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  • Incentives for traders
  • Breakdown of incentives oMAIGA for Proof of Trading
  • Summary of the PoT incentives model
  1. MAIGA token

Incentives

PreviousGame Theory 3,3NextPublic sale & IDO

Last updated 1 month ago

Incentives for traders

Traders who trade receive additional rewards, akin to Bitcoin miners being rewarded with BTC for each block they successfully mined. This reward provides longevity and incentives for market participants to continue to participate in Maiga’s Proof of Trading PoT token model.

Every 1 - 10 BNB traded on DEX, 200 - 2000 oMAIGA token will be allocated to the trader during epoch 1 (initial 500,000 BNB or $300,000,000 @ $600/BNB).

Breakdown of incentives oMAIGA for Proof of Trading

Using the similar model as BTC halving, Maiga's Proof of Trading model rewards early traders who makes the trade and get incentives in oMAIGA token. Maiga allocated 35% of total supply (350,000,000 oMAIGA) for traders who buy MAIGA. Note: oMAIGA conversion unlocks based on % of total trading volume of MAIGA, the higher the total accumulated trading volume, the more it unlocks.

Epoch
BNB buy
in $
Accumulated BNB Buy
Accumulated buy in $
oMAIGA incentives per BNB buy
Total oMAIGA
Accumulated oMAIGA
1
500000
300000000
500000
300000000
200
100000000
100000000
2
500000
300000000
1000000
600000000
100
50000000
150000000
3
1000000
600000000
2000000
1200000000
50
50000000
200000000
4
1000000
600000000
3000000
1800000000
25
25000000
225000000
5
2000000
1200000000
5000000
3000000000
12.5
25000000
250000000
6
3200000
1920000000
8200000
4920000000
6.25
20000000
270000000
7
6400000
3840000000
14600000
8760000000
3.125
20000000
290000000
8
12800000
7680000000
27400000
16440000000
1.5625
20000000
310000000
9
25600000
15360000000
53000000
31800000000
0.78125
20000000
330000000
10
51200000
30720000000
104200000
62520000000
0.390625
20000000
350000000

In order to incentivise bigger trade, based on the BNB amount (1 BNB to 10 BNB), the increase of incentives based on the size of BNB swap per epoch. Example, in epoch 1, IF Alice make a swap of 10 BNB for MAIGA, Alice gets 2,000 oMAIGA as reward for Proof of Trading. Note: The oMAIGA conversion unlocks based on % of total trading volume of MAIGA, the higher the total accumulated trading volume, the more it unlocks.

Epoch
1 BNB buy
2 BNB buy
3 BNB buy
4 BNB buy
5 BNB buy
6 BNB buy
7 BNB buy
8 BNB buy
9 BNB buy
10 BNB buy
1
200
400
600
800
1000
1200
1400
1600
1800
2000
2
100
200
300
400
500
600
700
800
900
1000
3
50
100
150
200
250
300
350
400
450
500
4
25
50
75
100
125
150
175
200
225
250
5
12.5
25
37.5
50
62.5
75
87.5
100
112.5
125
6
6.25
12.5
18.75
25
31.25
37.5
43.75
50
56.25
62.5
7
3.125
6.25
9.375
12.5
15.625
18.75
21.875
25
28.125
31.25
8
1.5625
3.125
4.6875
6.25
7.8125
9.375
10.9375
12.5
14.0625
15.625
9
0.78125
1.5625
2.34375
3.125
3.90625
4.6875
5.46875
6.25
7.03125
7.8125
10
0.390625
0.78125
1.171875
1.5625
1.953125
2.34375
2.734375
3.125
3.515625
3.90625

Our hypothesis using the same approach as BTC mining cost, the price of BTC needs to match with the electricity cost for the mining operations to stay profitable, otherwise, no miners will mine BTC, when the mining operation is unprofitable.

1 BNB buy = 0.25% fees x 2 (buy & sell) on DEX. Assuming BNB is priced at $600 each, therefore $600 * 0.25% * 2 = $3 fees for 1 oMAIGA. 

** To trade profitably, traders cost is $3 for oMAIGA reward from Proof of Trading.

Therefore, to incentivise a sustainable Proof of Trading token model, we created a deflationary token reward mechanism that halving in reward every epoch. Here are the calculations:

  1. For epoch 1; incentives are 200 oMAIGA. Cost basis at $3 for 1 trade.

    1. $3 / 200 oMAIGA = 0.015.

    2. 0.015 * 1b token = $15m FDV

  2. For epoch 2; incentives are 100 oMAIGA. Cost basis at $3 for 1 trade.

    1. $3 / 100 oMAIGA = 0.03

    2. 0.03 * 1b token = $30m FDV

  3. For epoch 3; incentives are 50 oMAIGA. Cost basis at $3 for 1 trade.

    1. $3 / 50 oMAIGA = 0.06

    2. 0.06 * 1b token = $60m FDV

  4. For epoch 4; incentives are 25 oMAIGA. Cost basis at $3 for 1 trade

    1. $3 / 25 oMAIGA = 0.12

    2. 0.12 * 1b token = $120m FDV

  5. For epoch 5; incentives are 12.5 oMAIGA. Cost basis at $3 for 1 trade

    1. $3 / 12.5 oMAIGA = 0.24

    2. 0.24 * 1b token = $240m FDV

  6. For epoch 6; incentives are 6.25 oMAIGA. Cost basis at $3 for 1 trade

    1. $3 / 6.25 oMAIGA = 0.48

    2. 0.48 * 1b token = $480m FDV

  7. For epoch 7; incentives are 3.125 oMAIGA. Cost basis at $3 for 1 trade

    1. $3 / 3.125 oMAIGA = 0.96

    2. 0.96 * 1b token = $960m FDV

  8. For epoch 8, incentives are 1.5625 oMAIGA. Cost basis at $3 for 1 trade

    1. $3 / 1.5625 oMAIGA = 1.92

    2. 1.92 * 1b token = $1.92b FDV

  9. For epoch 9, incentives are 0.78125 oMAIGA. Cost basis at $3 for 1 trade

    1. $3 / 0.78125 oMAIGA = 3.84

    2. 3.84 * 1b token = $3.84b FDV

  10. For epoch 10, incentives are 0.390625 oMAIGA. Cost basis at $3 for 1 trade

    1. $3 / 0.390625 oMAIGA = 7.68

    2. 7.68 * 1b token = $7.68b FDV

Summary of the PoT incentives model

Based on this hypothesis model above, here are the highlights:

  1. Total accumulated MAIGA trading volume will go beyond minimum $125b based on BNB price at $600.

    1. This is assuming minimally as there will be trades that is less and more than 1-10 BNB, not including CEX trading volume in the calculation above and not including other derivatives market for MAIGA.

    2. Realistically, we should be looking at a factor of 10 increase that includes CEX spot and derivatives market etc.

  2. And hypothetical model for a profitable and sustainable Proof of Trading token model, based on epoch 10, each MAIGA could be traded around $7.68b FDV (subjected and depending on BNB price).

    1. This approach of valuation is based on BTC mining cost framework.

    2. Please do not take this as financial advise but just a benchmark for Proof of Trading token model projection.

πŸ€‘