MiL.k, the blockchain rewards platform that provides "cryptoback" rewards to shoppers, has revamped its tokenomics for the benefit of its community. MLK is the native token that’s used to administer rewards from travel, lifestyle and leisure services. The blockchain platform has adjusted the lock-up schedule for private investors, increasing the length of time before tokens unlock and start to vest. In addition, it’s created a new membership token, MAP, for large holders of MLK.
MiL.k Revises Its Token Model With New Burning Strategy
The rate at which the crypto space evolves has prompted projects to periodically revamp their token model to incorporate new systems and adopt best practice. Projects that refuse to pivot to the current models for community engagement and incentivization risk being left behind as holders gravitate to newer tokens that provide greater flexibility and ownership incentives. From "buy and burn" to yield farming, NFT plays, liquidity mining and liquidity locking, DeFi has been responsible for much of the innovation that has played out in the industry this year.
Mindful of these trends, MiL.k has returned to the drawing board and reworked the parameters of its native MLK token. The lock-up schedule for MLK acquired by private investors has been extended, ensuring that tokens will be issued over a three-month period from October 23, 2020, instead of being issued in a single day, as was originally the case. Team and advisor tokens will also follow the same schedule. The longer release will prevent dumping, and ensure that MLK holders are incentivized to contribute to the ecosystem as the blockchain rewards platform grows.
At the same time, MiL.k has made the decision to burn 300 million MLK tokens, which accounts for 23.1% of the total supply. The reduction in circulating tokens should increase demand for the remaining tokens, and apply upwards pressure to their market price. The blockchain rewards platform has also issued MAP, a new membership token that yields additional benefits to holders.
1,000 MLK to Play
In total, three burning events have been scheduled by the MiL.k team, with the first seeing 100 million MLK owned by the MiL.k foundation being permanently removed from circulation. Two further burning events will be scheduled for H1 of 2021, and public holders of MLK are eligible to participate. A minimum of 1,000 MLK tokens held within the MiL.k app are required to participate. These must be stored in the app for a three-day period between November 2-4, 2020.
20 BTCs held by the MiL.k foundation will be distributed to users who participate in the burning event. Upon its completion, users will be required to submit a BTC address to receive their share of the rewards. Participants will also be issued with the new membership token MAP, which will occur within the MiL.k app before the end of the year.
MiL.k has been on a mission to make its token more accessible to crypto natives, extending the availability of its blockchain rewards app, and incentivizing shoppers to earn cryptoback from participating retailers. In August, the MLK token was listed on KuCoin, as the Asian blockchain startup has sought to gain market share in Europe, while making it easier for holders to enjoy discounts in retail stores and on travel via the MiL.k app.