MysteryX.DAO Introduction

MysteryX.DAO borrows the tokenomics from OlympusDAO.

• Each $MYX is backed by $1 DAI (more types of reserve are on the way).
• Tokens cannot be minted or burned by anyone except the protocol.
• The protocol only mints or burns in response to price.
• $MYX does not rebase. Instead, a new supply is created via direct sales into the market and burned via direct purchases from the market. This way, $MYX remains backed by real the assets in the treasury, i.e., USD DAI.

How pMYX works

pMYX is a precursor derivative of $MYX; it gives the holder the option to mint $MYX by burning pMYX and providing the intrinsic value of $MYX. For example, the DAO would provide 1 DAI and 1 pMYX to mint 1 $MYX.

pMYX Distribution Breakdown:

• DAO: 700m and no supply cap (Community can vote on this)
• TEAM: 300m and 9% supply cap
• Venture Capital: 0% (No, we don’t have V.C. backing)
• Advisors: 0%

Source

https://medium.com/@MysteryX.DAO/to-members-of-the-mysteryx-dao-community-9a9879b86922