Myōbu, a young project that aims to bring some fun, excitement, and entertainment to the crypto industry, recently announced its Fox Pit event which was streamed live on Twitch. 

What is the Fox Pit?

The Fox Pit is an event organized by Myōbu, and it is being created for MYOBU token users who can use their tokens as their private army. Essentially, it is a tournament that will be held every other week, where users can use their coins to battle others.

Essentially, how it works is that each token holder is placed in a bracket depending on the size of their ‘army,’ meaning on how many MYOBU tokens they hold. The winners will receive rewards in the form of 0.5% of the total weekly volume for that week, from the previous Saturday to the Saturday when the event is being held. The rewards will arrive in the form of ETH, and they will be sent directly to the victors’ wallets.

The victors will be drawn randomly during live streams on Twitch. As for the brackets, they will work like this:

• Top 1-50 holders will fight for 45% of the weekly volume
• Top 51-250 holders will fight for 30% of the weekly volume
• Top 251-500 holders will fight for 15% of the weekly volume
• The others who enter the contest will fight for 10% of the weekly volume

However, not everyone will be eligible to enter the contest, and in order to join, holders will have to own a minimum of 50 million MYOBU. Meanwhile, those who sell during the week of the event will be excluded from the contest.

Given this setup, the larger the weekly volume ends up being, the greater the percentage that the victors will receive. Meanwhile, the project is also open to any new ideas from the community, wishing to make the event as fun and engaging as possible. There will even be some special contests with extra prizes, such as NFTs and other creative rewards. However, this will likely come later on, once such rewards are created and ready.

The rewards will come directly from the Fox Hole Fund, which is a special Myōbu fund meant to be used for organizing events, lotteries, and alike — all for the community’s enjoyment.

Details About Myōbu

Myōbu is a young project named after the spirit fox connected to the Japanese god of harvest, Inari. The project aims to represent the nature of the foxes, which are connected to positive things like hope, fun, entertainment, and alike.

The project also came up with a number of rules and limitations that should prevent price manipulation by crypto whales, which have been known to strike young projects and nearly destroy them through massive purchases, followed by just as massive sell-offs.

Myōbu solved this issue by only allowing users to sell enough tokens to have a maximum price impact of 2.9%. That means that anyone wishing to make a larger impact would have to engage in consecutive sales, which are also prevented through sale cool down periods. For example, once anyone makes a sale, they can’t make the next one for an hour. After the second consecutive sale, the cool down period is extended to two hours, then six, and then 24.

The project also included a tax that will also increase for each consecutive sale, and the funds coming from this tax will be distributed to the loyal holders, so it is possible to receive rewards simply from holding the token. Finally, there are also special fees that also grow with each sale, and the funds from these fees are to be used for project development and similar costs.