With so many new tokens coming onto the market, I have been discussing the possibility of mining MAPX tokens using delegations to the token account @map10k.
The idea has proven so popular that we immediately received some serious delegation-miners who will be earning MAPX tokens on a daily basis.
Mining MAPX Tokens
The idea behind mining tokens rather than just buying them is that delegating SP is rewarded with tokens instead of being paid with a STEEM or SBD transfer.
After doing the mathematics, one MAPX token can be mined for the equivalent delegation of 2,000 SP-days. The tokens can be mined at whichever rate you are comfortable with, so long as the product of the delegated SP and the number of days comes to 2,000, for example, 200 SP will earn 1 MAPX token every 10 days.
To make it easier, we have constructed a small table of values.
| Delegated SP | Number of days | MAPX tokens |
|---|---|---|
Note, we shall not accept delegations below 100 SP. The delegations must produce very simple factors or multiples of 2000; if in doubt, please ask first.
The transfer of tokens shall be done manually and due to timezone differences may take up to 24 hours but usually done as quickly as possible.
Note that MAPX tokens come in single units, so therefore one cannot buy or sell fractions of the token. This also means that any miner that undelegates before the period necessary to create a token will forfeit the right to claim one. I shall confirm all token transfers so please wait for that before undelegating.
The details of the MAPX token can be found in our founding post, with updates on the @MAP10K profile page. By staking your freshly mined MAPX token you will also receive all the benefits of other stakeholders: a daily upvote proportional to your stake, compounded rewards that feed into a token of increasing value, plus other bonuses such as random upvotes and contests.
Benefits of Mining MAPX Tokens
The main benefit to the delegation-miner is the ability to receive tokens without spending STEEM. The requirement of 2,000 SP-days has been set so that, assuming that SP was instead used for self-voting and after taking curation rewards into account, the miner receives tokens at slightly under the current price of 1 STEEM. At the same time, the MAPX program benefits from outgoing upvotes and curation rewards that should be in line, or close to, the value of the mined token. Remember that the value of upvotes in STEEM is actually quite stable as depends on blockchain parameters, even if the value in US$ can be volatile due to market prices.
The main benefit to the MAPX stakeholder is an increase in the value of upvotes being received plus an increase in the rewards generated by the program that are compounded into the SP and reflected in the market price of the token on Steem Engine. Indeed, allowing MAPX to be mined means that we can have a higher SP than the value of the tokens - this is good news for the stakeholders, the program and the miners.
Upvotes Currently Worth 30x the STEEM-Equivalent of a MAPX Token
The way MAPX was designed is that at the full token distribution of 10,000 MAPX at a price of 1 STEEM each every stakeholder would receive an upvote worth ten times their stake. For example, 100 MAPX would cost 100 STEEM and receive a 10% upvote per day which would be equivalent to a self-vote from 1000 SP. As rewards are compounded and the token price rises then the value of the upvotes would also increase. However, with delegation-miners we currently have 30,000 SP within the program and therefore are generating upvotes worth 30x what current stakeholders have spent on buying their stake.
This, obviously, cannot go on forever. As we come close to full token distribution I shall announce when mining will close. At that point, although we may see a sudden drop in delegated SP, we will have enough vested SP to give out our target upvotes and have generated extra SP that will be reflected in the token price.
So, if you have spare SP to delegate this is a great offer; if you have less available STEEM then this is the time to stake your tokens for upvotes and future profits.
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- -Please Comment, Resteem and Upvote. Thanks!
@rycharde manages the MAP Rewarder high income program and MAPX Token.