Many MAS holders already enjoy the Monthly Distribution of 2% of their MAS holding in MCash. This distribution has been rolling for 15 months now and still has 35 more months, equal to 70%.
Today, we are excited to announce our new initiative - Community volunteered burning of MAS to get the undistributed MCash instantly.
Example: If a holder burns 100 MAS, he/she will receive instantly 70 MCash. This initiative will give the holders instant access to their future MCash distribution immediately. With this, many MAS holders may have the chance to get more MCash for spending, playing, staking or setting up MCashChain Supernodes.
Hence, from 16th March 2020, Midasians can choose to burn MAS through our new dApp on Midas Wallet named MiiB (Midas Infinity Burner) or access burn.midas.eco. All MAS burned through this dApp will be sent to this address on Ethereum:
However, weekly, the limit for this volunteered burning is set at 5 millions $MAS only. We will display the burning quota progress bar during the week and reset it when the new week starts.
The undistributed MCash will be then automatically sent to their corresponding MCash address on MCashChain. Otherwise, if they choose not to burn their MAS, they will keep receiving 2% MCash monthly as usual. If they choose to burn their MAS anytime in the future, the undistributed MCash will keep decreasing by 2% every month. Burning fee will be 1% and this fee will be burned too.
In the near future, MiiB will open the NFT burning to get reward in Mcash as well, so that Midas users can burn the unused NFTs for MCash
This initiative will push the burning process further to help our whole ecosystem grow in value.
Find out more on Midas ecosystem:
- Blogs: https://blog.midasprotocol.io
- Telegram: https://t.me/midasprotocolglobal , https://t.me/MidasPR
- Facebook: https://fb.com/MidasProtocol.io
- Twitter: https://twitter.com/MidasProtocol
- Website: https://www.midasprotocol.io
- Get it for free & experience Convenience at its best: http://onelink.to/midaswallet