For contributing to the network, Minds has successfully given millions of tokens to the community.
Every day, you can receive a percentage of the daily token reward pool depending on your participation in comparison to the entire community's contribution.
The Minds community receives a predetermined amount of 10,000 MINDS each day based on the following contribution and allocation:
Engagement Rewards
Every user is assigned a score depending on the number of unique interactions they get on the Minds platform that day. Your daily engagement score will rise as your material becomes more popular.
Creators can share status updates, blogs, videos, photos, and links through Minds.
Based on your activity level over the previous 7 days, a multiplier is added to your daily contribution score.
- Casual # Active 1 of 7 days = 1X multiplier
- Core # Active 3 of 7 days = 2X multiplier
- Hardcore # Active 6 of 7 days = 3X multiplier
Your daily token reward pool for engagement is calculated by dividing your engagement score by the overall engagement score of the whole network at the conclusion of each day.
Users can only gain credit for each engagement category once per day per engaged user. In other words, if a person votes on 10 posts produced by a single user in one day, that user will only be credited with one vote, not ten. All forms of engagements follow the same principle. This is a crucial layer of protection for preventing fraudulent or deceptive activity. Each engagement type's weights are continuously monitored and may be modified if necessary.
User A, for example, has a contribution score of 100. The cumulative contribution score of all Minds network participants that day was 10,000. As a result, User A was responsible for 1% of the overall contribution that day, and as a result, User A will get 1% of the available token rewards pool for social rewards.
Liquidity Rewards
The introduction of Uniswap, an open-source automated market-making (AMM) protocol, and pool tokens (MINDS-ETH, MINDS-USDC), which represent one's percent participation in various liquidity pools, introduce meaningful opportunities to decentralize the token ecosystem and incentivize contributions such as bootstrapping liquidity.
Any MINDS holder can pool their MINDS and use Uniswap to become a liquidity provider. This allows you to earn fees on every token exchange against the related pair, as well as MINDS token incentives based on your percent share of the entire liquidity pool.
Liquidity Pool Tokens (LPTs) are used by the Minds network to calculate a user's percent contribution to the entire MINDS liquidity pool. To encourage asset retention in the liquidity pool for extended periods of time, a time-weighted multiplier is given to the % contribution. For keeping your liquidity position for more than 365 days, you can get a 3X multiplier.
In exchange for their contribution to the liquidity pool, MINDS liquidity providers can gain optional product advantages and improvements, such as passive advertising. Liquidity providers get their own boost spot on the sidebar, and the views you get are equal to your % participation of the liquidity pool.
User A, for example, adds 100,000 MINDS to the Uniswap Liquidity Pool, along with the appropriate amount of ETH. The liquidity pool has a total of 10,000,000 MINDS and a related quantity of ETH. As a result, user A owns 1% of the overall Liquidity Pool and will get 1% of the available token payouts in exchange for providing liquidity.
Holding Rewards
By merely keeping your MINDS on-chain, you may receive additional token incentives in addition to providing liquidity.
The quantity of MINDS held in your wallet will be compared to the total number of MINDS held in all user wallets linked to the network to determine your holding contribution.
A time-weighted multiplier will be added to this % contribution, similar to the Liquidity awards, to incentivise keeping assets for longer periods of time. For keeping your MINDS on-chain for more than 365 days, you can get a 3X multiplier.
User A, for example, has 1,000 tokens in their wallet. All user wallets have a total of 100,000 tokens. As a result, user A owns 1% of the circulating supply on the network and will get 1% of the holding rewards.
Eligibility for Rewards
By proving a unique phone number, you become eligible to win incentives.
Minds' servers do not keep your phone number. SHA-256 encryption and a salt key are used to create a unique hash ID. This prevents a user from manipulating the rewards system by creating multiple accounts and engaging with themselves by ensuring that your phone number is never associated with your Minds username. It also creates a mechanism for the system to detect unique engagement and prevents a user from creating multiple accounts and engaging with themselves.
Users must be members of Minds+ in order to transfer prizes on-chain. Minds+ is available to anybody for $7 per month, $60 per year, or 2,500 tokens for a lifetime subscription.
These criteria are necessary in order to comply with rules, safeguard the token economy's health, and reduce fraudulent and inauthentic activities.
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To learn more about MINDS, here are some additional guides:
- Whitepaper
- MINDS: The New Contribution Economy
- How to Connect Wallet
- How to Buy MINDS Tokens
- How to Use MINDS Tokens
- How to Transfer MINDS Tokens
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