SEOUL, SOUTH KOREA / ACCESSWIRE / July 8, 2020 / The MiL.k team is pleased to announce details of hybrid staking for the MLK token. The flexible program will remove a significant proportion of MLK tokens from circulation, increasing demand for the remaining tokens on the open market. More importantly, it will provide rewards for MLK stakers according to their level of participation. MiL.k Pack is the name for the new hybrid staking service we've devised. Read on to learn how it works and why staking spells good news for the MiL.k community.
What Makes MiL.k Pack Different from Other Staking Programs
Most staking services oblige token-holders to lock up their assets for a lengthy period of time, ranging from six months to several years. This entails significant risk, since there is the potential for the token to fluctuate on the open market in the interim. To counter this, and incentivize as many token-holders as possible to participate, we've designed a new, hybrid staking program that minimizes risks and increases the potential benefits.
With MiL.k Pack, you retain the freedom to lock and unlock your tokens at any time. That way you can capitalize on the upside of seeing a significant tranche of MLK removed from circulation, while retaining the freedom to unlock your tokens and utilize them elsewhere, should circumstances dictate. In this respect, MiL.k Pack can be likened to locking tokens into a defi lending or liquidity protocol that permits tokens to be removed at any time.
How MLK Hybrid Staking Works
The MiL.k Pack program has been designed to incentivize staking but without penalizing early withdrawal. Stakers can withdraw their tokens early, but will naturally only be eligible for staking rewards for so long as their MLK is locked. Maintain your stake for the duration of the staking period and you will be entitled to the maximum reward; withdraw early, and you will qualify for 50% of the original holding reward.
Should you have cause to cancel your stake, you don't have to unlock the full amount incidentally: you can withdraw a portion of the total, leaving the remainder to accrue the full holding reward proportional to the number of tokens still staked.
How Long Do You Have to Stake MLK?
With MiL.k Pack, staking periods start from as little as one week to qualify for a reward. The reward you receive will be determined by the number of tokens you have locked, the length of time they are staked, and the number of other participants. You can allocate as much or as little of your MLK to stake as you like, leaving the remainder in your wallet for everyday use.
Applications for MLK staking start every Thursday at 00:00 KST, with the deposit period starting 24 hours later, and remaining open until the following Wednesday at 23:59. During the application period, you can cancel your deposit partially or in whole, and your expected reward will be determined upon the closing of the application period, according to the total deposit amount for each round.
Calculating Your Reward
Basic holding reward (MLK) = total reward amount / total MiL.k Pack-participating amount. The reward will be decided upon the closing of the application period.
Return reward = returned amount * 50% of the basic holding reward.
Holding reward = holding amount * (Basic reward + 50% of the basic reward).
For example, when your expected reward for depositing is 0.01 MLK per 1 MLK upon the closing of the application period, your return reward (if you withdraw the amount and put it back) will be 0.005 MLK per 1 MLK, which is 50% of the ‘holding reward'.
Note that the holding reward is not a fixed amount; when there are greater amounts being canceled from the pack, it will increase accordingly.
The Staking Program Where Everyone Wins
MiL.k Pack is a hybrid staking program in which everyone benefits: existing MLK token-holders, stakers, and newcomers who are purchasing the remaining MLK on exchanges. Through participating in MLK staking, you'll maximize your own rewards, while increasing the utility and desirability of the MLK token. Stake, earn, repeat. It's that simple.
Media Contact:
Kim Bazak
[email protected]
SOURCE: MiL.k