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How to Earn MINDS Tokens

MindsMar 16, 2021, 2:28:59 PM

Minds has successfully distributed millions of tokens to the community for contributing to the network.

Every day, you can earn a percent share of the daily token reward pool based on their contribution relative to the contribution of the entire community. 

A fixed amount of 10,000 MINDS are distributed daily to the Minds community based on the following contribution and allocation: 

Contribution RewardsMultiplier (1-3) Allocation
Engagement Rewards4,000 MINDSDays active out of last 740%
Liquidity Rewards5,000 MINDSConsecutive days held out of 36550%
Holding Rewards1,000 MINDSConsecutive days held out of 36510%
Total Rewards10,000 MINDSn/a100%

Engagement Rewards

 

Every user receives a score based on the amount of unique engagement they receive on the Minds platform that day. The more popular content you create, the higher your daily engagement score will be. 

Minds allows creators to share status posts, blogs, videos, photos and links. 

This system has been in effect since the initial  launch and the code can be reviewed here

Engagement TypeScore
Receive upvote1
Receive comment2
Receive remind or quote post4
Receive subscriber4
Participate in a jury25
Refer a friend10

A multiplier is applied to your daily contribution score based on the your activity level over the prior 7 days. 

  • Casual = Active 1 of 7 days = 1X multiplier
  • Core = Active 3 of 7 days = 2X multiplier
  • Hardcore = Active 6 of 7 days = 3X multiplier

At the end of each day, your engagement score is divided by the total engagement score of the full network to provide you with your percentage share of the daily token reward pool for engagement.

Users are only eligible to receive credit for each engagement type once per engaging user per day. In other words, if a user votes on ten posts created by a single user in a given day, that user will only receive credit for one vote, not ten. The same logic applies for all engagement types. This is an important layer of security to reduce fraudulent or manipulative behavior. The weights of each engagement type are monitored closely and may be adjusted if needed.

Ex) User A receives a contribution score of 100. That day, the total contribution score of all participants in the Minds network was 10,000. Therefore, User A was responsible for 1% of the total contribution that day, and therefore will earn 1% of the available token rewards pool for social rewards. 

You can view your engagement statistics here.

Liquidity Rewards

 

The emergence of Uniswap, an open source automated market making (AMM) protocol, and pool tokens, a representation of one’s % participation in various liquidity pools (eg. MINDS-ETH, MINDS-USDC), introduces meaningful opportunities to decentralize the token ecosystem and incentivize contribution such as bootstrapping liquidity.

Any holder of MINDS has the ability to Pool their MINDS and become a liquidity provider on Uniswap. This enables you to earn fees on every token swap performed against the associated pair, as well as additional MINDS token rewards based on your percent share of the total liquidity pool. 

The Minds network leverages Liquidity Pool Tokens (LPTs) to determine a user’s percent contribution to the total MINDS liquidity pool. A time-weighted multiplier is applied to the percent contribution to incentivize keeping assets in the liquidity pool for longer amounts of time. The maximum multiplier you can receive is 3X for holding your liquidity position for over 365 days.

MINDS liquidity providers also earn optional product perks and upgrades, such as passive advertising for their contribution to the liquidity pool. A boost slot on the sidebar is reserved strictly for liquidity providers, and the views you receive are proportional to your percent share of the liquidity pool. 

Ex) User A adds 100,000 MINDS and the relative amount of ETH to the Uniswap Liquidity Pool. There are 10,000,000 MINDS and the relative amount of ETH total in the liquidity pool. Therefore, user A holds 1% of the total Liquidity Pool, and will earn 1% of the available token rewards for providing liquidity.

Holding Rewards

In addition to providing liquidity, you also earn additional token rewards by simply holding your MINDS on-chain. 

Your holding contribution will be measured by the number of MINDS held in your wallet relative to the total number of MINDS being held in all user wallets that are connected to the network. 

Similarly to the Liquidity rewards, a time-weighted multiplier will be applied to this percent contribution to incentivize holding assets for longer periods of time. The maximum multiplier you can receive is 3X for holding your MINDS on-chain for over 365 days.

Ex) User A holds 1,000 tokens in their wallet. There are 100,000 tokens stored across all user wallets. Therefore, user A holds 1% of the circulating on chain supply and will earn 1% of the holding rewards. 

Eligibility for Rewards

You become eligible to earn rewards by verifying a unique phone number.

Your phone number is not stored on Minds servers. It is converted into a unique hash ID using SHA-256 encryption and a salt key. This ensures that the phone number is not ever associated with your Minds username, and creates a mechanism for the system to detect unique engagement and prevent a user from manipulating the rewards system by creating multiple accounts and engaging with themselves. 

In order to transfer rewards on-chain, users will need to be a member of Minds+. Anyone can join Minds+ by paying $7 per month, $60 per year, or 2,500 tokens for a lifetime membership. 

These requirements are essential to comply with regulations, protect the health of the token economy and minimize fraudulent and inauthentic behavior.

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