The Mythos Foundation, the DAO behind the Mythos blockchain gaming and entertainment ecosystem, in collaboration with its founding partner and leading supporter, Mythical Games, has formed the first-of-its-kind decentralized strategic partnership with Polkadot, promising to bring over 5 million players to the Polkadot ecosystem.
The partnership, executed through Polkadot’s OpenGov, a decentralized governance system where the community has full control over spending and decision-making, involves a plan to swap tokens between the Polkadot community treasury and the Mythos treasury. In total, 1,000,000 DOT will be exchanged for 15,000,000 MYTH tokens.
The proposal outlines a detailed plan for the distribution of the MYTH tokens, with 10,000,000 tokens to be distributed directly to DOT holders between 10 and 5,000 DOT. The remaining 5,000,000 MYTH will be allocated to incentives and grants for ecosystem partners, for example for Polkadot exchanges and DEXs. Tokens that are not used by September 2024 will be returned to the Polkadot community.
As part of this new strategic relationship, the Mythos Chain, previously a permissioned EVM-based blockchain, will migrate to the Polkadot ecosystem as a parachain. Thanks to Polkadot’s flexible EVM module, the Mythos Chain will maintain address compatibility with the EVM and allow builders to fully leverage the strength of the WebAssembly-based Substrate framework. This will open up a world of technical possibilities for building the next mainstream applications on Polkadot. As part of the migration, MYTH will also move to Polkadot to leverage its advanced cross-chain functionality, including native XCM and decentralized bridges like Snowbridge.
With this move, over 750,000 existing active wallets on the Mythos Chain, in addition to the more than 5 million-strong overall user base, will be onboarded to Polkadot. With Mythos moving over to Polkadot, the ecosystem would immediately become one of the largest blockchain ecosystems for gaming. In addition, Mythos’s move will blaze the trail for other projects (gaming and otherwise) to take advantage of the benefits of Polkadot.
“Mythos has formed a groundbreaking, transformative partnership with Polkadot, which is set to immensely benefit both blockchain ecosystems, as well as the entire Web3 gaming community,” said John Linden, CEO of Mythical Games. “As a result of this new partnership, I expect Mythos will continue to grow immensely thanks to the impressive technological and community bases of the two collaborative ecosystems.”
About Mythos Foundation
The Mythos Foundation and its DAO aim to transform Web3 gaming by fostering an inclusive, blockchain-enhanced ecosystem. Supported by Mythical Games, Mythos promotes decentralized gaming economies, multi-chain support, and NFT integration, focusing on lowering barriers for developers and enhancing player experiences. The initiative prioritizes collaboration across gaming communities, esports expansion, and partnerships to drive innovation and accessibility in the gaming industry.
About Mythical Games
Acknowledged by Forbes’ Disruptive Technology Companies To Watch in 2019 and Fast Company’s World Changing Ideas 2021, Mythical is a next-generation games technology company creating a web3 gaming ecosystem by leveraging blockchain technology and playable NFTs for tools that enable players, creators, artists, brands and game developers to become stakeholders and owners in new “play and own” game economies.
Led by gaming industry veterans, the team specializes in building games around player-owned economies and has helped develop major franchises including Call of Duty, World of Warcraft, Marvel Strike Force and Skylanders.
Mythical Platform protects gamers that may be new to blockchain through a dual custodial and non-custodial gaming wallet for their digital items, while allowing advanced players the freedom to link their own wallets via bridges between the Mythical Chain and public mainnets. With its “gamers-first” focus, the Mythical Platform ensures players don’t need to dive into the intricacies of blockchain to enjoy ownership of their digital collections and have a great game experience.
This post was last modified on May 20, 2024, 17:20 BST 17:20