Utility function
MGT holders play a pivotal role in the security and governance of the DeFI industry, influencing the trajectory and pace of widespread crypto adoption.
$MGT is the native token on the Binance Smart Chain that empowers the MinerGate protocol, primarily facilitating the seamless interaction between Data Providers and security Oracles.
Here's how $MGT functions:
Data Providers determine the final price based on the demand for off-chain resources and similar information supply.
Users pay a data submission fee to submit any information related to hacker attacks or suspicious wallet addresses.
Governance: Token holders stake MGT to actively participate in project governance, which includes the election of Data Providers. This involves staking $MGT to support or reject voting proposals.
Oracles receive rewards for their diligent review and audit work on submitted data. To initiate any transaction within the security oracle database for audit review, MGT serves as the payment method to compensate Oracles.
DeFi projects can submit their audit status to a centralized report center to demonstrate their successful security checks.
MGT token holders can also stake their tokens to earn additional MGT tokens as rewards. The total supply of MGT token gradually increases over time, following an inflation model (details below). These additional tokens are distributed to HAI token holders who have their tokens staked. Staking MGT tokens also grants the ability to participate in voting.
MGT holders wield significant influence in the DeFI sector, ensuring security, governance, and the seamless flow of information within the MinerGate ecosystem.
Token Information
Token Name: MinerGate
Token Symbol: MGT
Total Supply: 500,000,000
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