💶Tokenomics

Tokenomics

A total of 16 180 339 $MGK (MGK-853e2f) have been minted by the project. All of them will be set on a token treasury address. $MGK earned by players, and thus in circulation, will be taken from this treasury, while all token removed from the circulation will return to this pool. This will allow for an equilibrium between token supply to players and removal from circulation.

We want MagestiK to be community driven. Thus, in a first development phase, the token will only be minted when staff set holders play to MagestiK, this means that tokens put into circulation will be intimately linked to gaming activity. This also means that there is no initial team allocation for this token. We have set a small project allocation (105000 MGK) to provide an initial liquidity on exchange (5000 MGK) and liquidity farming rewards (100 000 MGK).

Swap eGLD and MGK on OneDex : https://swap.onedex.app/swap?firstToken=MGK-853e2f&secondToken=EGLD

How to get MGK Token ?

There will be 2 major ways to get MGK tokens: in the standard competitive game mode and minting in the Creaster Game mode.

Standard game mode

Each competitive game played by STAFF set holders will mint 10 $MGK tokens and 10 $MGK token must be given as an entry right by players that do not hold a STAFF set. All the tokens (minted and supplied) will be unevenly distributed at the end of each game with the following repartition:

If there are N players:

N x 10 $MGK are at stake during this game.

9% will be distributed to all holders of STAFF set as a passive income according to the following formula:

This means that set holders get $MGK from all competitive games played. Requirement to access the passive rewards will be to be on the MagestiK discord server and to have verified NFT holding using the bot.

1% will serve as a fee for the functioning to the project.

90% go to the players of the competitive game according to the following rules:

The Winner of the game gets: 10+10 × (N-1) × 0.9 × ((Total gems of the player at the end of the game)/(Total gems of all players at the end of the game)) $MGK

This means that the winner gets 10 $MGK plus its share from the pool proportional to its number of gems at the end of the games.

Then each player gets:

10 × (N-1) × 0.9 ×((Total gems of the player at the end of the game)/(Total gems of all players at the end of the game)) $MGK

Which means that each players has a share of the pool proportional to its gems at the end of the game.

This also means that the only way you can get no rewards at the end of a game is if you finish a game with 0 gems.

Creaster game mode

In the Creaster game mode, it will be possible to build building that rewards you with $MGK. As long as the building is not destroyed by other players, it will generate $MGK.

Token removal from circulation

There will be 2 major ways to remove tokens from circulation, thus avoiding excessive inflation: Removal in the Creaster Game mode and removal in the standard game mode.

Removal in the Creaster Game mode

In the Creaster game mode, any building built on a land will be destroyed if a player (or players) managed to defeat the current land controller in a battle while invading the land. As buildings are initially paid with $MGK, losing a land with a building induces a removal of $MGK from circulation.

Dragon death, dragons that you’ll be able to move on the map to defend you or attack others will also be paid with $MGK. Thus, if your dragons die during a battle the cost of its summoning is removed from the circulation.

Removal in the standard competitive Game mode

The project fee within the competitive game mode will contribute to the removal of the token from the circulation by returning the token to the token treasury. As the token is required for players without a set, this means that the more players without set playing, the more tokens are removed from the circulation. Initially the removed fraction will be set to 10% of the project fee.