MAP Rewarder: Launch of MAPR Token - Airdrop to Delegators
Today I am pleased to launch our new MAPR token.
A small airdrop has taken place to existing MAP Rewarder delegators.
I don't apologise that the airdrop is on the small side - MAPR are real tokens with real value backed by the underlying STEEM in the MAP Rewarder fund. It does, however give delegators a chance to see how future weekly distributions will work.
For today, as the launch price of MAPR is 1 STEEM, I have set our BUY price at 0.99 STEEM and the SELL price at 1.00 STEEM.
How the Numbers Work
One of the innovations introduced by MAPR is that both delegators to @accelerator and MAPR token-holders share the weekly profits, but in different ways. Delegators receive some MAPR tokens whereas the token-holders will see our SELL price move up to match the same weekly return in percentage terms.
For this to work, delegators will receive an adjusted number of MAPR tokens so that if they choose to sell them immediately at that week's official BUY price they will get exactly the same amount of STEEM as if they had received a direct transfer.
Let me give you an example from today. The BUY price has been set at 0.99 STEEM. If you were going to receive 3.00 STEEM in the weekly transfer, you would instead receive 3.00/0.99 = 3.0303 MAPR tokens. Then, if you sold those tokens at 0.99 STEEM, you would get 3.0303*0.99 = 3.00 STEEM. You're back to the original profit distribution number!
You may, of course, buy and sell MAPR tokens at whatever price you choose, but the mechanism will be there. Please note that once the MAPR tokens allocated to the fixed price BUY have all gone then the price will float freely on the exchange.
What the token-holders will experience is a slowly increasing token price. We have been making close to 20% APR in recent weeks so that sets a benchmark moving forward. This will change come HF21 and adjustments may be made according to the final version and parameters of the hardfork.
Without the need for any kind of forced peg, MAPR may well become one of the most stable coins on the Steem Engine. Most of the funds are powered up into SP and the Asset Backed Value (ABV) will be published weekly. Our ABV in STEEM per MAPR will fluctuate but we aim to maintain it at close to the current SELL price. We have been operating for over 18 months and have produced significant profits for our delegators; I trust we can do the same for MAPR token holders.
Disclaimer. Speculating on tokens carries both risks and rewards. Please perform your own due diligence and do not speculate with funds that you cannot afford to lose. We take no responsibilities for third party software and any technical issues that may arise and that may affect income. Most of the fund capital will be held in SP and should the fund close then all assets shall be distributed to token holders on a pro-rata basis.
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