixed APR (200–300% depending on tier) + the airdrop pool from adventurers that pay fees to the protocol. If there are more adventurers in the Mythic protocol, these land NFTs gain even more returns
- DeFi Kingdoms: The idea of making staking a game was a fundamental change from prior DeFi projects. The idea of character NFTs that can improve or decrease stats also changed the way that players interacted with the game. At Mythic, we are taking this to the next level, with characters and gamification through decreasing various stat modifiers that decrease / increase APR. In addition, our Character NFTs will enable all sorts of future gameplay aspects that will allow for new interactions and gamification in our community
Stay Tuned for the Core Goal of Protocol in the next post!