MRHB Incentivization & Reward Offering (M.I.R.O.) is the world’s first halal crypto staking mechanism that lets you participate in the governance of MRHB Network.
Based on the Islamic concept of Ju’alah, you would need to complete a task for the MRHB Ecosystem to claim monetary benefit. The longer you stake $MRHB, the more voting power you have, and the higher the share of the reward you’ll receive.
The rewards for staking will initially be in the form of a treasury with 100 million tokens allocated for distribution over a four-year period. The ultimate goal is to transition to a model where fees generated by the ecosystem are used to buy back MRHB tokens from the market and redistribute them to stakers.
Users will be able to lock MRHB for 13 weeks, 26 weeks, 52 weeks and 104 weeks.
A user will lock their MRHB and receive the following coefficients for the specific time periods:
13 weeks:
Coefficient of 0.1
26 weeks:
Coefficient of 0.21
52 weeks:
Coefficient of 0.45
104 weeks:
Coefficient of 1
Each balance of MRHB locked will be multiplied by its relevant coefficient to deduce a vMRHB balance, which is in essence the users voting power and weighted value used to calculate their pro-rata share of the Ju’alah voting rewards (MRHB emissions).
1) A new staking week is initiated every Monday from 00:00 UTC to 24:00 UTC.
2) 1 vMRHB = 1 vote. Any stakes that do not equate to 1 vMRHB will not be eligible to vote and subsequently claim any rewards
3) Every Thursday evening (approx. 00:00 UTC) the Marhaba DAO will send the scheduled amount of MRHB tokens for that week to the staking contract. Users will be able to see what their ‘Weekly Reward’ would be if they were to exercise their voting power. The voting portal will be open for 3 days for all users to vote on any approved proposals.
4) Once a user votes, their ‘Weekly Rewards’ for that week will become ‘Claimable’ and can be claimed at any time. Any rewards that are unclaimed are cumulatively added to the following weeks’ rewards for all stakers to share.
The portal will initially serve the purpose of building community participation, identifying core contributors and laying the foundations for MRHB Network to transition into a more robust and comprehensive Governance system in the coming years.
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